SteelOrbis has been informed that as of November 29 ex-China stainless steel coil export prices are at $3,000-3,050/mt FOB, remaining stable compared to November 22.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways.
Nickel prices at the London Metal Exchange (LME) have edged up slightly amid the spread of the Covid-19 pandemic in China negatively affecting transaction activities in the stainless steel market. At the same time, logistics have been halted, while demand has been slack. Lately, stainless steel producers have started to implement production restrictions, which will bolster prices. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,840/mt ($2,339/mt) on Tuesday, November 29, moving sideways compared to that on November 22.
$1 = RMB 7.1989