SteelOrbis has been informed that as of September 26 ex-China stainless steel coil export prices are at $2,500-2,550/mt FOB, moving down by $50/mt compared to September 19.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 225/mt ($31.4/mt).
During the given week, LME nickel prices have declined amid rising inventory levels and the prevailing cautious sentiments among market players. Demand for stainless steel has been slack, while inventory levels have indicated an increasing trend, exerting a negative impact on stainless steel prices. Since the long National Day holiday (September 29-October 6) is now very close, market sentiments will unlikely see significant changes. It is thought that stainless steel prices in the Chinese domestic market will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,955/mt ($2,086/mt) on Tuesday, September 26, moving down by RMB 440/mt ($61.4/mt) or 2.8 percent compared September 19.
$1 = RMB 7.1727
