SteelOrbis has been informed that as of October 11 ex-China stainless steel coil export prices are at $2,950-3,000/mt FOB, moving sideways compared to September 27.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 100/mt ($14.1/mt).
Nickel prices at the London Metal Exchange (LME) have risen amid the depreciation of the US dollar. After the LME discussed a ban on the delivery of Russian metals, international metals prices have indicated a rebounding trend. Stainless steel futures prices have indicated declines amid increasing deliveries of supplies in the spot market. It is expected that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,330/mt ($2,298/mt) on Tuesday, October 11, moving down by RMB 265/mt ($37.3/mt) or 1.6 percent compared to that on September 27.
$1 = RMB 7.1075