SteelOrbis has been informed that as of September 5 ex-China stainless steel coil export prices are at $2,600-2,650/mt FOB, moving sideways compared to August 29.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have edged up amid improved sentiments as regards the economic performance of the US. At the same time, the typhoon in Indonesia has resulted in the delay of ferronickel supplies, bolstering prices. Moreover, typhoons, including Haikui and Saola, have landed in the province of Fujian and Guangdong, exerting a negative impact on circulation of supplies, providing support for stainless steel prices from the supply side. The demand for stainless steel is expected to improve in September, while production may be at relatively high levels. It is thought that stainless steel prices in the Chinese domestic market may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,790/mt ($2,199/mt) on Tuesday, September 5, moving up by RMB 110/mt ($15.3/mt) or 0.7 percent compared to that on August 29.
$1 = RMB 7.1783