SteelOrbis has been informed that as of January 7 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, remaining stable compared to December 31.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways.
During the given week, nickel prices have edged down slightly, weakening the support for stainless steel prices. Meanwhile, stainless steel futures prices have seen slight declines, exerting a negative impact on the spot market. As the Chinese New Year holiday (January 28-February 4) is drawing closer, cautious sentiments have prevailed among market players as demand for stainless steel may remain weak. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,890/mt ($1,793/mt) on Tuesday, January 7, decreasing by RMB 25/mt ($3.5/mt) or 0.19 percent compared to December 31, while up 0.47 percent compared to the previous trading day, January 6.
$1 = RMB 7.1879
