SteelOrbis has been informed that as of February 10 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, moving sideways on average compared to February 3.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 50/mt ($7.2/mt).
During the given week, LME nickel prices have edged up as buyers have been seeking to conclude purchases at relatively low levels amid the improving sentiments among investors. Stainless steel futures prices have edged up, while the demand from downstream users has remained slack as the Chinese New Year holiday (February 14-23) is approaching. Transaction activity has been quiet in the market. It is expected that stainless steel prices in the Chinese domestic market will move sideways in the coming week.
At the same time, according to reports which emerged late last week, PT Indonesia Tsingshan Stainless Steel, the main Indonesian nickel supplier and stainless steel producer, has failed to submit an investment activity report, so “the government has no official record of the investment realized in the project.” This adds to concerns of possible limitations of production in Indonesia that are expected to be implemented this year.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,740/mt ($1,977/mt) on Tuesday, February 10, increasing by RMB 155/mt ($22/mt) or 1.1 percent compared to February 3, while rising by 0.18 percent compared to the previous trading day, February 9.
$1 = RMB 6.9458
