SteelOrbis has been informed that as of March 10 ex-China stainless steel coil export prices are at $1,850-1,900/mt FOB, moving down by $50/mt compared to March 3.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 300/mt ($43.2/mt), exerting a negative impact on stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have decreased sharply due to the plunge seen in oil prices in the international market amid the rapid spread of the coronavirus.
During the given week, players in the Chinese domestic stainless steel market chose to sell even at lower prices, aiming to reduce the high levels of their inventories.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,445/mt ($1,793.2/mt) on Tuesday, March 10, decreasing by RMB 230/mt ($33.1/mt) or 2.3 percent compared to RMB 12,675/mt on March 3.
$1 = RMB 6.9389