SteelOrbis has been informed that as of March 15 ex-China stainless steel coil export prices are at $3,400-3,450/mt FOB, moving down by $150-200/mt compared to March 8.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 2,050/mt ($321/mt).
Nickel prices at the London Metal Exchange (LME) have seen sharp declines and trading has been halted. Meanwhile, stainless steel futures prices at Shanghai Futures Exchange decreased significantly, exerting a negative impact on prices in the spot market. 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 19,810/mt ($3,105/mt) on Tuesday, March 15, decreasing by RMB 2,315/mt ($363/mt) or 10.5 percent compared to RMB 22,125/mt on March 8.
$1 = RMB 6.376
