SteelOrbis has been informed that as of March 31 ex-China stainless steel coil export prices are at $1,750-1,800/mt FOB, declining by $50/mt compared to March 24.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 250/mt ($35.3/mt), exerting a negative impact on stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have rebounded following previous sharp declines due to the stimulus policies issued by multiple countries.
During the given week, though inventories in the main local markets have decreased, resumption of production at some steelmakers has contributed to an increase in overall inventories in China. Some traders have chosen to sell at lower prices to stimulate downstream users’ purchases, while buyers have been cautious.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 11,980/mt ($1,691/mt) on Tuesday, March 31, increasing by RMB 180/mt ($25.4/mt) or 1.5 percent compared to RMB 11,800/mt on March 24.
$1 = RMB 7.0851
