SteelOrbis has been informed that as of November 12 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving down by $50/mt compared to November 5.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 75/mt ($10/mt).
During the given week, nickel prices have edged down slightly. Trump has been re-elected as the president of the United States, bringing some uncertainties to the market and dragging down commodities prices. China’s stainless steel futures prices have softened, exerting a negative impact on the prices in the spot market, where cautious sentiments have prevailed. It is expected that stainless steel prices in the Chinese market will indicate further declines in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,445/mt ($1,870/mt) on Tuesday, November 12, decreasing by RMB 65/mt ($9/mt) or 0.48 percent compared to November 5, while down 0.92 percent compared to the previous trading day, November 11.
$1 = RMB 7.1927
