SteelOrbis has been informed that as of November 26 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, remaining stable compared to November 19.
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 up slightly amid the decreasing US dollar index. The weaker US dollar caused funds to flow back to the base metals market, exerting a positive impact on nickel prices. Against the background of increasing nickel prices, stainless steel futures prices in the Chinese market have decreased as sluggish demand has negatively affected market sentiments. As the end of November is approaching, market players may choose to sell at lower prices, aiming to bring in cash and ease the pressure from tight liquidity. It is expected that stainless steel prices in the Chinese market may see slight declines in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,095/mt ($1,821/mt) on Tuesday, November 26, decreasing by RMB 235/mt ($33/mt) or 1.76 percent compared to November 19, while down 1.24 percent compared to the previous trading day, November 25.
$1 = RMB 7.191
