SteelOrbis has been informed that as of February 6 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving sideways compared to January 30.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 150/mt ($21/mt).
During the given week, nickel prices have indicated a downward trend. Since the Chinese New Year holiday (February 9-16) will start soon, most market players have left the market, resulting in quiet activity in the stainless steel market. It is expected that stainless steel prices will not see a rebounding trend until the end of the holiday.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,615/mt ($1,918/mt) on Tuesday, February 6, decreasing by RMB 440/mt ($62/mt) or 3.1 percent compared to January 30.
$1 = RMB 7.1082
