SteelOrbis has been informed that as of October 20 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving up by $50/mt compared to October 13.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways, bolstering stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved up in the given week.
During the given week, transaction activities have been at decent levels and so traders have been seeking to raise their offer prices for stainless steel. Meanwhile, the appreciation of Chinese currency has pushed up export offer prices for stainless steel. At the same time, nickel ore prices have been at high levels, which will provide solid support for stainless steel prices.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,505/mt ($2,167/mt) on Tuesday, October 20, increasing by RMB 130/mt ($19.4/mt) or 0.9 percent compared to RMB 14,375/mt on October 13.
$1 = RMB 6.693
