SteelOrbis has been informed that as of October 22 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving down by $50/mt compared to October 15.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 150/mt ($21/mt).
During the given week, nickel prices have moved down sharply, exerting a negative impact on stainless steel prices. At the same time, stainless steel futures prices have seen a decreasing trend, also negatively affecting prices in the spot market. Cautious sentiments have prevailed among market players, while increasing inventories of stainless steel in China may weaken the support for prices 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 13,630/mt ($1,914/mt) on Tuesday, October 22, decreasing by RMB 285/mt ($40/mt) or 2.0 percent compared to October 15, while down 1.37 percent compared to the previous trading day, October 21.
$1 = RMB 7.1223