SteelOrbis has been informed that as of August 10 ex-China stainless steel coil export prices are at $3,300-3,400/mt FOB, moving down by $50/mt compared to August 3.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 550/mt ($85/mt).
Nickel prices at the London Metal Exchange (LME) have moved down, while stainless steel prices have also indicated big declines, creating a mood of panic among market players. The shortage of ferronickel supply has provided some support for stainless steel prices. At the same time, the restrictions on production and power will reduce the output of stainless steel. It is thought that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,405/mt ($2,838/mt) on Tuesday, August 10, decreasing by RMB 310/mt ($48/mt) or 1.66 percent compared to RMB 18,715/mt on August 3.
$1 = RMB 6.4842
