SteelOrbis has been informed that as of November 30, ex-China stainless steel coil export prices are at $3,200-3,300/mt FOB, moving down by $50/mt compared to November 23.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 500/mt ($78.4/mt).
Nickel prices at the London Metal Exchange (LME) have edged down amid the declining trend in stainless steel futures prices and the slack demand from downstream users. Currently, stainless steel producers have suspended purchases of ferronickel from Indonesia, while they have been purchasing stainless steel scrap. Restrictions on energy consumption have negatively affected the supply of stainless steel, which will likely bolster prices to some extent.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,905/mt ($2,650/mt) on Tuesday, November 30, decreasing by RMB 680/mt ($106.5/mt) or 3.9 percent compared to RMB 17,585/mt on November 23.
$1 = RMB 6.3794
