SteelOrbis has been informed that as of March 29 ex-China stainless steel coil export prices are at $3,300-3,350/mt FOB, moving down by $100/mt compared to March 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 650/mt ($102/mt).
Nickel prices at the London Metal Exchange (LME) have moved up, apparently more on the back of speculation than actual demand, signaling that prices may be adjusted in the near future. Stainless steel futures prices at Shanghai Futures Exchange have moved up compared to March 22, while they indicated big declines last Friday. The worsening Covid-19 pandemic has negatively affected supplies of stainless steel, which will bolster prices in the near future.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 20,270/mt ($3,185/mt) on Tuesday, March 29, moving up by RMB 460/mt ($72.3/mt) compared to March 22.
$1 = RMB 6.364
