SteelOrbis has been informed that as of February 18 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, remaining stable compared to February 11.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 75/mt ($10.5/mt).
During the given period, nickel prices have declined, weakening the support for the stainless steel market. However, market participants think the traditional peak season in March will bolster the demand for stainless steel, which will push prices up in the near future. The current inventories of stainless steel need more time to be consumed. It is thought that stainless steel prices in the Chinese domestic market will edge up slightly in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,065/mt ($1,822/mt) on Tuesday, February 18, decreasing by RMB 135/mt ($19/mt) or 1.0 percent compared to February 11, while up 0.04 percent compared to the previous trading day, February 17.
$1 = RMB 7.1697