SteelOrbis has been informed that as of May 31 ex-China stainless steel coil export prices are at $3,200-3,250/mt FOB, remaining stable compared to May 24.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 50/mt ($7.5/mt).
Nickel prices at the London Metal Exchange (LME) have moved up sharply compared to last week. Some stainless steel traders have suspended giving offer prices as Indonesia is considering imposing an export tax on some nickel products, which will increase the costs of ferronickel, though other traders have increased their offer prices, while demand from downstream users has not improved significantly. 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 18,290/mt ($2,746/mt) on Tuesday, May 31, moving down by RMB 150/mt ($22.5/mt) or 0.81 percent compared to that on May 24.
$1 = RMB 6.6607
