SteelOrbis has been informed that as of January 11 ex-China stainless steel coil export prices are at $3,050-3,150/mt FOB, remaining stable compared to January 4.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 100/mt ($15.7/mt).
Nickel prices at the London Metal Exchange (LME) have moved up slightly, and stainless steel futures prices have also seen rises. As the Chinese New Year is approaching, logistics will be tight, which will result in buyers trying to step up their purchasing activities, which in turn will bolster stainless steel prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,760/mt ($2,789/mt) on Tuesday, January 11, increasing by RMB 530/mt ($51/mt) or 3.1 percent compared to RMB 17,230/mt on January 4.
$1 = RMB 6.3684
