SteelOrbis has been informed that as of December 8 ex-China stainless steel coil export prices are at $2,050-2,100/mt FOB, moving sideways compared to December 1.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 150/mt ($23/mt), negatively affecting stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have fluctuated within a limited range at high levels in the given week.
In the week in question, ferronickel prices have risen in Indonesia, bolstering stainless steel prices from the cost side. Meanwhile, India has extended the anti-dumping tax on cold rolled stainless steel plate from countries, including China, to January 31, 2021, negatively affecting the stainless steel market. In the Chinese domestic market, some downstream users have started to build up stocks for the winter season, which will provide support for stainless steel prices. Amid the rises seen in other ferrous metal futures prices and iron ore prices, steel prices have indicated big rises, which may also bolster the stainless steel market.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,455/mt ($2,060/mt) on Tuesday, December 8, increasing by RMB 190/mt ($29/mt) or 1.43 percent compared to RMB 13,265/mt on December 1.
$1 = RMB 6.532
