SteelOrbis has been informed that as of August 30, ex-China stainless steel coil export prices are at $2,900-2,950/mt FOB, remaining stable compared to August 23.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged up by RMB 100/mt ($14.5/mt).
Nickel prices at the London Metal Exchange (LME) have edged down slightly. Meanwhile, stainless steel futures prices at Shanghai Futures Exchange (SHFE) also moved down. Currently, the demand for stainless steel has not seen improvement yet, which will exert a negative impact on its prices. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,190/mt ($2,208/mt) on Tuesday, August 30, moving down by RMB 235/mt ($34.2/mt) or 1.5 percent compared to that on August 23.
$1 = RMB 6.8802
