SteelOrbis has been informed that as of October 12 ex-China stainless steel coil export prices are at $3,400-3,500/mt FOB, moving up by $50/mt compared to September 28.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 300/mt ($46.5/mt).
Nickel prices at the London Metal Exchange (LME) have moved up. Crude stainless steel output has decreased amid restrictions on energy consumption, bolstering prices due to tight supply. Nickel production in the Philippines has been negatively affected by stormy weather, which will exert a positive impact on ferronickel prices. However, decreasing stainless steel futures prices in China will likely weaken the support for market prices. It is expected that stainless steel prices in the Chinese domestic market will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 20,050/mt ($3,176.5/mt) on Tuesday, October 12, decreasing by RMB 470/mt ($73/mt) or 2.3 percent compared to RMB 20,520/mt on September 28.
$1 = RMB 6.4447