SteelOrbis has been informed that as of October 10 ex-China stainless steel coil export prices are at $2,450-2,500/mt FOB, moving down by $50/mt compared to September 26.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 200/mt ($28/mt).
During the given week, LME nickel prices have indicated a downtrend, which has exerted a negative impact on stainless steel prices. Since it is the rainy season in the Philippines, the supply of nickel has been negatively affected, which has bolstered prices to some extent. However, the inventory of stainless steel in China has increased sharply, negatively affecting market sentiments. In the near future, Chinese stainless steel producers will cut production to bolster prices. It is expected that stainless steel prices in the Chinese domestic market will edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,540/mt ($2,025/mt) on Tuesday, October 10, moving down by RMB 415/mt ($58/mt) or 2.8 percent compared to September 26.
$1 = RMB 7.1781