SteelOrbis has been informed that as of January 6 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving up by $50/mt on average compared to December 30.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 150/mt ($21.4/mt).
During the given week, LME nickel prices have moved up significantly as the Philippines and Indonesia have entered the traditional rainy season, exerting a negative impact on the activities of nickel mines. Meanwhile, prices of other commodities have also seen sharp increases recently, affecting sentiments in the nickel market and bolstering stainless steel prices firmly from the cost side. Stainless steel output decreased in December, easing supply pressure and positively affecting prices. However, since the Chinese New Year holiday (February 15-23) is approaching, demand for stainless steel from downstream users may slacken, which will weaken the support for 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 13,395/mt ($1,908/mt) on Tuesday, January 6, increasing by RMB 305/mt ($43.5/mt) or 2.3 percent compared to December 30, while increasing by 1.82 percent compared to the previous trading day, January 5.
$1 = RMB 7.0173
