SteelOrbis has been informed that as of September 23 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, remaining stable on average compared to September 16.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 75/mt ($10.6/mt).
LME nickel prices have indicated slight declines following the US Federal Reserve’s interest rate cut, while market sentiments have shifted from overheated to neutral, resulting in nickel prices losing further upward momentum. On September 22, the Ministry of Industry and Information Technology of China and other departments jointly released the Work Plan for Stabilizing Growth in the Steel Industry (2025-2026), setting the steel sector’s average annual value-added growth target at about four percent for the next two years, signaling that China will strictly prohibit the expansion of new production capacity, which has exerted a positive impact on market sentiments. Meanwhile, since the National Day holiday (October 1-8) is closely approaching, the stock replenishments are expected and will provide support for stainless steel prices.
However, since super typhoon Ragasa is approaching southern China, some players in the stainless steel market have started to be cautious in recent days, which will negatively affect prices. It is thought 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 12,890/mt ($1,815.5/mt) on Tuesday, September 23, decreasing by RMB 80/mt ($11.3/mt) or 0.6 percent compared to September 16, while decreasing by 0.15 percent compared to the previous trading day, September 22.
$1 = RMB 7.1057
