SteelOrbis has been informed that as of January 13 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, edging up by $50/mt on average compared to January 6.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 250/mt ($36/mt).
During the given week, LME nickel prices have continued their uptrend amid the expected reduction in nickel supply. Stainless steel supply has been tight, bolstering prices firmly. At the same time, stainless steel futures prices have moved up, bolstering market sentiments. Following the rises in stainless steel prices, downstream users have mostly concluded purchases in line with their needs, with demand slowing to a certain degree. It is expected that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
In addition, the strong sentiments in the stainless steel market have been supported by the news that Indonesian steelmaker Tsingshan Stainless Steel has raised its export offers by $30/mt since late last week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,790/mt ($1,967/mt) on Tuesday, January 13, increasing by RMB 395/mt ($56.3/mt) or 2.95 percent compared to January 6, while decreasing by 0.54 percent compared to the previous trading day, January 12.
$1 = RMB 7.0103
