SteelOrbis has been informed that as of March 1 ex-China stainless steel coil export prices are at $3,250-3,350/mt FOB, moving down by $100/mt compared to February 22.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 850/mt ($135/mt).
Nickel prices at the London Metal Exchange (LME) have seen big rises against the backdrop of Russia’s invasion of Ukraine. However, stainless steel futures prices at Shanghai Futures Exchange have indicated a continuous declining trend. Meanwhile, the supply in the spot market is sufficient, while demand from downstream users has not indicated any big improvement. It is thought that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 17,555/mt ($2,786.5/mt) on Tuesday, March 1, decreasing by RMB 1,230/mt ($194/mt) or 6.5 percent compared to RMB 18,785/mt on February 22.
$1 = RMB 6.3014
