SteelOrbis has been informed that as of February 7 ex-China stainless steel coil export prices are at $2,950-3,000/mt FOB, edging down by $50/mt compared to January 31.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 400/mt ($59/mt).
Nickel prices at the London Metal Exchange (LME) have indicate big decreases amid the appreciation of the US dollar. The release of production capacity and sufficient supplies of nickel have resulted in increasing inventories, while demand has not improved to normal levels. Due to the weak support from the cost side, stainless steel prices have decreased, while market players still hold an optimistic view of the future prospects for the market due to the anticipated improvement in demand. It is thought that stainless steel prices in the Chinese domestic market may indicate a fluctuating trend in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,815/mt ($2,474/mt) on Tuesday, February 7, moving down by RMB 540/mt ($79.4/mt) or 3.1 percent compared to that on January 31.
$1 = RMB 6.7967