SteelOrbis has been informed that as of September 12 ex-China stainless steel coil export prices are at $2,550-2,600/mt FOB, edging down by $50/mt compared to September 5.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 125/mt ($17.4/mt).
During the given week, LME nickel prices edged down amid increasing inventory levels. Cautious sentiments have prevailed among market players. The heavy rainfalls in Foshan in Guangdong Province have exerted a negative impact on the circulation of stainless steel supplies while also weakening the support for prices. It is expected that stainless steel prices in the Chinese domestic market will likely edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,465/mt ($2,148/mt) on Tuesday, September 12, moving down by RMB 325/mt ($45/mt) or 2.1 percent compared to that on September 5.
$1 = RMB 7.1986