SteelOrbis has been informed that as of February 27 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, edging up by $50/mt compared to February 20.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 350/mt ($49.3/mt).
During the given week, nickel prices have increased. The expected cut in US interest rates starting in the second quarter of this year has affected the metals market, resulting in big rises in nickel prices. At the same time, mines will likely reduce production of nickel, bolstering prices solidly. Moreover, demand for stainless steel from downstream users has improved following the Chinese New Year holiday, exerting a positive impact on the market. However, market players have started to be cautious after the big price rises. It is expected that stainless steel prices in the Chinese domestic market will move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,130/mt ($1,990/mt) on Tuesday, February 27, increasing by RMB 420/mt ($59.1/mt) or 3.1 percent compared to that on February 20.
$1 = RMB 7.1057