SteelOrbis has been informed that as of August 25 ex-China stainless steel coil export prices are at $2,050-2,100/mt FOB, moving up by $50/mt compared to August 18.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 200 ($29/mt), providing solid support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have edged up over the past week.
During the given week, demand for stainless steel in the local market has been good amid insufficient supply. Stainless steel producers have preferred to wait for better price levels and so have been unwilling to sell, with traders as a result raising their purchase prices in order to buy in new products. At the same time, inventory of nickel ore has been at low levels, resulting in higher nickel prices, which in turn has bolstered stainless steel prices.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,955/mt ($2,161/mt) on Tuesday, August 25, decreasing by RMB 60/mt ($8.7/mt) or 0.4 percent compared to RMB 15,015/mt on August 18.
$1 = RMB 6.9183