SteelOrbis has been informed that as of October 17 ex-China stainless steel coil export prices are at $2,450-2,500/mt FOB, moving sideways compared to October 10.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
During the given week, LME nickel prices have seen a downtrend. The strength of the US dollar kept the pressure on global metal prices. At the same time, demand for stainless steel has been slack, while inventory has increased, exerting a negative impact on prices. Market players in Foshan and Wuxi, two major local stainless steel markets, have said the demand for 304 series stainless steel has seen some improvement, which will bolster prices. It is thought 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 14,785/mt ($2,059/mt) on Tuesday, October 17, moving up by RMB 245/mt ($34/mt) or 1.7 percent compared to that on October 10.
$1 = RMB 7.1796