SteelOrbis has been informed that as of August 8, ex-China stainless steel coil export prices are at $2,550-2,600/mt FOB, remaining stable compared to August 1.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways.
During the given week, LME nickel prices have moved down. In the Chinese domestic market, against the backdrop of stimulus policies issued by Chinese policymakers, stainless steel prices have not seen significant rises amid sufficient production utilization capacity and the lack of improvement in demand from downstream users. Market players expect a better performance in the traditional peak season in September and October, which will bolster the stainless steel market. It is expected that stainless steel prices in the Chinese domestic market will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,260/mt ($2,131.3/mt) on Tuesday, August 8, edging down by RMB 80/mt ($11/mt) or 0.5 percent compared to that on August 1.
$1 = RMB 7.1565