SteelOrbis has been informed that as of September 14 ex-China stainless steel coil export prices are at $3,300-3,400/mt FOB, moving up by $50/mt compared to September 7.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 250/mt ($38.8/mt).
Nickel prices at the London Metal Exchange (LME) have increased. The low levels of inventory have bolstered stainless steel prices. At the same time, nickel prices have moved up, also providing solid support for stainless steel prices. However, stainless steel futures prices have declined, exerting a negative impact on prices in the spot market.
Stainless steel futures at Shanghai Futures Exchange closed at RMB 19,010/mt ($2,947/mt) on Tuesday, September 14, decreasing by RMB 425/mt ($152/mt) or 2.2 percent compared to RMB 19,435/mt on September 7.
$1 = RMB 6.45