SteelOrbis has been informed that as of September 22 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, moving sideways compared to September 12.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($15/mt), slightly weakening the support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have edged down over the past week, while stainless steel futures prices in China have also indicated declines.
During the given week, demand for stainless steel has improved as downstream users -including rolling mills and processing centers - have been seeking to build up stocks ahead of the long National Day holiday (October 1-8). Meanwhile, ferronickel prices have remained stable compared to the previous week, which has bolstered stainless steel prices to some extent. The rainy season is approaching in the Philippines, which will result in tight supply of ferronickel and provide solid support for stainless steel prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,925/mt ($2,051/mt) on Tuesday, September 22, decreasing by RMB 475/mt ($70.0/mt) or 3.3 percent compared to RMB 14,400/mt on September 15.
$1 = RMB 6.7872
