SteelOrbis has been informed that as of December 17 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways compared to December 10.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
During the given week, nickel prices have edged down, though they are expected to receive strong support as Indonesia has announced it will limit its nickel mining in the next quarter. However, as the end of the year is approaching, construction sites will suspend activities ahead of the Chinese New Year holiday, which will weaken the support for demand for stainless steel. Cautious sentiments prevail among market players. It is thought that stainless steel prices in the Chinese market may edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,985/mt ($1,806/mt) on Tuesday, December 17, decreasing by RMB 55/mt ($7.6/mt) or 0.42 percent compared to December 10, while down 0.04 percent compared to the previous trading day, December 16.
$1 = RMB 7.1891
