SteelOrbis has been informed that as of December 1 ex-China stainless steel coil export prices are at $2,050-2,100/mt FOB, moving sideways compared to November 24.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 150/mt ($22.8/mt), negatively affecting stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved sideways in the given week.
In the week in question, ferronickel prices have indicated sharp declines, negatively affecting producers’ sentiments and thereby they reduced supply, which will likely bolster prices. At the same time, inventory of stainless steel in China has declined, which has bolstered prices. However, traders have been more willing to sell amid the prevailing cautious sentiments.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,265/mt ($2,013/mt) on Tuesday, December 1, decreasing by RMB 140/mt ($21.2/mt) or 1.04 percent compared to RMB 13,405/mt on November 24.
$1 = RMB 6.5921
