SteelOrbis has been informed that as of November 28 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, moving sideways compared to November 21.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 150/mt ($21/mt).
During the given week, LME nickel prices have edged down amid the prevailing cautious sentiments among market players. Demand for stainless steel has not seen significant improvements, exerting a negative impact on prices.
On November 23, the Price Division of China’s National Development and Reform Commission (NDRC), the Price Supervision and Competition Bureau of the State Administration for Market Regulation, and the Futures Department of the China Securities Regulatory Commission requested that the relevant enterprises should operate in accordance with the law, and not disseminate information about iron ore price hikes, with this development negatively affecting iron ore prices. For instance, iron ore futures prices decreased by 2.61 percent on November 28, which will weaken the support for market sentiment in the near future. It is thought that stainless steel prices in the Chinese domestic market will likely edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,805/mt ($1,941/mt) on Tuesday, November 28, moving up by RMB 55/mt ($7.7/mt) or 0.4 percent compared to that on November 21.
$1 = RMB 7.1132