SteelOrbis has been informed that as of March 16 ex-China stainless steel coil export prices are at $2,350-2,400/mt FOB, moving down by $50/mt compared to March 9.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 250/mt ($38.5/mt).
Nickel prices at the London Metal Exchange (LME) have edged down in the given week.
During the week in question, the rainy season ended in the Philippines, which increased the supply of nickel ore and dragged down ore prices sharply, exerting a negative impact on stainless steel prices. In Foshan, Guangdong Province, the main stainless steel market in China, inventory consumption proceeded slowly, negatively affecting stainless steel prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,935/mt ($2,144/mt) on Tuesday, March 16, decreasing by RMB 10/mt ($1.5/mt) or 0.07 percent compared to RMB 13,945/mt on March 9.
$1 = RMB 6.5029
