SteelOrbis has been informed that as of September 2 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways on average compared to August 26.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 50/mt ($7.0/mt).
Nickel prices have edged up in the given week, exerting a positive impact on the stainless steel market. China’s State Council has stated that it will steadily promote the renovation of urban villages and dilapidated housing, supporting the self-initiated renewal of old housing through demolition and reconstruction. This policy is expected to effectively stimulate demand for stainless steel in the architectural field. It is expected that stainless steel prices in the Chinese domestic market will see further rises in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,960/mt ($1,825/mt) on Tuesday, September 2, increasing by RMB 120/mt ($17/mt) or 0.9 percent compared to August 26, while rising by 0.66 percent compared to the previous trading day, September 1.
$1 = RMB 7.1089