SteelOrbis has been informed that as of October 28 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways on average compared to October 21.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd haver decreased by RMB 50/mt ($7/mt).
LME nickel prices have seen slight rises. Stainless steel futures prices have moved up, exerting a positive impact on market sentiments. However, the demand for stainless steel from downstream users has been slack, weakening the support to the prices.
The Fourth Plenary Session of the 20th CPC Central Committee proposed building a modern industrial system. As a vital basic material, the demand for stainless steel is expected to see improvements, which will bolster its prices to a certain degree. However, the possible escalating trade frictions might exert a negative impact on the stainless steel exports and drag down the prices. It is expected that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,750/mt ($1,796/mt) on Tuesday, October 28, increasing by RMB 85/mt ($12/mt) or 0.7 percent compared to October 21, while decreasing by 0.51 percent compared to the previous trading day, October 27.
$1 = RMB 7.0856
