SteelOrbis has been informed that as of February 11 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways compared to January 21.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 100/mt ($14/mt).
During the given period, nickel prices have decreased, exerting a negative impact on stainless steel prices. Following the Chinese New Year holiday, demand for stainless steel has gradually improved. Market players expect to see an increase in stainless steel prices, though most of them remain cautious at the moment as more time may be needed to see improvements in demand from downstream users. It is thought that stainless steel prices in the Chinese domestic market will likely edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,200/mt ($1,841/mt) on Tuesday, February 11, increasing by RMB 35/mt ($4.9/mt) or 0.27 percent compared to January 21, while down 1.05 percent compared to the previous trading day, February 10.
$1 = RMB 7.1716
