SteelOrbis has been informed that as of November 18 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, moving down by $50/mt on average compared to November 11.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 50/mt ($7/mt).
During the given week, non-ferrous metals prices have seen an overall declining trend, negatively affecting nickel prices. The oversupply and high inventories of nickel have exerted a negative impact on nickel prices. The supply of stainless steel has been at a relatively high level, while demand has remained slack, weakening the support for prices.
The easing of trade tensions between China and the US may create favorable conditions for stainless steel exports, which will bolster prices to a certain degree. At the same time domestically the upgrading of manufacturing continues to advance, which will stimulate the demand for high-end stainless steel. It is thought that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,365/mt ($1,741.5/mt) on Tuesday, November 18, decreasing by RMB 100/mt ($14/mt) or 0.8 percent compared to November 11, while decreasing by 0.12 percent compared to the previous trading day, November 17.
$1 = RMB 7.0856
