SteelOrbis has been informed that, as of September 19, ex-China stainless steel coil export prices are at $2,550-2,600/mt FOB, moving sideways compared to September 12.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 50/mt ($7/mt).
During the given week, LME nickel prices indicated a slight downtrend amid increasing inventory levels. Players in the global market think the US Federal Reserve is unlikely to raise interest rates in November, affecting market sentiments. The declines in raw material prices have weakened the support for stainless steel prices, while demand has been slack, also exerting a negative impact on prices. Since the long National Day holiday (September 29-October 6) is approaching, downstream users may replenish stocks, which would likely provide some support for the stainless steel market. It is expected that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,395/mt ($2,147/mt) on Tuesday, September 19, moving down by RMB 70/mt ($9.8/mt) or 0.45 percent compared to that on September 12.
$1 = RMB 7.1733