SteelOrbis has been informed that as of September 8 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, moving sideways compared to September 1.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 200 ($29/mt), providing some support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved down over the past week.
During the given week, with major stainless steel producers forwarding sufficient supplies to the spot market, traders have chosen to sell at lower prices, aiming to bring in cash. Meanwhile, ferronickel prices have moved at high levels amid higher capacity utilization rates in Indonesia.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,880/mt ($2,175/mt) on Tuesday, September 8, decreasing by RMB 395/mt ($58/mt) or 2.6 percent compared to RMB 15,275/mt on September 1.
$1 = RMB 6.8364