SteelOrbis has been informed that as of January 12 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, rising by $50/mt compared to January 5.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 400/mt ($62/mt), exerting a positive impact on stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have fluctuated within a limited range in the given week.
During the given week, stainless steel futures prices indicated big rises first, while moved down significantly later, signaling market players’ conflicting attitudes towards the future market prospects. The Covid-19 pandemic is currently negatively affecting transportation and activities in the steel market. At the same time, as the Chinese New Year holiday is approaching, steelmakers’ production may be impacted, which will provide support for stainless steel prices. Moreover, more ferronickel has been arriving in China from Indonesia, which has exerted a negative impact on domestic ferronickel production. It is thought that stainless steel prices in China may fluctuate within a small range in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,905/mt ($2,146.5/mt) on Tuesday, January 12, decreasing by RMB 55/mt ($8.5/mt) or 0.39 percent compared to RMB 13,960/mt on January 5.
$1 = RMB 6.4823
