SteelOrbis has been informed that as of December 6 ex-China stainless steel coil export prices are at $3,050-3,100/mt FOB, edging up by $50/mt compared to November 29.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 250/mt ($35.9/mt).
Nickel prices at the London Metal Exchange (LME) have continued their uptrend. The significant easing of Covid-19 measures in China has positively affected market sentiment. In December, traders have been willing to sell, even at lower prices, aiming to stimulate transaction activities coming up to the end of the current year. It is expected that stainless steel prices in the Chinese domestic market will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,230/mt ($2,462/mt) on Tuesday, December 6, moving up by RMB 390/mt ($56/mt) compared to that on November 29.
$1 = RMB 6.9746