SteelOrbis has been informed that as of December 7 ex-China stainless steel coil export prices are at $3,150-3,250/mt FOB, moving down by $50/mt compared to November 30.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 250/mt ($39.2/mt).
Nickel prices at the London Metal Exchange (LME) have moved down. At the same time, stainless steel futures prices decreased amid the prevailing bearish sentiments among market players. Stainless steel producers in southern China have planned to reduce production capacity utilization due to their continuous losses. It is expected that stainless steel prices may edge down further in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,660/mt ($2,650/mt) on Tuesday, December 7, decreasing by RMB 245/mt ($38.5/mt) or 1.45 percent compared to RMB 16,905/mt on November 30.
$1 = RMB 6.3738
