SteelOrbis has been informed that as of February 9 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, remaining stable compared to those recorded on February 2.
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) have edged up slightly in the given week.
During the week in question, India cancelled the countervailing measures against ex-China hot rolled and cold rolled stainless steel for the period from February 2 to September 30, exerting a positive impact on the market. In the local Chinese market, players have left the market for the Chinese New Year holiday (February 11-17), weakening the demand for stainless steel.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,460/mt ($2,242/mt) on Tuesday, February 9, increasing by RMB 230/mt ($36/mt) or 1.62 percent compared to RMB 14,230/mt on February 2.
$1 = RMB 6.4533
