SteelOrbis has been informed that as of September 16 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways on average compared to September 9.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
LME nickel prices have rebounded amid the growing optimism over an imminent US Fed rate cut, sending a short-term bullish signal. Inventories of stainless steel have decreased, providing support for prices. Meanwhile, stainless steel futures prices have moved up, positively affecting the prices in the spot market. Since the National Day holiday (October 1-8) is approaching, stock replenishments have bolstered stainless steel prices. It is expected 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 13,085/mt ($1,843/mt) on Tuesday, September 16, increasing by RMB 135/mt ($19/mt) or 1.0 percent compared to September 9, while decreasing by 0.27 percent compared to the previous trading day, September 15.
$1 = RMB 7.1027
