SteelOrbis has been informed that as of December 30 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving sideways on average compared to December 23.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 75/mt ($11/mt).
During the given week, LME nickel prices have moved up further amid the increasing trend in other commodities’ prices. China’s Ministry of Housing and Urban Rural Development’s dedicated loans for ensuring housing projects have been delivered, exerting a positive impact on the demand for stainless steel. Inventories of stainless steel decreased continuously, bolstering its prices. Demand for stainless steel from Southeast Asia has been booming, positively affecting its prices. It is expected that stainless steel prices in the Chinese domestic market will likely move up slightly in the coming period amid the support from the rises in commodity prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,090/mt ($1,862/mt) on Tuesday, December 30, increasing by RMB 185/mt ($26/mt) or 1.4 percent compared to December 23, while increasing by 1.28 percent compared to the previous trading day, December 29.
$1 = RMB 7.0348
