SteelOrbis has been informed that as of January 23 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving sideways compared to January 16.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 50/mt ($7/mt).
During the given week, nickel prices have indicated slight declines amid increasing inventory levels. Stainlesss steel futures prices have risen significantly over the past week, exerting a positive impact on prices in the spot market. However, demand from downstream users has been slack, negatively affecting the stainless steel market. Many sellers have raised their domestic offer prices for stainless steel ahead of the Chinese New Year holiday, though cautious sentiments have prevailed among market players. It is expected that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,330/mt ($2,015.5/mt) on Tuesday, January 23, increasing by RMB 435/mt ($61.2/mt) or 3.1 percent compared to January 16.
$1 = RMB 7.1117
