SteelOrbis has been informed that as of November 19 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways compared to November 12.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 50/mt ($7/mt).
During the given week, nickel prices have continued their slight downtrend. Although stainless steel producers face losses, they have been unwilling to cut outputs, resulting in a relatively high level of supply to the market. Trump being elected as US president has exerted a negative impact on market players’ expectation as regards the future prospects for stainless steel exports. It is thought that stainless steel prices in the Chinese market will edge down slightly in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,330/mt ($1,854/mt) on Tuesday, November 19, decreasing by RMB 115/mt ($16/mt) or 0.86 percent compared to November 12, while up 0.57 percent compared to the previous trading day, November 18.
$1 = RMB 7.1911
