SteelOrbis has been informed that as of September 24 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving up by $50/mt compared to September 10.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 150/mt ($21/mt).
During the given week, nickel prices have increased. Stainless steel futures prices have increased, exerting a positive impact on prices in the spot market. However, demand for stainless steel from downstream users has not been as good as market players had expected, resulting in the prevailing cautious sentiments among them. Some market players think there may be certain stock replenishments ahead of the National Day Holiday (October 1-7), which will bolster stainless steel prices to a certain degree. Moreover, on September 24, the People’s Bank of China announced that the reserve requirement ratio (RRR) for Chinese banks will be cut by 0.5 percentage points in the near future, which will positively affect the stainless steel market. It is expected that stainless steel prices in the Chinese domestic market will edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,295/mt ($1,886/mt) on Tuesday, September 24, increasing by RMB 60/mt ($41.5/mt) or 0.45 percent compared to September 10, while up 0.76 percent compared to the previous trading day, September 23.
$1 = RMB 7.051