SteelOrbis has been informed that as of September 27 ex-China stainless steel coil export prices are at $2,950-3,000/mt FOB, moving down by $50/mt compared to September 20.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 350/mt ($49.5/mt).
Nickel prices at the London Metal Exchange (LME) have moved down amid the appreciation of the US dollar and worsening market sentiment. Demand from downstream users has been sluggish. Ahead of the long National Day holiday, bearish sentiments have prevailed among market players. It is expected that stainless steel prices in the Chinese domestic market will likely edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,595/mt ($2,347/mt) on Tuesday, September 27, moving down by RMB 435/mt ($61.5/mt) or 2.6 percent compared to that on September 20.
$1 = RMB 7.0722