SteelOrbis has been informed that as of January 30 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, remaining stable compared to January 23.
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 ($14/mt).
During the given week, nickel prices have edged up, bolstering stainless steel prices to a certain degree. In the Chinese domestic market, stainless steel prices have moved sideways as the Chinese New Year holiday (February 9-16) draws closer. Currently, inventory of stainless steel has been at relatively low levels, while market players are mostly cautious as regards to the future prospects for the stainless steel market. Most market participants will leave the market by the end of this week for the holiday as downstream construction projects will gradually halt activities. It is thought that stainless steel prices in the Chinese domestic market will continue to move on a stable trend in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,055/mt ($1,980/mt) on Tuesday, January 30, decreasing by RMB 275/mt ($39/mt) or 1.9 percent compared to that on January 23.
$1 = RMB 7.1055