SteelOrbis has been informed that as of December 3 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways compared to November 26.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 50/mt ($7/mt).
During the given week, nickel prices have edged down, weakening the support for stainless steel prices. Recently, stainless steel futures prices have moved on a downtrend, exerting a negative impact on the spot market. Demand for stainless steel from downstream users has been slack due to the traditional offseason, negatively affecting prices. However, some stainless steel producers have announced preliminary plans for production halt, bolstering market sentiments. It is thought that stainless steel prices in the Chinese market may edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,065/mt ($1,817/mt) on Tuesday, December 3, decreasing by RMB 30/mt ($4/mt) or 0.23 percent compared to November 26, while up 0.65 percent compared to the previous trading day, December 2.
$1 = RMB 7.1996
