SteelOrbis has been informed that as of March 26 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving down by $50/mt compared to March 19.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 225/mt ($32/mt).
During the given week, nickel prices have edged down amid the appreciation of the US dollar. Indonesia has sped up the approval of nickel ore mining quotas, causing market players to be more cautious. In the Chinese domestic market, though there have been rumors about production halts at major stainless steel producers, the credibility of the information is questionable. Meanwhile, stainless steel futures prices have moved on a downtrend, exerting a negative impact on prices in the spot market. It is thought that stainless steel prices in the Chinese domestic market will likely edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,330/mt ($1,877.5/mt) on Tuesday, March 26, decreasing by RMB 415/mt ($58.5/mt) or 3.0 percent compared to that on March 19.
$1 = RMB 7.0943
