SteelOrbis has been informed that as of May 7 ex-China stainless steel coil export prices are at $2,350-2,400/mt FOB, remaining stable compared to April 30.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways.
During the given week, nickel prices have fluctuated within a limited range. Downstream users did not build up stainless steel stocks ahead of the Labor Day holiday, contrary to previous expectations, exerting a negative impact on prices. Stainless steel futures prices have edged down slightly in the given week, cooling market sentiments to a certain degree. However, stainless steel producers have been willing to bolster their offer prices, which will provide some support for the market. It is expected that stainless steel prices in the Chinese domestic market will likely continue their fluctuating trend in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,260/mt ($2,008.5/mt) on Tuesday, May 7, decreasing by RMB 20/mt ($2.8/mt) or 0.14 percent compared to April 30.
$1 = RMB 7.1002
