SteelOrbis has been informed that as of March 17 ex-China stainless steel coil export prices are at $2,300-2,400/mt FOB, moving sideways on average compared to March 10.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have edged up amid the sharp decrease of 42 percent in Indonesia’s nickel ore export quota for the first quarter. Meanwhile, Ramadan has also affected the raw material supply and bolstered prices. At the same time, the ongoing rainy season in the Philippines and increasing transportation costs have provided solid support for nickel prices. However, the prevailing cautious sentiments in the stainless steel market may limit price increases. It is thought that stainless steel prices in the Chinese domestic market will likely edge up in the coming week amid the anticipated improvement in demand during the traditional peak season of March and April.
Indonesia-based Tsingshan’s export quotation for 2 mm 304 series has moved sideways, standing at $2,060/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,095/mt ($2,043/mt) on Tuesday, March 17, decreasing by RMB 130/mt ($18.8/mt) or 0.9 percent compared to March 10, while decreasing by 0.21 percent compared to the previous trading day, March 16.
$1 = RMB 6.8961
