Chinese steelmakers TISCO and Baosteel have reduced their stainless steel list prices by $50-100/mt for the export markets, under the influence of decreasing nickel prices which fell to levels of around $16,500/mt in early March, declining from $18,500/mt in February. TISCO has reduced its 304 series cold rolled coil (CRC) export offers for March orders by $100/mt to $2,750/mt FOB. Meanwhile, Baosteel has decreased its austenitic CRC export prices by $50/mt.
On the other hand, Taiwanese and Chinese origin stainless steel offers for 304/2B prime quality stainless steel CRC of 2.0 mm thickness to Turkey are still in the range of $2,700-2,800/mt CFR, while some suppliers have reflected the drop in nickel prices in their prices and have given offers to Turkey at $2,650/mt. Meanwhile, ex-South Korea prime quality stainless steel CRC offers are above the level of $2,800/mt CFR Turkey.
Nickel prices in the London Metal Exchange (LME) have indicated a slight upward movement this week, with nickel prices for cash settlements at the LME closing on March 14 at $16,985/mt.