SteelOrbis has been informed that as of December 16 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, remaining stable on average compared to December 9.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have indicated significant declines, exerting a negative impact on stainless steel prices. However, tighter policy measures are expected for Indonesian nickel ore mining, which may bolster stainless steel prices from the cost side to a certain degree. Downstream users may build up stocks of stainless steel ahead of the Chinese New Year holiday (February 16-23), which will provide support for prices. It is thought that stainless steel prices may move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,320/mt ($1,745/mt) on Tuesday, December 16, decreasing by RMB 180/mt ($25.5/mt) or 1.44 percent compared to December 9, while decreasing by 1.83 percent compared to the previous trading day, December 15.
$1 = RMB 7.0602
