SteelOrbis has been informed that as of December 31 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways compared to December 24.
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, stainless steel prices in the Chinese domestic market have moved sideways as producers have kept their prices stable. At the same time, as the Chinese New Year holiday (January 28-February 4) is approaching, some stainless steel producers will implement production halts or shutdowns, which will bolster prices to a certain degree. However, demand from downstream users will remain sluggish, exerting a negative impact on stainless steel prices. Tomorrow is the New Year holiday, which will result in a slackening of demand in the stainless steel market. It is expected that HRC prices in the Chinese domestic market will likely continue their stable trend in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,915/mt ($1,796/mt) on Tuesday, December 31, decreasing by RMB 115/mt ($16/mt) or 0.9 percent compared to December 24, while down 0.35 percent compared to the previous trading day, December 30.
$1 = RMB 7.1884
