SteelOrbis has been informed that as of February 2 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, moving sideways compared to January 26.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 150/mt ($23/mt), bolstering stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have edged down slightly in the given week.
During the given week, transportation of stainless steel has gradually been suspended amid sluggish demand. Meanwhile, only a few traders gave offer prices due to quiet activities. Since there are only a few days left ahead of the Chinese New Year holiday, it is thought that stainless steel prices in the Chinese domestic market will remain stable in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,230/mt ($2,198/mt) on Tuesday, February 2, decreasing by RMB 220/mt ($34/mt) or 1.52 percent compared to RMB 14,450/mt on January 26.
$1 = RMB 6.4736