SteelOrbis has been informed that as of October 29 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving sideways compared to October 22.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 100/mt ($14/mt).
During the given week, nickel prices have edged down, weakening the support to stainless steel prices. Though traders reduced their offer prices for stainless steel, downstream users have still been unwilling to conclude purchases. Bearish sentiments prevailed among market players, exerting a negative impact on stainless steel market. It is expected that stainless steel prices in the Chinese domestic market will see a downtrend in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,620/mt ($1,910/mt) on Tuesday, October 29, decreasing by RMB 10/mt ($40/mt) or 0.07 percent compared to October 22, while down 0.84 percent compared to the previous trading day, October 28.
$1 = RMB 7.1283