SteelOrbis has been informed that the ex-China stainless steel coil export prices are at $2,050-2,100/mt FOB as of November 12, moving down by $50/mt compared to November 5.
During the given week, local stainless steel of Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd declined by RMB 100-200/mt ($14.3-28.6/mt).
London Metal Exchange (LME) nickel prices have decreased significantly in the given week, exerting a negative impact on the Chinese stainless steel market.
Meanwhile, demand for stainless steel has been slack in the Chinese domestic market, also negatively affecting stainless steel export prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,385/mt ($2,055.0/mt) on Tuesday, November 12, decreasing by RMB 525/mt ($75/mt) compared to RMB 14,910/mt recorded on November 5.
