SteelOrbis has been informed that as of May 17 ex-China stainless steel coil export prices are at $3,200-3,250/mt FOB, moving sideways compared to May 10.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
Nickel prices at the London Metal Exchange (LME) have edged down slightly. Meanwhile, stainless steel futures prices have softened. Downstream users have mostly held a wait-and-see stance towards the prospects for the future market amid the ongoing Covid-19 restriction measures. It is thought that stainless steel prices may fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,765/mt ($2,760/mt) on Tuesday, May 17, moving down by RMB 75/mt ($11/mt) or 0.4 percent compared to that on May 10.
$1 = RMB 6.7854
