SteelOrbis has been informed that as of March 18 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving sideways compared to March 11.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 75/mt ($10.5/mt).
During the given period, nickel prices have moved down, weakening the support for the stainless steel market. Following the rises in stainless steel prices over the previous two weeks, cautious sentiments have prevailed among market players, exerting a negative impact on prices. Currently, market participants are pinning their hopes on a recovery in demand from downstream users, while, if demand continues to be slack, the relatively high inventory levels will negatively affect stainless steel prices. 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 13,460/mt ($1,877/mt) on Tuesday, March 18, decreasing by RMB 50/mt ($69/mt) or 0.4 percent compared to March 11, while down 1.28 percent compared to the previous trading day, March 17.
$1 = RMB 7.1733