SteelOrbis has been informed that as of November 8 ex-China stainless steel coil export prices are at $2,900-2,950/mt FOB, moving sideways compared to November 1.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 100/mt ($14/mt).
Nickel prices at the London Metal Exchange (LME) have edged up, while cautious sentiments have prevailed among market players due to sharp fluctuations in the nickel market. The US dollar has been affected by higher interest rates, resulting in a grim outlook for commodities, which will exert a negative impact on the nickel market. At the same time, mainstream steelmakers have increased their supplies of stainless steel to the market, while demand in the local market has been sluggish, negative impacting prices. It is expected that stainless steel prices in the Chinese domestic market will edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,490/mt ($2,285.5/mt) on Tuesday, November 8, moving down by RMB 235/mt ($32.6/mt) or 1.4 percent compared to that on November 1.
$1 = RMB 7.215