SteelOrbis has been informed that as of March 28 ex-China stainless steel coil export prices are at $2,800-2,850/mt FOB, remaining stable compared to March 21.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 150/mt ($21.8/mt).
During the given week, LME nickel prices have bottomed up amid the improving ferrous metal prices in the global market. However, nickel prices may edge down amid the anticipated increases in output, though relatively low inventory levels may bolster prices in the short term. The inventory of stainless steel in local market has been at high levels, weakening the support for prices. It is thought that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,375/mt ($2,238/mt) on Tuesday, March 28, edging down by RMB 40/mt ($5.8/mt) or 0.26 percent compared to March 21 (main contract has shifted from SS2304 to SS2305).
$1 = RMB 6.8749