SteelOrbis has been informed that as of August 26 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, remaining stable on average compared to August 19.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 50/mt ($7.0/mt).
Nickel prices have moved down in the given week amid relatively high inventories. Stainless steel futures prices in China have edged down, exerting a negative impact on prices in the spot market. Market players are expecting a better performance in the traditional peak season in September and October, which will firmly bolster stainless steel prices. It is thought that stainless steel prices in the Chinese domestic market will edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,840/mt ($1,803/mt) on Tuesday, August 26, decreasing by RMB 315/mt ($44/mt) or 0.35 percent compared to August 19, while rising by 0.08 percent compared to the previous trading day, August 25.
$1 = RMB 7.1188
