SteelOrbis has been informed that as of March 10 ex-China stainless steel coil export prices are at $2,300-2,400/mt FOB, edging up by $25/mt on average compared to March 3.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have moved up amid the closure of the Strait of Hormuz due to the war in the Middle East, triggering market players’ concerns over supply chain disruptions. Stainless steel prices have gained support from rising production costs. However, demand from downstream users has not improved significantly, thereby weakening market sentiments to a certain degree. It is thought that stainless steel prices in the Chinese domestic market may rebound slightly in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has increased by $50/mt to $2,060/mt FOB. Indonesia’s nickel ore production quota for 2026 has been finalized at 260-270 million mt and, even though it is a big drop from the 379 million mt quota last year, it had been expected and so has not impacted market sentiments much this week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,225/mt ($2,062/mt) on Tuesday, March 10, increasing by RMB 40/mt ($5.8/mt) or 0.28 percent compared to March 3, while rising by 0.82 percent compared to the previous trading day, March 9.
$1 = RMB 6.8982
