SteelOrbis has been informed that as of November 4 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving down by $50/mt on average compared to October 28.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have moved down, reducing the production costs of stainless steel, weakening the support for prices. Stainless steel producers’ capacity utilization rates have decreased, easing the pressure on the supply side. However, inventories of stainless steel are at relatively high levels, exerting a negative impact on prices. Demand for stainless steel will unlikely see significant improvements in the near future. It is thought that stainless steel prices may edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,545/mt ($1,767/mt) on Tuesday, November 4, decreasing by RMB 205/mt ($29/mt) or 1.6 percent compared to October 28, while decreasing by 0.71 percent compared to the previous trading day, November 3.
$1 = RMB 7.0885
