SteelOrbis has been informed that as of November 9, ex-China stainless steel coil export prices are at $3,350-3,450/mt FOB, moving down by $100/mt compared to November 2.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 650/mt ($101.7/mt).
Nickel prices at the London Metal Exchange (LME) have fluctuated within a limited range at the bottom level. The HRC and rebar futures prices have moved down, exerting a negative impact on stainless steel futures prices. The supply of stainless steel has increased following the easing of power supply limitations. However, the slack demand from downstream users weakened the support for stainless steel prices. It is thought that stainless steel prices may soften slightly in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,065/mt ($2,827/mt) on Tuesday, November 9, decreasing by RMB 615/mt ($96.2/mt) or 3.3 percent compared to RMB 18,680/mt on November 2.
$1 = RMB 6.3903