China’s spot stainless steel prices fell in November in southern China’s Foshan spot market, a downward correction amid loosened support from some raw materials and uncertain sentiment in winter.
S&P Global Platts assessed grade 304, 3 mm thick hot-rolled coil at Yuan 13,000/mt ($1,975/mt) ex-warehouse on Nov. 27, down Yuan 1,300/mt on the month.
Grade 304, 2 mm thick cold-rolled coil was assessed at Yuan 13,900/mt ex-warehouse, down Yuan 1,050/mt on the month.
After some major corrections in spot market prices in the second half of November, spot market had stabilized at the moment, market sources said. There would be limited room for prices to go down further, support by the high costs, they said.
Platts assessed nickel-free grade 430/2B CRC 2 mm thick at Yuan 8,775/mt ex-warehouse, up Yuan 425/mt on the month.
Separately, Platts assessed 304-grade 2 mm 2B stainless CRC at $2,010/mt CFR East and Southeast Asian ports on Nov. 27, up $10/mt on the week.
The official nickel cash price on the London Metal Exchange settled at $16,055/mt on Nov. 26, up $365/mt on the week and was up by $662/mt on the month.
On Nov. 27, the most actively-traded January 2021 stainless steel contract on the Shanghai Futures Exchange closed at Yuan 13,355/mt, up Yuan 185/mt or 1.4% week on week.
-- Analyst Yuelin Dai