SteelOrbis has been informed that as of April 29 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving sideways compared to April 22.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
During the given period, nickel prices have edged down amid the uncertainties in the global market, weakening the support for stainless steel prices. As the Labor Day holiday (May 1-5) is approaching, sellers chose to cut their domestic stainless steel prices slightly, aiming to stimulate transaction activities. Inventory consumption has been slow, resulting in relatively high inventory levels, which have exerted a negative impact on the stainless steel market. It is thought that stainless steel prices in the Chinese domestic market will likely edge down in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,720/mt ($1,767/mt) on Tuesday, April 29, increasing by RMB 30/mt ($4.2/mt) or 0.2 percent compared to April 22, while increasing by 0.16 percent compared to the previous trading day, April 28.
$1 = RMB 7.2029