SteelOrbis has been informed that as of April 12, ex-China stainless steel coil export prices are at $3,300-3,350/mt FOB, moving sideways compared to March 29.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 300/mt ($47/mt).
Nickel prices at the London Metal Exchange (LME) have declined amid current uncertainties. Stricter control measures against the Covid-19 pandemic in most regions of China have exerted a negative impact on the stainless steel market. Meanwhile, bearish sentiments have prevailed among market players. It is expected that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 19,555/mt ($3,065/mt) on Tuesday, April 12, moving down by RMB 1,275/mt ($200/mt) compared to that on April 6.
$1 = RMB 6.3795
