SteelOrbis has been informed that as of May 23 ex-China stainless steel coil export prices are at $2,600-2,650/mt FOB, edging down by $50/mt compared to May 16.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14/mt).
During the given week, LME nickel prices have edged down slightly. Due to reports of a pause in the interest rate hikes in the US, metal prices in the global market have edged up, which may bolster nickel prices in the near future. Some steelmakers have resumed production of stainless steel and have been unwilling to raise ex-works prices. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,645/mt ($2,083/mt) on Tuesday, May 23, moving down by RMB 240/mt ($34/mt) or 1.6 percent compared to that on May 16.
$1 = RMB 7.0326