SteelOrbis has been informed that as of April 23, ex-China stainless steel coil export prices are at $2,350-2,400/mt FOB, rising by $50/mt compared to April 16.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 275/mt ($39/mt).
During the given week, nickel prices indicated rises further amid the US and the UK imposing sanctions on Russian nickel, positively affecting stainless steel market. Meanwhile, stainless steel prices in the Chinese domestic market have moved up amid the increasing futures prices. However, some traders started to worry about whether this uptrend can be sustained before the Labor Day holiday (May 1-5), which might exert a negative impact on stainless steel prices in the near future. It is thought that stainless steel prices in the Chinese domestic market will likely move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,165/mt ($1,995/mt) on Tuesday, April 23, increasing by RMB 285/mt ($40/mt) or 2.05 percent compared to that on April 16.
$1 = RMB 7.1059
Note: Main contract of stainless steel futures shifted into ss2409, which stood at RMB 13,880 on April 16.
