SteelOrbis has been informed that as of December 23 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving up by $50/mt on average compared to December 16.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 275/mt ($39/mt).
During the given week, LME nickel prices have moved on a continuous rising trend, positively affecting stainless steel prices. Indonesia plans to reduce production of nickel ore by 34 percent in 2026, raising market players’ worries as regards insufficient supply in the future, thereby bolstering nickel prices. Meanwhile, expectations of an interest rate cut by the Federal Reserve have kept the US dollar index low, reducing the carrying cost of commodities and significantly pushing up prices. However, inventories of stainless steel have been at relatively high levels, which might exert a negative impact on prices. It is thought that stainless steel prices will likely edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,905/mt ($1,828/mt) on Tuesday, December 16, increasing by RMB 585/mt ($83/mt) or 4.75 percent compared to December 16, while increasing by 0.98 percent compared to the previous trading day, December 22.
$1 = RMB 7.0523
