SteelOrbis has been informed that as of March 7 ex-China stainless steel coil export prices are at $2,850-2,900/mt FOB, decreasing by $50/mt compared to February 28.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 250/mt ($36/mt).
During the given week, metal prices moved on a decreasing trend amid the appreciation of the US dollar, thereby exerting a negative impact on the stainless steel market in China. Mainstream stainless steel producers have cut their production of 304 series products, while inventories have been at a relatively high level, reflecting the slow recovery of demand from downstream users. It is thought that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 16,190/mt ($2,340/mt) on Tuesday, March 7, moving down by RMB 290/mt ($42/mt) or 1.8 percent compared to that on February 28.
$1 = RMB 6.9156
