SteelOrbis has been informed that as of November 1 ex-China stainless steel coil export prices are at $2,900-2,950/mt FOB, down by $50/mt compared to October 25.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 500/mt ($69.4/mt).
Nickel prices at the London Metal Exchange (LME) have edged down, weakening the support for stainless steel prices. Meanwhile, stainless steel futures prices have moved down sharply, exerting a negative impact on the market. Currently, cautious sentiments prevail among market players. It is expected that stainless steel prices in the Chinese domestic market will soften further in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,725/mt ($2,323/mt) on Tuesday, November 1, moving down by RMB 1,030/mt ($143/mt) or 5.8 percent compared to that on October 25.
$1 = RMB 7.2081