SteelOrbis has been informed that as of December 12 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving sideways compared to December 5.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 150/mt ($21/mt).
During the given week, LME nickel prices have edged down slightly. Following previous decreases, stainless steel futures prices have bottomed up, providing certain support for prices in the spot market. Inventory of stainless steel has declined, bolstering prices to a certain degree. Market players think stainless steel prices are unlikely to move down further in the near future. It is thought that stainless steel prices in the Chinese domestic market may rise slightly in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,520/mt ($1,899/mt) on Tuesday, December 12, moving up by RMB 365/mt ($51.3/mt) or 2.8 percent compared to that on December 5.
$1 = RMB 7.1174