SteelOrbis has been informed that as of October 8 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, moving sideways compared to September 30.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 150/mt ($21/mt).
During the given week, nickel prices have edged down slightly, weakening the support for stainless steel prices from the cost side. Inventories of stainless steel in two major markets, Wuxi and Foshan, have increased, exerting a negative impact on prices in the spot market. Since late September, China has issued a series of stimulus polices to boost the economy, positively affecting market sentiments. However, following previous quick rises, market players have started to be cautious as regards the future prospects for the stainless steel 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 13,915/mt ($1,968/mt) on Tuesday, October 15, decreasing by RMB 60/mt ($8.5/mt) or 0.4 percent compared to October 8, while down 1.21 percent compared to the previous trading day, October 14.
$1 = RMB 7.0731
