SteelOrbis has been informed that as of March 3 ex-China stainless steel coil export prices are at $1,900-1,950/mt FOB, moving down compared to February 25.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 350/mt ($50.3/mt), exerting a negative impact on stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have indicated a rebounding trend.
During the given week, nickel futures prices at Shanghai Futures Exchange (SHFE) have declined, negatively affecting stainless steel prices in the domestic spot market. Meanwhile, inventory levels of stainless steel have increased, forcing stainless steel producers and traders to lower their sales prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,675/mt ($1,823.3/mt) on Tuesday, March 3, decreasing by RMB 305/mt ($43.9/mt) or 2.3 percent compared to RMB 12,980/mt on February 25.
$1 = RMB 6.9516
