SteelOrbis has been informed that as of March 11, ex-China stainless steel coil export prices are at $2,250-2,300/mt FOB, increasing by $50/mt compared to March 4.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 200/mt ($28/mt).
During the given period, nickel prices have increased amid the slow approval of the nickel mining quota in Indonesia and the rainy season in the Philippines. The US dollar has continued to weaken, coupled with the expectation for interest rate cuts by the Federal Reserve, stimulating speculative purchases in the metals market. Stainless steel futures prices have moved up, bolstering prices in the spot market. Bullish sentiments have prevailed among market players, exerting a positive impact on stainless steel prices. 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 13,510/mt ($1,884/mt) on Tuesday, March 11, increasing by RMB 265/mt ($37/mt) or 2.0 percent compared to March 4, while up 0.48 percent compared to the previous trading day, March 10.
$1 = RMB 7.1741
