SteelOrbis has been informed that as of August 12 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving up by RMB 50/mt ($7/mt) on average compared to August 5.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 200/mt ($28/mt).
In the past week, nickel prices increased first while edging down later as the capacity utilization rates of nickel mines have been at relatively high levels, resulting in increasing inventories, affecting prices. Stainless steel futures prices have moved up, exerting a positive impact on prices in the spot market. Stainless steel scrap prices have also indicated increases, bolstering stainless steel prices from the cost side. Market players are optimistic as regards the future prospects for the stainless steel market. It is thought that stainless steel prices in the Chinese domestic market will edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,200/mt ($1,849/mt) on Tuesday, August 12, increasing by RMB 240/mt ($34/mt) or 1.85 percent compared to August 5, while rising by 0.38 percent compared to the previous trading day, August 11.
$1 = RMB 7.1418