SteelOrbis has been informed that as of September 30 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways on average compared to September 23.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained unchanged.
LME nickel prices have seen slight rises amid steady raw material prices. Stainless steel producers have been seeking to raise their prices ahead of the National Day holiday (October 1-8). Supply of nickel ore from Indonesia is expected to tighten, which will exert some positive impact on ferrous metal prices. There is strong support for the bottom level of stainless steel prices amid stable transaction activities. It is thought that stainless steel prices in the Chinese domestic market will rebound after the long holiday as demand is likely to improve.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,730/mt ($1,793/mt) on Tuesday, September 30, decreasing by RMB 250/mt ($35.2/mt) or 1.9 percent compared to September 23, while decreasing by 0.43 percent compared to the previous trading day, September 29.
$1 = RMB 7.1055
