SteelOrbis has been informed that as of August 18 ex-China stainless steel coil export prices are at $2,000-2,050/mt FOB, moving up by $50/mt compared to that recorded on August 11.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 250 ($36/mt), bolstering stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved up over the past week.
During the given week, stainless steel futures prices have moved up significantly, providing solid support to the prices in spot market. Meanwhile, market players have been optimistic towards prospect for the future stainless steel market. Traders in main markets—Foshan and Wuxi raised their offer prices every day, while steelmakers have not been active in selling as they wanted to wait for better prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,015 /mt ($2,167/mt) on Tuesday, August 18, increasing by RMB 1,040/mt ($150/mt) or 7.4 percent compared to RMB 13,975/mt on August 11.
$1 = RMB 6.9325
