SteelOrbis has been informed that as of March 30 ex-China stainless steel coil export prices are at $2,350-2,400/mt FOB, moving sideways compared to March 23.
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 ($7.6/mt).
Nickel prices at the London Metal Exchange (LME) have edged down in the given week.
During the week in question, stainless steel producers implemented maintenance works, cutting outputs and bolstering prices. Ferrous metal futures prices have seen an overall rising trend, providing support for stainless steel prices. However, the rainy season is going to finish in the Philippines, which will increase the supply of nickel ore and exert a negative impact on market players’ sentiments.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,695/mt ($2,240/mt) on Tuesday, March 30, increasing by RMB 395/mt ($60.2/mt) or 2.76 percent compared to RMB 14,300/mt on March 23.
$1 = RMB 6.5641