SteelOrbis has been informed that as of April 8 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving down by RMB 100/mt compared to April 1.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 400/mt ($56/mt).
During the given period, nickel prices have seen significant decreases amid the dramatic volatility in overseas markets due to the reciprocal tariffs implemented by the US and China’s countermeasures imposing 34 percent additional tariffs on all imports from the US as of April 10. The global financial markets have fallen sharply, reflecting bearish sentiments worldwide. Stainless steel futures prices have indicated big declines, negatively affecting the market mood. It is thought that stainless steel prices in the Chinese domestic market will likely edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,775/mt ($1,774/mt) on Tuesday, April 8, decreasing by RMB 770/mt ($107/mt) or 5.7 percent compared to April 1, while decreasing by 1.2 percent compared to the previous trading day, April 7.
$1 = RMB 7.2038
