SteelOrbis has been informed that as of May 20 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, remaining stable compared to May 13.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 50/mt ($7/mt).
Nickel prices have edged down slightly amid the prevailing bearish sentiments. Stainless steel futures prices have moved down, exerting a negative impact on the spot market. Market players have said that the rapid declines may leave some opportunities for a future rebound, especially ahead of the approaching Dragon Boat Festival (May 31-June 2), when some buyers may build up stocks. It is thought that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,840/mt ($1,783/mt) on Tuesday, May 20, decreasing by RMB 90/mt ($12.5/mt) or 0.7 percent compared to May 13, while decreasing by 1.0 percent compared to the previous trading day, May 19.
$1 = RMB 7.1931