SteelOrbis has been informed that as of May 18 ex-China stainless steel coil export prices are at $2,750-2,800/mt FOB, moving sideways compared to May 11.
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 ($38.8/mt).
Nickel prices at the London Metal Exchange (LME) have edged up in the given week.
During the week in question, stainless steel futures prices edged up first, while they moved down in the last two trading days of last week, but have bottomed up since May 17, affecting local stainless steel prices. Local plants have been seeking to buy nickel from the Philippines at lower prices, while miners refused to accept price cuts, which bolstered stainless steel prices from the cost side.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,645/mt ($2,431/mt) on Tuesday, May 18, increasing by RMB 250/mt ($38.8/mt) or 1.6 percent compared to RMB 15,395/mt on May 11.
$1 = RMB 6.4357
