SteelOrbis has been informed that as of January 31 ex-China stainless steel coil export prices are at $3,000-3,050/mt FOB, remaining stable compared to January 17.
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 moved up. Stainless steel futures prices have indicated increases, while nickel prices have come under downward pressure in the spot market, though gaining some support from low inventories. During the long Chinese New Year holiday, stainless steel producers implemented maintenance works, reducing outputs, which exerted a positive impact on prices. It is thought that stainless steel prices in the Chinese domestic market will likely edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,355/mt ($2,567/mt) on Tuesday, January 31, moving up by RMB 220/mt ($32.5/mt) or 1.3 percent compared to that on January 17.
$1 = RMB 6.7604