SteelOrbis has been informed that as of August 11 ex-China stainless steel coil export prices are at $1,950-2,000/mt FOB, moving sideways compared to August 4.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 100 ($14.4/mt), providing solid support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved up over the past week.
During the given week, demand from downstream users has not improved significantly due to the hot summer weather. Meanwhile, ferronickel prices have gained support from decreasing supply amid the Covid-19 pandemic, bolstering stainless steel prices. However, stainless steel futures prices have indicated a downward correction following previous rises, which may exert a negative impact on stainless steel prices in the spot market in the near future.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,975 /mt ($2,005/mt) on Tuesday, August 11, decreasing by RMB 180/mt ($26/mt) or 1.3 percent compared to RMB 14,155/mt on August 4.
$1 = RMB 6.9711