SteelOrbis has been informed that as of March 17 ex-China stainless steel coil export prices are at $1,850-1,900/mt FOB, moving sideways compared to March 10.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 150/mt ($21.4/mt), exerting a negative impact on stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have declined significantly due to worries regarding the rapid spread of the coronavirus worldwide.
During the given week, bearish sentiment has prevailed among players in the Chinese domestic stainless steel market amid decreases in the futures market and relatively high inventories.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,200/mt ($1,740.5/mt) on Tuesday, March 17, decreasing by RMB 245/mt ($35/mt) or 2.0 percent compared to RMB 12,445/mt on March 10.
$1 = RMB 7.0094
