SteelOrbis has been informed that as of March 24 ex-China stainless steel coil export prices are at $1,800-1,850/mt FOB, declining by $50/mt compared to March 17.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 250/mt ($35.2/mt), exerting a negative impact on stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have decreased sharply due to the ongoing spread of the coronavirus worldwide and the overall declines seen in the financial markets.
During the given week, stainless steel producers have increased their capacity utilization rates, while demand has not followed up, negatively affecting the stainless steel prices. Meanwhile, bearish sentiment has still prevailed among players in the Chinese domestic stainless steel market amid declines in the futures market due to the negative impact from sharp price decreases seen for other commodities and relatively high inventories.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 11,800/mt ($1,662/mt) on Tuesday, March 24, decreasing by RMB 400/mt ($56.3/mt) or 3.3 percent compared to RMB 12,220/mt on March 17.
$1 = RMB 7.0999
