SteelOrbis has been informed that as of December 5 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving down by $50/mt compared to November 28.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 200/mt ($28/mt).
During the given week, LME nickel prices have fluctuated within a limited range at low levels amid increasing inventory levels and oversupply. Nickel prices may move down further, which will exert a negative impact on stainless steel prices. Market players have mostly held cautious sentiments as regards the future prospects for the stainless steel market. Meanwhile, Taigang’s reduction of its local stainless steel prices by RMB 200/mt ($28/mt) may weaken the support for the market. It is expected that stainless steel prices in the Chinese domestic market will likely move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,155/mt ($1,850/mt) on Tuesday, December 5, moving down by RMB 650/mt ($91.5/mt) or 4.7 percent compared to that on November 28.
$1 = RMB 7.1127