SteelOrbis has been informed that as of February 23 ex-China stainless steel coil export prices are at $2,400-2,450/mt FOB, moving up by $100/mt compared to February 9.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 700/mt ($109/mt).
Nickel prices at the London Metal Exchange (LME) have moved up significantly in the given week.
Following the Chinese New Year holiday, market players have been optimistic as regards the future prospects for the stainless steel market, exerting a positive impact on market prices. At the same time, ferronickel prices have increased, also bolstering stainless steel prices from the cost side. Demand for stainless steel has seen a rapid resumption, positively affecting prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,330/mt ($2,377/mt) on Tuesday, February 23, increasing by RMB 870/mt ($135/mt) or 6.0 percent compared to RMB 14,230/mt on February 9.
$1 = RMB 6.4516