SteelOrbis has been informed that as of December 3 ex-China stainless steel coil export prices are at $2,000-2,050/mt FOB, down $50/mt compared to November 26.
During the given week, local stainless steel of Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd declined by RMB 200/mt ($28.5/mt).
London Metal Exchange (LME) nickel prices have continued to move down in the given week, exerting a negative impact on the local Chinese stainless steel market.
Amid colder weather in December, demand for stainless steel will slacken in the near future, which will negatively affect the stainless steel market.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,020/mt ($1,996.6/mt) on Tuesday, December 3, decreasing by RMB 350/mt ($49.8/mt) or 2.4 percent compared to RMB 14,370/mt on November 26.
$1 = RMB 7.022