SteelOrbis has been informed that as of April 28 ex-China stainless steel coil export prices are at $2,400-2,500/mt FOB, increasing by $50/mt on average compared to April 21.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 225/mt ($33/mt).
During the given week, LME nickel prices have seen significant rises amid severe supply-side contractions at Indonesian mining sources. Against the backdrop of the stalemate in the US-Iran war and the strengthening of the US dollar, LME nickel prices have moved on a strong unilateral rally independent of the movements in base metals such as copper and aluminum. Ahead of the Labor Day holiday (May 1-5), downstream buyers are expected to build up stocks, which will bolster stainless steel prices firmly. As the traditional peak season for business (March-April) winds down, stainless steel prices are expected to face downward pressure in the coming period following the Labor Day holiday. It is thought that stainless steel prices in the Chinese domestic market will edge up in the coming week, while transaction activities for low-priced stainless steel supplies may be at decent levels.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has risen by $90/mt to $2,230/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,345/mt ($2,237/mt) on Tuesday, April 28, moving up by RMB 540/mt ($79/mt) or 3.65 percent compared to April 21, while decreasing by 0.2 percent compared to the previous trading day, April 27.
$1 = RMB 6.8589
