SteelOrbis has been informed that as of December 28 ex-China stainless steel coil export prices are at $3,050-3,150/mt FOB, remaining stable compared to December 21.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 200/mt ($31.4/mt).
Nickel prices at the London Metal Exchange (LME) have moved up. The stainless steel prices in the local market moved down by 20 percent in December, causing many steelmakers to announce maintenance works and to reduce output, which bolstered stainless steel prices. The supply shortage in major stainless steel markets - Wuxi and Foshan - also provided support for prices. It is expected that stainless steel prices in China will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,905/mt ($2,654/mt) on Tuesday, December 28, increasing by RMB 810/mt ($127/mt) or 5.0 percent compared to RMB 16,095/mt on December 21.
$1 = RMB 6.3728
