SteelOrbis has been informed that as of October 21 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways on average compared to October 14.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 50/mt ($7/mt).
LME nickel prices have edged up slightly as Indonesia has tightened oversight of nickel mining. Inventories of stainless steel have been gradually consumed in the Chinese domestic market, bolstering prices to a certain degree. Though demand in the traditional peak season of September and October has not been as good as expected, downstream users have concluded purchases in line with their daily needs, still providing some support for stainless steel prices. Moreover, inventories of 300 series stainless steel products have been at relatively low levels, positively affecting market sentiments. It is thought that stainless steel prices in the Chinese domestic market will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,665/mt ($1,784/mt) on Tuesday, October 21, increasing by RMB 100/mt ($14/mt) or 0.8 percent compared to October 14, while increasing by 0.44 percent compared to the previous trading day, October 20.
$1 = RMB 7.093
