SteelOrbis has been informed that as of March 4 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, remaining stable compared to February 25.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 100/mt ($14/mt).
During the given period, nickel prices have increased as the appreciation of the US dollar has affected the metals markets. Stainless steel prices in China have risen in early March amid the improved sentiments due to the Two Sessions meetings. The continuous increases in nickel prices have pushed up the production cost of stainless steel, especially has some producers had not stocked up sufficiently with nickel. Though market sentiments have been bolstered by the important government meetings being held, there are certain worries regarding the actual stimulus polices that may be issued. It is expected that stainless steel prices in the Chinese domestic market will likely see slight rises in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,245/mt ($1,847/mt) on Tuesday, March 4, increasing by RMB 115/mt ($16/mt) or 0.9 percent compared to February 25, while up 0.04 percent compared to the previous trading day, March 3.
$1 = RMB 7.1739