SteelOrbis has been informed that as of October 24 ex-China stainless steel coil export prices are at $2,450-2,500/mt FOB, remaining stable compared to October 17.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have softened amid the weak macroeconomic performance in the global market. In the Chinese domestic market, demand for stainless steel has been slack, resulting in relatively high inventory levels. Cautious sentiments prevail among market players, exerting a negative impact on the stainless steel market. It is expected that stainless steel prices in the Chinese domestic market will edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,675/mt ($2,044/mt) on Tuesday, October 24, moving down by RMB 110/mt ($15.3/mt) or 0.74 percent compared to October 17.
$1 = RMB 7.1786