SteelOrbis has been informed that as of November 7 ex-China stainless steel coil export prices are at $2,400-2,450/mt FOB, moving sideways compared to October 31.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
During the given week, LME nickel prices edged down amid market players’ anticipations for an end of the monetary tightening policy by the US Federal Reserve. In China, November is the traditional offseason for the stainless steel market, while demand has been slack due to market participants’ lack of confidence as regards the future prospects for the market. Moreover, ferronickel and ferrochrome prices have moved sideways, affecting stainless steel prices. At the same time, stainless steel futures prices have edged down slightly compared to last week, weakening the support for prices in the spot market. It is expected that stainless steel prices in the Chinese domestic market will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,545/mt ($2,026/mt) on Tuesday, November 7, moving down by RMB 30/mt ($4.2/mt) or 0.2 percent compared to that on October 31.
$1 = RMB 7.1776