SteelOrbis has been informed that as of March 31 ex-China stainless steel coil export prices are at $2,300-2,400/mt FOB, moving sideways on average compared to March 24.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 50/mt ($7.2/mt).
During the given week, LME nickel prices have increased amid the ongoing war in the Middle East. Meanwhile, the tightening of Indonesia’s nickel ore export quotas has driven up the cost of raw material arriving at domestic ports, which has bolstered stainless steel prices from the cost side. Downstream users may build up stocks of stainless steel ahead of Tomb Sweeping Day holiday (April 4-6), which will exert a positive impact on prices. However, some traders have chosen to sell at lower prices, aiming to bring in cash and ease financial tightness at the end of March, weakening the support for stainless steel 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 gained $30/mt, standing at $2,090/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,160/mt ($2,052/mt) on Tuesday, March 31, decreasing by RMB 130/mt ($18.8/mt) or 0.9 percent compared to March 24, while decreasing by 1.29 percent compared to the previous trading day, March 30.
$1 = RMB 6.9194
