SteelOrbis has been informed that as of December 2 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, remaining stable on average compared to November 25.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 50/mt ($7/mt).
During the given week, LME nickel prices have rebounded slightly, bolstering stainless steel prices to a certain degree. However, demand for stainless steel has been slack in the traditional offseason, which will likely exert a negative impact on prices. The International Monetary Fund (IMF) has continued to warn of downward risks to the economy, which will curb the growth of demand for stainless steel. The real estate sector in China has remained weak, which will slacken the demand for stainless steel, negatively affecting market sentiments. However, restocking for the winter season may provide certain support for demand for stainless steel. It is thought that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,465/mt ($1,761/mt) on Tuesday, December 2, increasing by RMB 60/mt ($8.5/mt) or 0.5 percent compared to November 25, while rising by 0.56 percent compared to the previous trading day, December 1.
$1 = RMB 7.0794
