SteelOrbis has been informed that as of March 21, ex-China stainless steel coil export prices are at $2,800-2,850/mt FOB, moving sideways compared to March 14.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14.5/mt).
During the given week, LME nickel prices have moved down amid the existing worries about the spread risks in European and US banks. Recently, stainless steel producers’ output decreased by 100,000 mt in the Chinese domestic market, which may exert a positive impact on its prices in the near future. It is expected that stainless steel prices may see a rebounding trend in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,870/mt ($2,307/mt) on Tuesday, March 21, moving down by RMB 20/mt ($2.9/mt) or 0.13 percent compared to that on March 14.
$1 = RMB 6.8763
