SteelOrbis has been informed that as of March 24 ex-China stainless steel coil export prices are at $2,300-2,400/mt FOB, remaining unchanged on average compared to March 17.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 75/mt ($10.9/mt).
During the given week, LME nickel prices have moved down under pressure from surging oil prices and mounting economic concerns stemming from the war in the Middle East. However, the reduction was minimal compared to last week, and LME nickel prices have still fluctuated near $17,000/mt. Moreover, nickel prices may be supported at the current level or even post some increases in the near future, following news about the halting of operations at a nickel processing facility in Morowali, Indonesia, after a landslide.
Stainless steel prices are unlikely to see a negative correction and sentiments have improved. The joint impacts of cost support and stainless steel producers’ willingness to raise their prices have become the short-term driving forces, though weak demand remains a lingering concern.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has remained stable, standing at $2,060/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,290/mt ($2,071/mt) on Tuesday, March 24, increasing by RMB 195/mt ($28.3/mt) or 1.4 percent compared to March 17, while rising by 1.46 percent compared to the previous trading day, March 23.
$1 = RMB 6.8943
