SteelOrbis has been informed that as of October 18 ex-China stainless steel coil export prices are at $2,950-3,000/mt FOB, remaining stable compared to October 11.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 200/mt ($28/mt).
Nickel prices at the London Metal Exchange (LME) have moved down amid the inflation in the global market. The rebounding trend in stainless steel futures prices has bolstered prices in the spot market. Transaction activities have improved to some extent, though market players have been somewhat cautious following the recent price rises.
It is thought that stainless steel prices in the Chinese domestic market will likely move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,180/mt ($2,420/mt) on Tuesday, October 18, moving up by RMB 850/mt ($120/mt) or 5.2 percent compared to that on October 11.
$1 = RMB 7.1086