SteelOrbis has been informed that as of October 13 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, remaining stable compared to September 29.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable, providing some support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have increased following the long holiday amid the resumption of transaction activities.
During the given week, the Philippines has entered the rainy season, which will result in declines in its ferronickel exports to China, with China expected to increase imports from Indonesia to meet its demand for ferronickel. Ahead of the winter season, there will be buying activities for stainless steel in China, while competition among traders may become intense as they seek to attract more orders.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,375/mt ($2,136/mt) on Tuesday, October 13, increasing by RMB 45/mt ($6.7/mt) or 0.3 percent compared to RMB 14,330/mt on September 29.
$1 = RMB 6.7296
