SteelOrbis has been informed that as of January 7 ex-China stainless steel coil export prices are at $2,000-2,050/mt FOB, moving sideways compared to December 31.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 150/mt ($21.5/mt).
Nickel prices at the London Metal Exchange (LME) have moved down sharply, weakening the support for the local Chinese stainless steel market.
With the Chinese New Year holiday approaching, buyers have been unwilling to conclude purchases of stainless steel amid stagnant demand, resulting in rises in inventory levels.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,930/mt ($1,998.9/mt) on Tuesday, January 7, decreasing by RMB 480/mt ($68.9/mt) or 3.3 percent compared to RMB 14,410/mt on December 31.
$1 = RMB 6.969