SteelOrbis has been informed that as of August 31 ex-China stainless steel coil export prices are at $3,200-3,300/mt FOB, moving sideways compared to August 24.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 200/mt ($31/mt).
Nickel prices at the London Metal Exchange (LME) have edged up. Crude steel output and power usage will be restricted in September, amid efforts to reduce energy consumption, which will exert a positive impact on the steel market, and so stainless steel traders raised their offer prices and transaction activities have been at decent levels. It is expected that stainless steel prices will increase in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 18,455/mt ($2,741.5/mt) on Tuesday, August 31, increasing by RMB 690/mt ($106.6/mt) or 3.9 percent compared to RMB 17,765/mt on August 24.
$1 = RMB 6.4679
