SteelOrbis has been informed that as of August 27, ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, remaining stable compared to August 20.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 150/mt ($21/mt).
During the given week, nickel prices have edged down from high levels. Stainless steel futures prices moved up, exerting a positive impact on market sentiments. Market players thought the demand for stainless steel in September will improve, which has taken effect to bolster prices at current stage. Moreover, several stainless steel producers raised their ex-works prices, positively affecting the spot market. It is expected that stainless steel prices in the Chinese domestic market will likely edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,910/mt ($1,954/mt) on Tuesday, August 27, increasing by RMB 255/mt ($35.8/mt) or 1.9 percent compared to that on August 20, while up 1.05 percent compared to the previous trading day, August 26.
$1 = RMB 7.1249
