SteelOrbis has been informed that as of May 9 ex-China stainless steel coil export prices are at $2,700-2,750/mt FOB, moving sideways compared to April 25.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 200/mt ($29/mt).
During the given week, LME nickel prices have seen a fluctuating trend. Meanwhile, stainless steel futures prices have risen slightly, exerting a positive impact on the market. At the same time, some stainless steel producers have halted production, also bolstering prices to some extent. However, inventory levels have continued their rising trend, signaling that demand has not improved significantly yet. It is expected 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 15,450/mt ($2,233/mt) on Tuesday, May 9, moving up by RMB 410/mt ($53/mt) or 2.7 percent compared to that on April 25.
$1 = RMB 6.9255