SteelOrbis has been informed that as of October 14 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, remaining stable on average compared to September 30.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd haver decreased by RMB 150/mt ($21/mt).
LME nickel prices have indicated slight declines. Following the long holiday in China, demand for stainless steel has improved, bolstering stainless steel prices. Market players expect an improvement in demand from downstream users as October is regarded as another important month of the traditional peak season for business. However, US President Trump announced plans to impose 100 percent tariffs on exports of goods from China as well as new export restrictions on key software, negatively affecting market sentiments. Trade frictions in the global market may worsen in the coming period, weakening the support for stainless steel prices. 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 12,565/mt ($1,770/mt) on Tuesday, October 14, decreasing by RMB 165/mt ($23/mt) or 1.3 percent compared to September 30, while decreasing by 0.95 percent compared to the previous trading day, October 13.
$1 = RMB 7.1021
