SteelOrbis has been informed that as of September 29 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, remaining stable compared to September 22.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 50 ($15/mt), providing support for Chinese stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved on a fluctuating trend within a limited range over the past week, while stainless steel futures prices in China have moved upwards.
During the given week, downstream users have built up some stocks ahead of the long National Day holiday (October 1-8), while the market has become quiet in recent days. Ferronickel prices are stable, bolstering stainless steel prices. However, South Korea has initiated an antidumping investigation on flat rolled products of stainless steel from China, Indonesia and Taiwan, which will negatively affect the export market.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,330/mt ($2,102/mt) on Tuesday, September 29, increasing by RMB 405/mt ($59.4/mt) or 2.9 percent compared to RMB 13,925/mt on September 22.
$1 = RMB 6.8171