SteelOrbis has been informed that as of November 23 ex-China stainless steel coil export prices are at $3,250-3,350/mt FOB, moving sideways compared to November 16.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 150/mt ($23.5/mt).
Nickel prices at the London Metal Exchange (LME) have indicated a continuous rising trend, exerting a positive impact on stainless steel futures prices. However, both supply and demand in the stainless steel market have been slack, weakening support for prices. It is thought that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,585/mt ($2,751/mt) on Tuesday, November 23, increasing by RMB 180/mt ($28.2/mt) or 1.03 percent compared to RMB 17,405/mt on November 16.
$1 = RMB 6.3929