SteelOrbis has been informed that as of August 23, ex-China stainless steel coil export prices are at $2,900-2,950/mt FOB, moving sideways compared to August 16.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
Nickel prices at the London Metal Exchange (LME) have edged up slightly. However, stainless steel futures prices at Shanghai Futures Exchange (SHFE) moved down. The sufficient supply of stainless steel resources exerted a negative impact on their prices. There are rumors claiming that Indonesia might impose export duty on nickel products, which will push up nickel prices. It is expected that stainless steel prices in the Chinese domestic market will likely edge up slightly in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,425/mt ($2,252/mt) on Tuesday, August 23, moving down by RMB 150/mt ($21/mt) or 0.96 percent compared to that on August 16.
$1 = RMB 6.8523