SteelOrbis has been informed that as of January 5 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, rising by $50/mt compared to that recorded on December 29.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 100/mt ($15.4/mt), exerting a positive impact on stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved up in the given week.
During the given week, stainless steel futures prices have moved up, bolstering prices in the spot market. Meanwhile, environmental protection measures and power supply restrictions have caused market players to expect that nickel prices will rise, which will positively affect stainless steel prices.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,960/mt ($2,156/mt) on Tuesday, January 5, increasing by RMB 665/mt ($103/mt) or 5.0 percent compared to RMB 13,295/mt on December 29.
$1 = RMB 6.476