Ex-China stainless steel prices move sideways

Tuesday, 10 November 2020 16:44:22 (GMT+3)   |   Shanghai

SteelOrbis has been informed that as of November 10, ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving sideways compared to November 3.

During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 100/mt ($15.2/mt), weakening the support for stainless steel export prices.

Nickel prices at the London Metal Exchange (LME) have edged up slightly in the given week.

In the week in question, stainless steel futures prices in China have moved down, exerting a negative impact on stainless steel prices in the local market. Meanwhile, ferronickel prices have declined, also slackening the support for stainless steel prices from the cost side.

Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,785/mt ($2,092/mt) on Tuesday, November 10, decreasing by RMB 80/mt ($12.1/mt) or 0.6 percent compared to RMB 13,865/mt on November 3.

$1 = RMB 6.5897

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