SteelOrbis has been informed that as of May 10, ex-China stainless steel coil export prices are at $3,200-3,250/mt FOB, down by $50/mt compared to April 26.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down by RMB 250/mt ($37/mt).
Nickel prices at the London Metal Exchange (LME) have moved on a downtrend. At the same time, stainless steel futures prices have also declined. Due to the strict Covid-19 measures, demand for stainless steel has remained slack. Stainless steel producers have even suffered losses, and so they have started to implement maintenance works recently, which will bolster prices in the near future.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 18,840/mt ($2,812/mt) on Tuesday, May 10, moving down by RMB 385/mt ($57.3/mt) or 2.0 percent compared to that on April 26.
$1 = RMB 6.7134
