SteelOrbis has been informed that as of February 11 ex-China stainless steel coil export prices are at $2,000-2,050/mt FOB, moving sideways compared to January 21.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways.
Nickel prices at the London Metal Exchange (LME) had moved down ahead of the Chinese New Year holiday, but edged upwards subsequently.
Some market players have returned to the market, while more time is still needed for most downstream users to resume production given the outbreak of the coronavirus, which resulted in the disruption of transportation and pessimistic sentiment as regards the future prospects for the market.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,395/mt ($1,916.4/mt) on Tuesday, February 11, decreasing by RMB 470/mt ($67.2/mt) or 3.4 percent compared to RMB 13,865/mt on January 21.
$1 = RMB 6.9897
