SteelOrbis has been informed that as of April 14 ex-China stainless steel coil export prices are at $2,300-2,400/mt FOB, remaining stable on average compared to April 7.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 150/mt ($22/mt).
During the given week, LME nickel prices have edged up amid improving market sentiments. The ceasefire in the Middle East has eased geopolitical tensions, resulting in increases in nickel futures prices and boosting market sentiments. However, lingering geopolitical uncertainties are still affecting buyers’ activities. On April 14, precious metal prices have rebounded amid the ongoing ceasefire in the Middle East, bolstering the stainless steel market. Stainless steel futures prices have moved up, positively affecting prices in the spot market. It is thought that stainless steel prices in the Chinese domestic market may rebound in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has moved sideways, standing at $2,090/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,660/mt ($2,137/mt) on Tuesday, April 14, moving up by RMB 500/mt compared to April 7, while increasing by 0.38 percent compared to the previous trading day, April 13.
$1 = RMB 6.8593
