SteelOrbis has been informed that as of September 10 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving down by $50/mt compared to September 3.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 200/mt ($28/mt).
During the given week, nickel prices have continued their downtrend. Stainless steel futures prices have decreased, exerting a negative impact on prices in the spot market. Though stainless steel prices have moved down, market players have been unwilling to conclude purchases. Downstream users have been reluctant to build up stocks ahead of the Mid-Autumn Day holiday (September 15-17), weakening the support for stainless steel prices. It is thought that stainless steel prices in the Chinese domestic market will likely move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,235/mt ($1,861.5/mt) on Tuesday, September 10, decreasing by RMB 295/mt ($41.5/mt) or 2.2 percent compared to September 3, while down 0.99 percent compared to the previous trading day, September 9.
$1 = RMB 7.1136
