SteelOrbis has been informed that as of February 24 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, remaining stable on average compared to February 10. Weak trading activity has prevented prices from rising after the long holiday even though nickel production will be reduced significantly this year.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways.
During the given period, LME nickel prices have edged down slightly. Following China’s long holiday, the stainless steel market will resume trading activities gradually. Officials at Indonesia’s Ministry of Mineral Resources have confirmed that the total nickel ore production quota for the fiscal year of 2026 will be 260-270 million mt, down 30 percent year on year. However, the relatively high inventories and slow recovery of demand will curb increases in nickel prices. It is thought that stainless steel prices in the Chinese domestic market will move sideways in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has remained stable at $1,995/mt FOB after the Chinese New Year holiday.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,085/mt ($2,029.5/mt) on Tuesday, February 24, increasing by RMB 345/mt ($50/mt) or 2.5 percent compared to February 10, while rising by 1.88 percent compared to the previous trading day, February 23.
$1 = RMB 6.9414
