SteelOrbis has been informed that the Chinese stainless steel coil export price has been at $2,100-2,150/mt FOB during the week ending October 29, moving sideways compared to that recorded on October 22.
During the given week, Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd has held its ex-works prices stable for stainless steel, impacting export prices for stainless steel coil.
The London Metal Exchange (LME) nickel prices have increased in the given week, providing certain support to Chinese stainless steel market. However, as it is approaching to the end of month, market players have been willing to sell to bring in cash.
Stainless steel futures at the Shanghai Future Exchange have increased by RMB 130/mt ($18.4/mt) compared to the RMB 14,895/mt recorded on October 22, reaching RMB 15,025/mt ($2,124.0/mt) on Tuesday, October 29.
On October 28, Indonesia has announced that it is forbidding exporting nickel ore, effective immediately, which will push up nickel prices in the near future and bolster stainless steel export prices.
$1 = RMB 7.07