SteelOrbis has been informed that as of August 24, ex-China stainless steel coil export prices are at $3,200-3,300/mt FOB, moving down by $50/mt compared to August 17.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 350/mt ($54/mt).
Nickel prices at the London Metal Exchange (LME) have moved down, while the inventory of stainless steel increased, negatively affecting its prices. However, the firm raw material prices will bolster stainless steel prices. It is thought that stainless steel prices may move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,765/mt ($2,741.5/mt) on Tuesday, August 24, decreasing by RMB 615/mt ($48/mt) or 3.35 percent compared to RMB 18,380/mt on August 17.
$1 = RMB 6.4805