SteelOrbis has been informed that as of December 15 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, moving up by $50/mt compared to December 8.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged up by RMB 600/mt ($92/mt), positively affecting stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved up sharply in the given week.
Amid the surging trend of nickel prices at the LME, stainless steel prices in the Chinese domestic market gained support and moved up. At the same time, supply of stainless steel has been tight, bolstering prices. Moreover, the availability of freight for ferronickel from Indonesia has been insufficient, providing some support for stainless steel prices. It is thought that stainless steel prices in the Chinese domestic market will edge up further in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,055/mt ($2,148/mt) on Tuesday, December 15, increasing by RMB 600/mt ($92/mt) or 4.46 percent compared to RMB 13,455/mt on December 8.
$1 = RMB 6.5434