SteelOrbis has been informed that as of September 9 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, remaining stable on average compared to September 2.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 25/mt ($3.5/mt).
Nickel prices moved up first in the given week amid worries on the supply due to the large-scale labor protests in Indonesia, while edging down later due to the gradual fading impact of the protests and a rebound in the US dollar. Stainless steel futures prices have seen slight rises, signaling prevailing cautious sentiments among market players. However, the tight supply of stainless steel in the spot market has bolstered prices to a certain degree. It is thought that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,950/mt ($1,824/mt) on Tuesday, September 9, decreasing by RMB 10/mt ($1.4/mt) or 0.08 percent compared to September 2, while rising by 0.43 percent compared to the previous trading day, September 8.
$1 = RMB 7.1008
