SteelOrbis has been informed that as of January 14 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways compared to January 7.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 100/mt ($14/mt).
During the given week, nickel prices have edged up, while stainless steel producers have issued their maintenance plans for January and February, which will result in reduced demand for nickel. As the Chinese New Year holiday (January 28-February 4) approaches, market players have been unwilling to reduce their stainless steel offer prices amid their relatively low inventory levels. More market players will be on holiday in next week, which will affect stainless steel prices. It is thought that stainless steel prices in the Chinese domestic market will likely move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,185/mt ($1,834/mt) on Tuesday, January 14, increasing by RMB 295/mt ($41/mt) or 2.3 percent compared to January 7, while down 0.19 percent compared to the previous trading day, January 13.
$1 = RMB 7.1878