SteelOrbis has been informed that as of March 5 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, moving sideways compared to February 27.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 150/mt ($21.1/mt).
During the given week, nickel prices have edged up as Indonesia plans to implement production cuts for smelting mines. Demand for stainless steel has been slack, exerting a negative impact on prices. Stainless steel futures prices have moved down, also negatively affecting market sentiments. Moreover, stainless steel producers have cut their offer prices, which will result in further declines in the spot market. It is thought that stainless steel prices in the Chinese domestic market will likely edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,775/mt ($1,940/mt) on Tuesday, March 5, decreasing by RMB 355/mt ($50/mt) or 2.5 percent compared to February 27.
$1 = RMB 7.1027
