SteelOrbis has been informed that as of April 26 ex-China stainless steel coil export prices are at $3,250-3,300/mt FOB, down $50/mt compared to April 19.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 550/mt ($84/mt).
Nickel prices at the London Metal Exchange (LME) have fallen sharply. At the same time, stainless steel futures prices have also indicated big declines. The strict Covid-19 restrictions have eased to some extent, resulting in better transportation conditions. However, demand for stainless steel has been slack, exerting a negative impact on 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 19,225/mt ($2,931/mt) on Tuesday, April 26, moving down by RMB 1,040/mt ($159/mt) or 5.13 percent compared to that on April 19.
$1 = RMB 6.559
