SteelOrbis has been informed that as of November 3 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, remaining stable compared to October 27.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways, bolstering stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have moved on a downward trend in the given week.
In the latter part of the given week, nickel prices at LME and stainless steel futures prices in China have moved down, weakening the support for stainless steel prices in the local market. However, the export of home appliances from Guangdong Province has improved as the Christmas holiday season is approaching, which will provide support for the local stainless steel market. Meanwhile, supply of ferronickel from mines in the Philippines may tighten due to the rainy season, which will positively affect the stainless steel market.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,865/mt ($2,071/mt) on Tuesday, October 27, decreasing by RMB 345/mt ($51.5/mt) or 2.43 percent compared to RMB 14,375/mt on October 20.
$1 = RMB 6.6957