SteelOrbis has been informed that during the week ending October 22 Chinese stainless steel coil export prices have decreased by $50/mt to $2,100-2,150/mt FOB.
During the given week, Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd has cut its stainless steel ex-works prices by RMB 150/mt ($21/mt), negatively impacting Chinese export prices for stainless steel coil.
Due to a traffic accident in Wuxi, Jiangsu Province, China has implemented strict inspections regarding overloading of trucks, thereby pushing up transportation expenses and providing support for stainless steel prices from the cost side. However, nickel prices at the London Metal Exchange (LME) have decreased sharply in the given week, weakening the support for the Chinese stainless steel market. Meanwhile, the ongoing declines in the futures market have also exerted a negative impact on the stainless steel market.
Stainless steel futures at the Shanghai Future Exchange have decreased by RMB 545/mt ($77.0/mt) compared to the RMB 15,440/mt recorded on October 15, reaching RMB 14,895/mt ($2107.0/mt) on Tuesday, October 22.