SteelOrbis has been informed that as of November 11 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving sideways on average compared to November 4.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 50/mt ($7/mt).
During the given week, LME nickel prices have declined, exerting a negative impact on market sentiments. The oversupply of nickel has resulted in increasing inventories, which is expected to curb nickel prices during the rest of the current year.
Stainless steel futures prices have moved on a downtrend, negatively affecting prices in the spot market. At the same time, cautious sentiments have prevailed among market players. It is thought that stainless steel prices may soften in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,465/mt ($1,756/mt) on Tuesday, November 11, decreasing by RMB 80/mt ($11.3/mt) or 0.6 percent compared to November 4, while decreasing by 0.84 percent compared to the previous trading day, November 10.
$1 = RMB 7.0866
