SteelOrbis has been informed that as of October 19 ex-China stainless steel coil export prices are at $3,450-3,550/mt FOB, edging up by $50/mt compared to October 12.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 250/mt ($39/mt).
Nickel prices at the London Metal Exchange (LME) have edged up. The transaction activities for stainless steel have been at decent levels amid the rising trend of futures prices and the prevailing bullish sentiments among market players. Due to production restrictions and the power supply limitations, ferronickel prices have increased, bolstering stainless steel prices. It is thought that stainless steel prices may edge up further in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 20,400/mt ($3,116.6/mt) on Tuesday, October 19, increasing by RMB 350/mt ($54.4/mt) or 1.75 percent compared to RMB 20,050/mt on October 12.
$1 = RMB 6.4307
