SteelOrbis has been informed that as of April 19 ex-China stainless steel coil export prices are at $3,300-3,350/mt FOB, remaining stable compared to April 12.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 300/mt ($47/mt).
Nickel prices at the London Metal Exchange (LME) have increased. However, transaction activities in the stainless steel spot market have not seen an improvement yet amid the lockdown in Shanghai and in the surrounding regions. Bearish sentiments have prevailed among market players. The declining capacity utilization rates of steelmakers, the increasing freight rates and relatively high costs have affected the stainless steel market. However, it seems that the Covid-19 pandemic in Shanghai has eased to some extent as of April 19, which will exert a positive impact on the steel industry.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 20,265/mt ($3,180/mt) on Tuesday, April 19, moving up by RMB 710/mt ($111.4/mt) or 3.63 percent compared to April 12.
$1 = RMB 6.372
