SteelOrbis has been informed that as of August 17 ex-China stainless steel coil export prices are at $3,250-3,350/mt FOB, moving down by $50/mt compared to August 10.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 400/mt ($62/mt).
Nickel prices at the London Metal Exchange (LME) have edged up, while stainless steel prices have declined, exerting a negative impact on prices in the spot market. Production restrictions have negatively affected the futures market, weakening market players’ sentiments. However, the expected decrease in output of stainless steel will bolster prices. It is expected that stainless steel prices will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 18,380/mt ($2,838/mt) on Tuesday, August 17, decreasing by RMB 25/mt ($48/mt) or 0.14 percent compared to RMB 18,405/mt on August 10.
$1 = RMB 6.4765