SteelOrbis has been informed that as of November 16, ex-China stainless steel coil export prices are at $3,250-3,350/mt FOB, moving down by $100/mt compared to November 9.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 600/mt ($94/mt).
Nickel prices at the London Metal Exchange (LME) have moved on a fluctuating trend at the relatively low level. The stainless steel futures prices have seen continuous declines, exerting a negative impact on market players’ sentiments. However, the production restrictions in winter heating season may bolster stainless steel prices to some extent. It is thought that stainless steel prices in the Chinese domestic market will likely move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,405/mt ($2,723/mt) on Tuesday, November 16, decreasing by RMB 660/mt ($103.2/mt) or 3.65 percent compared to RMB 18,065/mt on November 9.
$1 = RMB 6.3924
