SteelOrbis has been informed that as of May 24 ex-China stainless steel coil export prices are at $3,200-3,250/mt FOB, moving sideways compared to May 17.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have edged down by RMB 200/mt ($30/mt).
Nickel prices at the London Metal Exchange (LME) have moved on a fluctuating trend within a limited range. Meanwhile, demand for stainless steel has remained sluggish, exerting a negative impact on the market. The lockdown in Shanghai has eased to some extent, while control measures still remain in place, negatively affecting stainless steel prices. As the end of the month is approaching, market players have been facing tighter liquidity. It is expected that stainless steel prices may move sideways in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,440/mt ($2,769/mt) on Tuesday, May 24, moving down by RMB 325/mt ($49/mt) or 1.73 percent compared to that on May 17.
$1 = RMB 6.6566
