SteelOrbis has been informed that as of September 3 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving sideways compared to August 27.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 150/mt ($21/mt).
During the given week, nickel prices have declined, weakening the support for stainless steel prices from the cost side. Downstream users have been cautious in concluding purchases for stainless steel, while sellers have attempted to bolster their offer prices. Though market players expected better demand in September, the weak performance at the beginning of the current month has exerted a negative impact on stainless steel prices. It is expected 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 13,530/mt ($1,903/mt) on Tuesday, September 3, decreasing by RMB 380/mt ($53.5/mt) or 2.7 percent compared to that on August 27, while down 0.99 percent compared to the previous trading day, September 2.
$1 = RMB 7.1112
