SteelOrbis has been informed that as of November 17 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, edging down by $50/mt compared to November 10.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 300/mt ($45.6/mt), exerting a negative impact on stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have edged down slightly in the given week.
In the given week, ferronickel prices have moved down significantly, weakening the support for stainless steel prices from the cost side. Meanwhile, demand for stainless steel has shrunk as the end of the year is approaching. At the same time, stainless steel futures prices have moved down sharply, also negatively affecting the stainless steel market. It is thought that stainless steel prices may edge down further in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 12,995/mt ($1,976/mt) on Tuesday, November 17, decreasing by RMB 790/mt ($120.1/mt) or 5.73 percent compared to RMB 13,785/mt on November 10.
$1 = RMB 6.5762
