SteelOrbis has been informed that as of September 7 ex-China stainless steel coil export prices are at $3,250-3,350/mt FOB, moving up by $50/mt compared to August 31.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 700/mt ($108.5/mt).
Nickel prices at the London Metal Exchange (LME) have moved up. Due to the restrictions on production and power usage, the profitability of 300 series stainless steel has been better than 200 series stainless steel, resulting in greater tonnages of the former being purchased by traders. However, buyers have been unwilling to buy at high price levels. It is thought that stainless steel prices may edge up further amid the support from tight supply of imported nickel.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 19,435/mt ($3,011.6/mt) on Tuesday, September 7, increasing by RMB 980/mt ($152/mt) or 5.3 percent compared to RMB 18,455/mt on August 31.
$1 = RMB 6.4533