SteelOrbis has been informed that as of March 23 ex-China stainless steel coil export prices are at $2,350-2,400/mt FOB, moving sideways compared to March 16.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 50/mt ($7.7/mt).
Nickel prices at the London Metal Exchange (LME) have edged up in the given week.
During the week in question, nickel ore prices have moved down sharply, while buyers have continued to maintain a wait-and-see stance as regards purchases of ore as stainless steel producers have been incurring losses, which may drag down nickel ore prices further. However, the tight supply of stainless steel has bolstered stainless steel prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,300/mt ($2,200/mt) on Tuesday, March 23, increasing by RMB 365/mt ($56.2/mt) or 2.6 percent compared to RMB 13,935/mt on March 16.
$1 = RMB 6.5036