SteelOrbis has been informed that as of August 20 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving sideways compared to August 13.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 200/mt ($28/mt).
During the given week, nickel prices have seen slight rises, while ferronickel prices have also moved on a firm trend, bolstering stainless steel prices from the cost side. However, demand for stainless steel from downstream users has not seen significant improvements. Orders from the decoration industry have declined severely compared to previous years, while only demand from home appliances has improved to a certain degree. Stainless steel futures prices ended their rebounding trend over the past three trading days, while indicating a decline of 0.4 percent on August 20, signaling the prevailing cautious sentiments. Market players have been willing to raise their offer prices, while transaction activities have been quiet. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,655/mt ($1,915/mt) on Tuesday, August 20, decreasing by RMB 20/mt ($2.8/mt) or 0.15 percent compared to August 13, while down 0.4 percent compared to the previous trading day, August 19.
$1 = RMB 7.1325
