SteelOrbis has been informed that as of February 25 ex-China stainless steel coil export prices are at $1,950-2,000/mt FOB, moving sideways compared to February 18.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 100/mt ($14.2/mt).
Nickel prices at the London Metal Exchange (LME) have also decreased in the same period.
During the given week, inventory levels of stainless steel in Chinese domestic market have risen, exerting a negative impact on the stainless steel market. However, some stainless steel producers have reduced their capacity utilization rates, aiming to ease supply pressure.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,980/mt ($1,848.2/mt) on Tuesday, February 25, decreasing by RMB 270/mt ($38.4/mt) or 2.0 percent compared to RMB 13,250/mt on February 18.
$1 = RMB 7.0232