Ex-China stainless steel prices move up due to rises seen in local market

Tuesday, 15 October 2019 15:15:34 (GMT+3)   |   Shanghai

SteelOrbis has been informed that China’s stainless steel export prices have been at $2,150-2,200/mt FOB during the week ending October 15, increasing by $50/mt compared to that recorded on October 8.

During the given week, Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd has raised its ex-works prices by RMB 150/mt ($21/mt) for stainless steel, pushing up export prices for stainless steel coil.

The inventory level of London Metal Exchange (LME) nickel has reached its lowest level over the past seven years, exerting a positive impact on market players’ sentiments towards prospect for the future stainless steel market. Local offer prices for stainless steel have also seen a rise of RMB 150-200/mt ($21-28/mt) compared to previous week. Stainless steel futures at the Shanghai Future Exchange have decreased by RMB 235/mt ($33.0/mt) compared to the RMB 15,675/mt recorded on October 8, reaching RMB 15,440/mt ($2,183.0/mt) on Tuesday, October 15.

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