SteelOrbis has been informed that as of November 26 ex-China stainless steel coil export prices are at $2,050-2,100/mt FOB, moving sideways compared to November 19.
During the given week, local stainless steel of Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 100/mt ($14.2/mt).
London Metal Exchange (LME) nickel prices have continued to soften in the given week, negatively affecting the local Chinese stainless steel market.
Inventories of stainless steel in China are at relatively high levels, reflecting the sluggish demand from downstream users. Meanwhile, on November 21 Mexico started to impose temporary antidumping duty on ex-China cold rolled stainless steel, with the duty rate on Taigang Stainless Steel at 121.46 percent and the rate on other producers at 88.42 percent, which will negatively affect China’s stainless steel exports.
However, stainless steel futures at the Shanghai Future Exchange closed at RMB 14,370/mt ($2,042.8/mt) on Tuesday, November 26, decreasing by just RMB 10/mt ($1.4/mt) compared to RMB 14,380/mt on November 19.
$1 = RMB 7.0344
