SteelOrbis has been informed that as of May 21 ex-China stainless steel coil export prices are at $2,400-2,450/mt FOB, moving up by $50/mt compared to May 14.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 250/mt ($35.2/mt).
During the given week, nickel prices have increased following the stimulus policies announced for China’s real estate sector. Meanwhile, stainless steel futures prices have continued to rise since late last week, exerting a positive impact on prices in the spot market. However, downstream users have been quite cautious as regards concluding purchases of stainless steel, while traders have accepted lower prices due to relatively high inventory levels especially for 304 series products. 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 14,505/mt ($2,041/mt) on Tuesday, May 21, increasing by RMB 335/mt ($47/mt) or 2.4 percent compared to May 14, while up 0.35 percent compared to the previous trading day, May 20.
$1 = RMB 7.1069
