SteelOrbis has been informed that as of March 9 ex-China stainless steel coil export prices are at $2,400-2,450/mt FOB, moving down by $50/mt compared to March 2.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 500/mt ($76.5/mt).
Nickel prices at the London Metal Exchange (LME) have indicated sharp decreases in the given week.
During the given week, stainless steel futures prices have declined by large margins, negatively affecting prices in the spot market. Bearish sentiments started to prevail among market players. It is thought that stainless steel prices may decrease in the coming week.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 13,945/mt ($2,134/mt) on Tuesday, March 9, decreasing by RMB 955/mt ($146/mt) or 6.4 percent compared to RMB 14,900/mt on March 2.
$1 = RMB 6.5338
