SteelOrbis has been informed that as of March 3 ex-China stainless steel coil export prices are at $2,300-2,350/mt FOB, moving sideways on average compared to February 24. The rather limited demand has kept prices stable, though some small increase have been seen in the local market in China.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have seen slight declines. However, ferronickel prices may rebound amid the shrinking quota in Indonesia, which will likely bolster stainless steel prices in the future. The war in the Middle East has pushed up oil prices and raised market players’ worries over possible inflation. Demand for stainless steel from downstream users has not recovered to normal levels after the long holiday. Inventories of stainless steel are at relatively high levels, exerting a negative impact on prices. It is expected that stainless steel prices in the Chinese domestic market may fluctuate within a limited range in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has increased by $15/mt to $2,010/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,185/mt ($2,056/mt) on Tuesday, March 3, increasing by RMB 100/mt ($14/mt) or 0.7 percent compared to February 24, while decreasing by 0.39 percent compared to the previous trading day, March 2.
$1 = RMB 6.9088
