SteelOrbis has been informed that as of May 16 ex-China stainless steel coil export prices are at $2,650-2,700/mt FOB, edging down by $50/mt compared to May 9.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 350/mt ($50/mt).
During the given week, LME nickel prices have moved down against the backdrop of the US breaking the debt default limit. In the Chinese domestic market, supply of stainless steel has increased, while demand has been slack, which has exerted a negative impact on prices. At the same time, the sharp decreasing trend of stainless steel futures prices has negatively affected market sentiment. It is thought that stainless steel prices in the Chinese domestic market will edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,885/mt ($2,142/mt) on Tuesday, May 16, moving down by RMB 565/mt ($81/mt) or 3.66 percent compared to that on May 9.
$1 = RMB 6.9506