SteelOrbis has been informed that as of February 28 ex-China stainless steel coil export prices are at $2,900-2,950/mt FOB, edging down by $50/mt compared to February 21.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 450/mt ($65/mt).
Nickel prices at the London Metal Exchange (LME) have moved down amid the appreciation of US dollar. Consumption has not recovered as much as expected, exerting a negative impact on nickel prices. Stainless steel prices have moved on an overall downtrend amid decreasing stainless steel futures 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 16,480/mt ($2,371/mt) on Tuesday, February 28, moving down by RMB 305/mt ($44/mt) or 1.8 percent compared to that on February 21.
$1 = RMB 6.9519
