SteelOrbis has been informed that as of August 9, ex-China stainless steel coil export prices are at $2,900-2,950/mt FOB, moving sideways compared to August 2.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 425/mt ($63/mt).
Nickel prices at the London Metal Exchange (LME) have edged down. Meanwhile, stainless steel futures prices at Shanghai Futures Exchange (SHFE) moved down amid slack demand. At the same time, traders have been more willing to sell, which has also exerted a negative impact on stainless steel prices. It is expected that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,580/mt ($2,305/mt) on Tuesday, August 9, moving down by RMB 735/mt ($109/mt) or 4.5 percent compared to August 2.
$1 = RMB 6.7584
