SteelOrbis has been informed that as of March 8 ex-China stainless steel coil export prices are at $3,550-3,650/mt FOB, moving up by $300/mt compared to March 1.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 3,600/mt ($570/mt).
Nickel prices at the London Metal Exchange (LME) have hit their highest level since 2007 amid the current turbulent international environment. Meanwhile, stainless steel futures prices at Shanghai Futures Exchange have also indicated sharp rises, exerting a positive impact on prices in the spot market. It is expected that stainless steel prices will move on a fluctuating trend in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 22,125/mt ($3,501/mt) on Tuesday, March 8, rising by RMB 4,570/mt ($723/mt) or 26 percent compared to RMB 17,555/mt on March 1.
$1 = RMB 6.3185
