SteelOrbis has been informed that as of April 28 ex-China stainless steel coil export prices are at $1,800-1,850/mt FOB, moving sideways compared to April 21.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 50/mt ($7.1/mt), providing support for stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have fluctuated within a limited range over the past week.
During the given week, transaction activities in the local market have been at decent levels, with supply of some specifications even being tight in the spot market. Inventories of stainless steel in the Wuxi and Foshan markets have decreased compared to the previous week, signaling better demand from downstream users. More and more ferronickel from Indonesia has been imported to China, which will limit the rebounding trend of nickel prices amid the lockdown in the Philippines.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,885/mt ($1,822.5/mt) on Tuesday, April 28, decreasing by RMB 145/mt ($20.5/mt) or 1.11 percent compared to RMB 13,030/mt on April 21.
$1 = RMB 7.0701
