SteelOrbis has been informed that as of September 1 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, moving up by $50/mt compared to August 25.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 300 ($44/mt), providing support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved up further over the past week.
During the given week, major stainless steel producers have been unwilling to sell amid good demand from downstream users. Meanwhile, the high levels of iron ore prices and nickel prices bolstered stainless steel prices. At the same time, ferronickel has been in short supply, which will exert a positive impact on stainless steel prices.
Stainless steel futures prices at the Shanghai Futures Exchange closed at RMB 15,275/mt ($2,230/mt) on Tuesday, September 1, increasing by RMB 320/mt ($47/mt) or 2.14 percent compared to RMB 14,955/mt on August 25.
$1 = RMB 6.8498
