SteelOrbis has been informed that as of February 25 ex-China stainless steel coil export prices are at $2,200-2,250/mt FOB, moving sideways compared to February 18.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 25/mt ($3.5/mt).
During the given period, nickel prices have indicated decreases, exerting a negative impact on stainless steel prices. Transaction activities in the stainless steel market have been poor, resulting in increasing inventory levels, also weakening the support for prices. However, market players expect more stimulus measures in the near future with the approach of the National People's Congress and the Chinese People's Political Consultative Conference (NPC & CPPCC). It is thought that stainless steel prices in the Chinese domestic market will likely edge up in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,130/mt ($1,831/mt) on Tuesday, February 25, increasing by RMB 65/mt ($9.1/mt) or 0.5 percent compared to February 18, while down 0.76 percent compared to the previous trading day, February 24.
$1 = RMB 7.1726
