SteelOrbis has been informed that as of November 5 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, remaining stable compared to October 29.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 75/mt ($11/mt).
During the given week, nickel prices have edged up slightly, while cautious sentiments have prevailed among market players. The production capacity utilization rates of stainless steel producers are at relatively high levels, weakening the support for prices. Meanwhile, demand from downstream users has been slack, also exerting a negative impact on stainless steel prices. However, the high costs at which materials were previously purchased have bolstered stainless steel prices to a certain degree. It is thought that stainless steel prices in the Chinese domestic market will indicate a slight downtrend in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,510/mt ($1,903/mt) on Tuesday, November 5, decreasing by RMB 110/mt ($15.5/mt) or 0.8 percent compared to October 29, while down 0.26 percent compared to the previous trading day, November 4.
$1 = RMB 7.1016