SteelOrbis has been informed that as of September 28 ex-China stainless steel coil export prices are at $3,350-3,450/mt FOB, moving up by $50/mt compared to September 14.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 350/mt ($54.2/mt).
Nickel prices at the London Metal Exchange (LME) have edged down. The tight supply of stainless steel amid the power restrictions bolstered its prices. As the long National Day holiday (October 1-7) is approaching, buyers have been unwilling to make purchases, resulting in slack demand for stainless steel. It is thought that stainless steel prices will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 20,520/mt ($3,176.5/mt) on Tuesday, September 28, decreasing by RMB 145/mt ($22.4/mt) or 0.66 percent compared to RMB 21,965/mt on September 22.
$1 = RMB 6.4608