SteelOrbis has been informed that as of May 6 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, remaining stable compared to April 29.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained unchanged.
Nickel prices decreased ahead of Labor Day, but have increased on the first trading day following the holiday, bolstering stainless steel prices to a certain degree. Cautious sentiments still prevail among market players as they are waiting for further changes in the market. However, China and the EU have decided to lift mutual restrictions and resume full legislative contacts between both parties, which will exert a positive impact on market sentiments. It is expected 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 12,735/mt ($1,769/mt) on Tuesday, May 6, increasing by RMB 15/mt ($2.1/mt) or 0.12 percent compared to April 29, while increasing by 0.43 percent compared to the previous trading day, April 30.
$1 = RMB 7.2008
