SteelOrbis has been informed that as of January 20 ex-China stainless steel coil (304 standard, 1 mm thickness) export prices are at $2,300-2,350/mt FOB, moving up by $50/mt on average over the past week.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 225/mt ($32/mt).
The Indonesian mill has also announced an increase in its stainless steel coil export prices by $50/mt since January 16, its third increase this month so far.
During the given week, LME nickel prices have seen further rises, exerting a positive impact on stainless steel prices. The PBOC has announced interest rate cuts for various structural monetary policy tools by 0.25 percentage points, with one-year re-lending rates for various categories reduced to 1.25 percent, improving the liquidity in the stainless steel market and bolstering prices. Commodity prices have moved up lately, positively affecting sentiments in the stainless steel market. Inventories of stainless steel have decreased, which will provide support for prices. There will be stock replenishments ahead of the Chinese New Year holiday. It is thought that stainless steel prices in the Chinese domestic market will increase further in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,345/mt ($2,049/mt) on Tuesday, January 20, increasing by RMB 555/mt ($79.3/mt) or 4.0 percent compared to January 13, while rising by 0.46 percent compared to the previous trading day, January 19.
$1 = RMB 7.0006
