SteelOrbis has been informed that as of May 28 ex-China stainless steel coil export prices are at $2,400-2,450/mt FOB, moving sideways compared to May 21.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have decreased by RMB 100/mt ($14/mt).
During the given week, nickel prices have seen decreases following the previous sharp rises. Due to the volatility of nickel prices, stainless steel futures prices have also seen significant changes, but they have still indicated an increase compared to last week. Demand for stainless steel from downstream users has improved slightly, which will exert a positive impact on prices in the spot market. It is expected that stainless steel prices in the Chinese domestic market will continue to fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,690/mt ($2,066/mt) on Tuesday, May 28, increasing by RMB 185/mt ($26/mt) or 1.3 percent compared to May 21, while up 0.1 percent compared to the previous trading day, May 27.
$1 = RMB 7.1101
