Asian stainless cold-rolled coils were flat in the week to Jan. 7, while the Chinese domestic post-holiday market increased marginally.

          S&P Global Platts assessed 304 grade 2 mm 2B stainless CRC at $3,050/mt CFR East and Southeast Asian ports Jan. 7, stable on the week.

          Nickel prices hovered above the $20,000/mt mark, supporting the stainless market. The official nickel cash price on the London Metal Exchange settled at $20,470-$20,480/mt Jan. 6, down $595/mt on the week.

          Chinese domestic market rebounded slightly, due to restocking activity as market participants returned after the New Year's holiday. Spot market prices in South China increased by about Yuan 100/mt on the week.

          Sellers waited for overseas buyers to return from holidays. Offers were relatively stable at $2,800-$2,900/mt FOB for cargoes for immediate delivery, a Chinese trader said.

          The market trend was unclear ahead of the Lunar New Year holidays (Jan. 31- Feb. 6). The inventory was relatively low but demand was expected to slow, the trader said.

          The most actively traded February 2022 stainless steel contract on the Shanghai Futures Exchange closed at Yuan 16,910/mt Jan. 7, down Yuan 215/mt, or 1.3%, week on week.

-- Steel Business Briefing