SteelOrbis has been informed that as of April 4 ex-China stainless steel coil export prices are at $2,700-2,750/mt FOB, moving down by $100/mt compared to March 28.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 650/mt ($94.6/mt).
During the given week, LME nickel prices have indicated a downtrend as market players thought nickel prices could decline amid reports that nickel might no longer be used in batteries for new energy vehicles nickel. Meanwhile, stainless steel producers’ production slowed down in the first three months this year as downstream users’ purchases did not reach the expected levels. At the same time, the production cost of stainless steel decreased, weakening support for prices. It is thought that stainless steel prices in the Chinese domestic market will edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,580/mt ($2,122/mt) on Tuesday, April 4, moving down by RMB 795/mt ($116/mt) or 5.2 percent compared to that on March 28.
$1 = RMB 6.8699
