SteelOrbis has been informed that as of November 14 ex-China stainless steel coil export prices are at $2,350-2,400/mt FOB, moving down by $50/mt compared to November 7.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 350/mt ($49/mt).
During the given week, LME nickel prices have moved down sharply. Market players think supply of nickel will exceed demand during the rest of 2023 and up to late 2024, and so LME nickel prices may fluctuate within a limited range at low levels, which will weaken the support for the stainless steel market. The demand for stainless steel has been slack, exerting a negative impact on prices. Moreover, the cold weather has negatively affected market players’ expectations as regards the future prospects for the stainless steel market. It is thought 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 14,080/mt ($1,961/mt) on Tuesday, November 14, moving down by RMB 465/mt ($65/mt) or 3.2 percent compared to November 7.
$1 = RMB 7.1768