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Indonesia's resumption of nickel exports is expected to lower stainless steel prices

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Spot: on November 8, wuxi area 304 stainless steel cold rolling quotation generally stable, state-owned 304/2b edge roll price quoted 15800-16000 yuan/ton, private 304/2b wool edge roll price quoted 15300-15500 yuan/ton, and the same as yesterday;304/NO.1 wuchi quoted 14600-14800 yuan/ton, the price is 100 yuan/ton lower than yesterday.


Futures: the main stainless steel futures contract ss2002 closed at 14780 yuan/ton, down 0.87%.Position minus 314 hands, the main performance is long to reduce the position.


Industry: the Indonesian government banned local nickel exports last month amid an investigation into "massive violations" of export rules, but said it would resume after the investigation.Recently, it was reported that the result has been announced that the normal export of nickel mines up to 1.7% will resume until 2020, and the ban on nickel mines in 2020 will remain in effect.