SteelOrbis has been informed that as of September 6, ex-China stainless steel coil export prices are at $2,950-3,000/mt FOB, edging up by $50/mt compared to August 30.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 400/mt ($58/mt).
Nickel prices at the London Metal Exchange (LME) have moved up amid the prevailing bullish sentiment. Stainless steel futures prices at Shanghai Futures Exchange (SHFE) have moved up sharply as the People’s Bank of China decided to reduce the reserve requirement ratio for foreign currency deposits by two percentage points from eight percent to six percent, effective as of September 15. Market players are bullish towards the future prospects for the stainless steel market. It is expected that stainless steel prices in the Chinese domestic market will move up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,375/mt ($2,373/mt) on Tuesday, September 6, moving up by RMB 1,185/mt ($172/mt) or 7.8 percent compared to that on August 30.
$1 = RMB 6.9096
