SteelOrbis has been informed that as of December 22 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, edging up by $50/mt compared to December 15.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged up by RMB 50/mt ($7.65/mt), exerting a positive impact on stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have edged down slightly in the given week.
Nickel producers cut their production due to shortage of electricity supply, which bolstered nickel prices to some extent. Following sharp rises in iron ore prices and ferrous metal futures prices, prices moved down significantly on December 22, which may weaken the support for the steel market. It is thought that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,300/mt ($2,034/mt) on Tuesday, December 22, decreasing by RMB 755/mt ($115.5/mt) or 5.37 percent compared to RMB 14,055/mt on December 15.
$1 = RMB 6.5387
