Ex-China stainless steel prices move sideways

Tuesday, 26 January 2021 15:56:06 (GMT+3)   |   Shanghai
       

SteelOrbis has been informed that as of January 26 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, moving sideways compared to January 19.

During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 200/mt ($31/mt), exerting a positive impact on stainless steel export prices.

Nickel prices at the London Metal Exchange (LME) have fluctuated within a limited range in the given week.

During the given week, downstream users have gradually left the market ahead of the Chinese New Year holiday. Meanwhile, ferronickel prices have risen sharply, bolstering stainless steel prices from the cost side. However, imports of ferronickel from Indonesia have increased, which will likely exert a negative impact on local ferronickel 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 Futures Exchange closed at RMB 14,450/mt ($2,228/mt) on Tuesday, January 26, increasing by RMB 150/mt ($23/mt) or 1.05 percent compared to RMB 14,300/mt on January 19.

$1 = RMB 6.4847


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