SteelOrbis has been informed that as of August 15 ex-China stainless steel coil export prices are at $2,600-2,650/mt FOB, edging up by $50/mt compared to August 8.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 325/mt ($45/mt).
During the given week, LME nickel prices have edged down, while the US currency has appreciated, resulting in prevailing cautious sentiments among market players. Stainless steel producers in China have been seeking to bolster their prices as they expect good demand from downstream users in the traditional peak season of September and October. Stainless steel futures prices have moved on an uptrend, exerting a positive impact on prices in the spot market. It is thought that stainless steel prices in the Chinese domestic market will likely edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,745/mt ($2,193/mt) on Tuesday, August 15, moving up by RMB 485/mt ($68/mt) or 3.2 percent compared to that on August 8.
$1 = RMB 7.1768