SteelOrbis has been informed that as of December 19 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, remaining stable compared to December 12.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have risen slightly. Lately, widespread cold and snowy winter weather conditions have affected China, exerting a negative impact on market sentiments. Some market players have chosen to sell at lower prices to avoid potential risks. However, stainless steel futures prices have indicated slight rises, bolstering prices in the spot market. At the same time, raw material prices have been firm: for instance, coke prices have risen further and iron ore prices have been at relatively high levels, providing support for stainless steel prices. It is expected that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,805/mt ($1,944/mt) on Tuesday, December 19, moving up by RMB 285/mt ($40/mt) or 2.1 percent compared to that on December 12.
$1 = RMB 7.0982