SteelOrbis has been informed that as of December 9 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, moving sideways on average compared to December 2.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 50/mt ($7/mt).
During the given week, LME nickel prices have decreased, weakening the support for stainless steel prices. Oversupply and the relatively high inventories of nickel in the global market have exerted a negative impact on nickel prices. Demand for stainless steel during the traditional cold winter offseason has been slack, negatively affecting prices. Some traders have been willing to cut their sales prices, especially for products under pressure from high inventories. It is thought that stainless steel prices may soften in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,500/mt ($1,766/mt) on Tuesday, December 9, increasing by RMB 35/mt ($4.9/mt) or 0.28 percent compared to December 2, while decreasing by 0.32 percent compared to the previous trading day, December 8.
$1 = RMB 7.0773
