SteelOrbis has been informed that as of April 27 ex-China stainless steel coil export prices are at $2,350-2,400/mt FOB, moving sideways compared to April 20.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 150/mt ($23.1/mt).
Nickel prices at the London Metal Exchange (LME) have moved on an increasing trend in the week in question.
During the given week, stainless steel futures prices have moved up significantly, bolstering prices in the spot market. Some stainless steel producers cut their production capacity utilization rates in April, which reduced supply to the market and exerted a positive impact on stainless steel prices. It is thought that stainless steel prices in the Chinese domestic market may edge up following the Labor Day holiday (May 1-5).
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,520/mt ($2,237.3/mt) on Tuesday, April 27, increasing by RMB 565/mt ($87.0/mt) or 4.05 percent compared to RMB 13,955/mt on April 20.
$1 = RMB 6.4924
