SteelOrbis has been informed that as of November 25 ex-China stainless steel coil export prices are at $2,100-2,150/mt FOB, moving sideways on average compared to November 18.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have seen decreases amid oversupply, exerting a negative impact on the stainless steel market. Demand for stainless steel has remained slack in the traditional offseason, also weakening the support for prices. Cautious sentiments have prevailed among market players, which will negatively affect stainless steel prices in the near future. It is thought that stainless steel prices might edge down slightly in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,405/mt ($1,747/mt) on Tuesday, November 25, increasing by RMB 40/mt ($5.6/mt) or 0.3 percent compared to November 18, while rising by 0.65 percent compared to the previous trading day, November 24.
$1 = RMB 7.0826
