SteelOrbis has been informed that as of August 2 ex-China stainless steel coil export prices are at $2,900-2,950/mt FOB, remaining stable compared to July 26.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have rose by RMB 75/mt ($11.1/mt).
Nickel prices at the London Metal Exchange (LME) have moved up. Meanwhile, stainless steel futures prices at Shanghai Futures Exchange (SHFE) have also edged up amid the rising trends of other ferrous metal futures prices. Demand for stainless steel has improved to some extent, though not significantly. It is expected that stainless steel prices will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,315/mt ($2,417/mt) on Tuesday, August 2, edging up by RMB 115/mt ($17/mt) or 0.71 percent compared to that on July 26.
$1 = RMB 6.7462