SteelOrbis has been informed that as of May 26, ex-China stainless steel coil export prices are at $2,400-2,500/mt FOB, moving sideways on average compared to May 19.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14.6/mt).
During the given week, LME nickel prices have fluctuated within a limited range.
Indonesia has tightened its nickel mining policy, resulting in uncertainties in nickel supply to the international market, which will bolster stainless steel prices from the cost side. However, the recent widespread rainy weather in China negatively has affected demand for stainless steel due to the slowdown in construction activities. It is expected that stainless steel prices in the Chinese domestic market will soften in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has remained stable, still at $2,260/mt FOB.
Stainless steel futures at the Shanghai Futures Exchange closed at RMB 14,795/mt ($2,166/mt) on Tuesday, May 26, moving up by RMB 85/mt ($12.4/mt) or 0.6 percent compared to May 19, while decreasing by 0.30 percent compared to the previous trading day, May 25.
$1 = RMB 6.8288
