SteelOrbis has been informed that as of March 2 ex-China stainless steel coil export prices are at $2,450-2,500/mt FOB, moving up by $50/mt compared to February 23.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 300/mt ($46.4/mt).
Nickel prices at the London Metal Exchange (LME) have edged down in the given week.
During the week in question, high nickel-content ferronickel prices have moved sideways, bolstering stainless steel prices. However, stainless steel futures prices in China have edged down, weakening the support for prices in the local market. The expectations for demand for stainless steel in March are good, which has exerted a positive impact on prices.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,900/mt ($2,306.5/mt) on Tuesday, March 2, increasing by RMB 430/mt ($66.6/mt) or 2.8 percent compared to RMB 14,230/mt on February 23.
$1 = RMB 6.4625
