SteelOrbis has been informed that as of February 18 ex-China stainless steel coil export prices are at $1,950-2,000/mt FOB, down $50/mt compared to February 11.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 200/mt ($28.6/mt).
Nickel prices at the London Metal Exchange (LME) have fluctuated within a limited range in the given period.
Though more players have returned to the market, downstream users’ production operations have been negatively affected due to ongoing quarantine measures and transportation restraints implemented because of the coronavirus. Stainless steel producers have been seeking to stimulate trading activities by cutting prices, thereby aiming to lower inventory levels.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,250/mt ($1,897.5/mt) on Tuesday, February 18, decreasing by RMB 145/mt ($20.8/mt) or 1.1 percent compared to RMB 13,395/mt on February 11.
$1 = RMB 6.983
