SteelOrbis has been informed that as of October 27 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving sideways compared to October 20.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 100/mt ($15/mt), weakening the support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have edged down slightly in the given week.
During the week in question, supply of ferronickel from mines in the Philippines has tightened due to the rainy season, thereby bolstering prices and providing support for stainless steel prices. However, demand for stainless steel has been slack. It is thought that ex-China stainless steel prices will likely move sideways in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,210/mt ($2,124/mt) on Tuesday, October 27, decreasing by RMB 295/mt ($44/mt) or 2.03 percent compared to RMB 14,375/mt on October 20.
$1 = RMB 6.6989