SteelOrbis has been informed that as of December 10 ex-China stainless steel coil export prices are at $2,000-2,050/mt FOB, moving sideways compared to December 3.
During the given week, local stainless steel prices of Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
Following big declines over the previous week, nickel prices at the London Metal Exchange (LME) have fluctuated at bottom levels in the past week, exerting a negative impact on the local Chinese stainless steel market.
Demand for stainless steel has been slack amid colder winter conditions as the end of the year approaches. However, some traders have started to build up stocks as next year the Chinese New Year holiday will be in January, and this stock replenishment will likely result in a rebound in domestic stainless steel prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,985/mt ($1,986.5/mt) on Tuesday, December 10, decreasing by RMB 35/mt ($5.0/mt) or 0.25 percent compared to RMB 14,020/mt on December 3.
$1 = RMB 7.04