SteelOrbis has been informed that as of May 14 ex-China stainless steel coil export prices are at $2,350-2,400/mt FOB, moving sideways compared to May 7.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have declined by RMB 75/mt ($11/mt).
During the given week, nickel prices have declined amid high inventory levels. Stainless steel futures prices have moved down, exerting a negative impact on prices in the spot market. Currently, cautious sentiments prevail among market players. Downstream users have mostly purchased only in line with their needs, negatively affecting stainless steel prices. It is thought that stainless steel prices in the Chinese domestic market will edge down slightly in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,170/mt ($1,994/mt) on Tuesday, May 14, decreasing by RMB 90/mt ($13/mt) or 0.63 percent compared to that on May 7.
$1 = RMB 7.1053
