SteelOrbis has been informed that as of May 13 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving sideways compared to May 6.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 75/mt ($10.4/mt).
Nickel prices have seen slight rises as the US and China have announced a 90-day pause on "reciprocal" tariffs starting from May 14, which will lead to the US tariffs on Chinese imports retreating from 145 percent to 30 percent, while Chinese tariffs on US imports will fall from 125 percent to 10 percent. The substantial progress in US-China trade negotiations will exert a positive impact on the stainless steel market. Stainless steel futures prices have indicated rises, bolstering market sentiments to a certain degree. However, the demand for stainless steel has been slack, resulting in no big improvement in actual transaction activities. It is thought that stainless steel prices in the Chinese domestic market will edge up slightly in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,930/mt ($1,796/mt) on Tuesday, May 13, increasing by RMB 195/mt ($27/mt) or 1.53 percent compared to May 6, while increasing by 0.51 percent compared to the previous trading day, May 12.
$1 = RMB 7.1991
