SteelOrbis has been informed that as of August 3 ex-China stainless steel coil export prices are at $3,350-3,450/mt FOB, moving up by $50/mt compared to July 27.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 750/mt ($116/mt).
Nickel prices at the London Metal Exchange (LME) moved up first during the week, though they edged down later. Stainless steel futures prices at Shanghai Futures Exchange (SHFE) moved down sharply on August 2 and 3, exerting a negative impact on prices in the spot market. However, stainless steel supply has indicated some shortages amid production restrictions, which will bolster its prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,715/mt ($2,897/mt) on Tuesday, August 3, decreasing by RMB 475/mt ($108/mt) or 2.5 percent compared to RMB 19,190/mt on July 27.
$1 = RMB 6.461