Ex-China stainless steel prices move sideways

Tuesday, 07 April 2020 16:58:12 (GMT+3)   |   Shanghai
       

SteelOrbis has been informed that as of April 7, ex-China stainless steel coil export prices are at $1,750-1,800/mt FOB, moving sideways compared to March 31.

During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 150/mt ($21.1/mt), exerting a negative impact on stainless steel export prices.

Nickel prices at the London Metal Exchange (LME) have fluctuated at low levels over the past week due to investors’ concerns regarding the global real economy.

During the given week, inventories in the main local stainless steel markets - Wuxi and Foshan - have decreased slowly, and so some producers said they would cut outputs to support prices. Meanwhile, major nickel mine districts in the Philippines will extend their ban on miners in response to the coronavirus pandemic worldwide, a move which will bolster nickel prices and exert a positive impact on stainless steel prices in the future. 

Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,050/mt ($1,698.6/mt) on Tuesday, April 7, increasing by RMB 70/mt ($9.9/mt) or 0.6 percent compared to RMB 11,980/mt on March 31.

$1 = RMB 7.0939


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