SteelOrbis has been informed that, as of March 19, ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, moving sideways compared to March 12.
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/mt).
During the given week, nickel prices have moved down amid the increasing risk aversion among market players. Stainless steel prices in the Chinese domestic market have moved down as demand from downstream users has not improved yet. Meanwhile, stainless steel producers’ supplies to the market have increased, resulting in the relatively high inventory levels in the market. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week amid the anticipated improved demand from downstream users.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,745/mt ($1,936/mt) on Tuesday, March 19, increasing by RMB 35/mt ($4.9/mt) or 0.26 percent compared to that on March 12.
$1 = RMB 7.0985
