SteelOrbis has been informed that as of October 31 ex-China stainless steel coil export prices are at $2,400-2,450/mt FOB, edging down by $50/mt compared to October 24.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 100/mt ($14/mt).
During the given week, LME nickel prices edged up amid better sentiments among market players due to China’s issuance of additional special bonds worth RMB 1 trillion for 2023 in the October-December period. Transaction activities have improved slightly, though demand from downstream users has not seen a significant improvement. Recently, stainless steel producers in eastern China have reduced their capacity utilization rates, resulting in declining inventory levels, which have bolstered prices to a certain degree. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,575/mt ($2,030/mt) on Tuesday, October 31, moving down by RMB 100/mt ($14/mt) or 0.7 percent compared to that on October 24.
$1 = RMB 7.1779