SteelOrbis has been informed that as of October 25 ex-China stainless steel coil export prices are at $2,950-3,000/mt FOB, moving sideways compared to October 18.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 400/mt ($56/mt).
Nickel prices at the London Metal Exchange (LME) have edged up, providing support for stainless steel prices. The supply of stainless steel has shrunk, bolstering prices to some extent. Meanwhile, the increasing trend of stainless steel futures prices has also positively affected prices in 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 17,755/mt ($2,476/mt) on Tuesday, October 25, moving up by RMB 575/mt ($80/mt) or 3.35 percent compared to that on October 18.
$1 = RMB 7.1668