SteelOrbis has been informed that as of October 26 ex-China stainless steel coil export prices are at $3,500-3,600/mt FOB, moving up by $50/mt compared to October 19.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 350/mt ($55/mt).
Nickel prices at the London Metal Exchange (LME) have moved up. Rumors said mainstream stainless steel producers may not resume production as expected, and this has bolstered prices to some extent. At the same time, ferronickel prices have edged up, also providing support for stainless steel prices from the cost side. However, stainless steel futures prices decreased in the past week, which may negatively affect prices in the spot market.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 20,270/mt ($3,172/mt) on Tuesday, October 26, decreasing by RMB 130/mt ($20.3/mt) or 0.64 percent compared to RMB 20,400/mt on October 19.
$1 = RMB 6.389
