SteelOrbis has been informed that as of April 1 ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, moving sideways compared to March 25.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 75/mt ($10.5/mt).
During the given period, nickel prices have mostly edged up amid the export policy adjustment in Indonesia. China’s central government announced to increase the support for downstream industries of stainless steel, such as infrastructure and home appliances, bolstering market sentiments. However, the US’ imposing tariffs on vehicles garnered market players’ worries about further trade war, which might exert a negative impact on stainless steel market. The supply shortage of chrome ore will provide solid support to stainless steel prices from cost side. 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 13,545/mt ($1,889/mt) on Tuesday, April 1, increasing by RMB 190/mt ($26.5/mt) or 1,4 percent compared to March 25, while rising by 0.82 percent compared to the previous trading day, March 24.
$1 = RMB 7.1775
