SteelOrbis has been informed that as of November 2 ex-China stainless steel coil export prices are at $3,450-3,550/mt FOB, moving down by $50/mt compared to October 26.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 400/mt ($62.5/mt).
Nickel prices at the London Metal Exchange (LME) have moved down sharply. Coal prices have indicated big declines, exerting a negative impact on stainless steel futures prices. Most traders are holding a wait-and-see stance as regards the future market prospects. However, the relatively low inventory levels of stainless steel have bolstered prices. Ferronickel prices may indicate a rebounding trend amid the supply shortage during rainy season in the Philippines. It is expected that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,680/mt ($2,919/mt) on Tuesday, November 2, decreasing by RMB 1,590/mt ($248/mt) or 7.84 percent compared to RMB 20,270/mt on October 26.
$1 = RMB 6.4009
