SteelOrbis has been informed that as of February 8, ex-China stainless steel coil export prices are at $3,200-3,300/mt FOB, moving up by $100/mt compared to January 25.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 800/mt ($126/mt).
Nickel prices at the London Metal Exchange (LME) have edged up following the long Chinese New Year holiday as market players hold a pessimistic view of the future market prospects. The production restrictions in the local market have bolstered stainless steel prices. It is expected that stainless steel prices may edge up further in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,105/mt ($2,847/mt) on Tuesday, February 8, rising by RMB 1,025/mt ($161/mt) or 6.0 percent compared to RMB 17,080/mt on January 25.
$1 = RMB 6.3569
