SteelOrbis has been informed that as of January 4, ex-China stainless steel coil export prices are at $3,050-3,150/mt FOB, moving sideways compared to December 28.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have also remained stable.
Nickel prices at the London Metal Exchange (LME) have edged up. Stainless steel prices in the local market have moved sideways due to the impact of the New Year holiday. Traders have mostly held a wait-and-see stance towards the future prospects for the market. Downstream users have only purchased in line with their needs, while they have been unwilling to build up stocks for the winter season at current price levels. It is thought that stainless steel prices may edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,230/mt ($2,701/mt) on Tuesday, January 4, increasing by RMB 325/mt ($51/mt) or 1.92 percent compared to RMB 16,905/mt on December 28.
$1 = RMB 6.3794
