SteelOrbis has been informed that as of November 24 ex-China stainless steel coil export prices are at $2,050-2,100/mt FOB, down $50/mt compared to November 17.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 250/mt ($38/mt), negatively affecting stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved sideways in the given week.
In the given week, some private stainless steel producers decreased their ex-works prices for 304 cold rolled stainless steel coil by RMB 1,000/mt ($152/mt), exerting a negative impact on the market. Meanwhile, downstream buyers have been unwilling to build up stocks, which has also weakened the support for the stainless steel market. It is thought that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,405/mt ($2,037/mt) on Tuesday, November 24, decreasing by RMB 410/mt ($62.3/mt) or 3.16 percent compared to RMB 12,995/mt on November 17.
$1 = RMB 6.5809