SteelOrbis has been informed that as of May 27 ex-China stainless steel coil export prices are at $2,150-2,200/mt FOB, moving sideways compared to May 20.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 50/mt ($7/mt).
Nickel prices have edged up slightly amid the improved macroeconomic sentiment due to the cut in the one-year loan prime rate (LPR). Some stainless steel producers have cut their outputs due to shrinking profitability, thereby bolstering prices to a certain degree. However, inventory of stainless steel has been at a relatively high level, weakening the support for prices. Some downstream buyers may purchase ahead of the Dragon Boat Festival, which could positively affect stainless steel prices. It is thought that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 12,855/mt ($1,785/mt) on Tuesday, May 27, increasing by RMB 15/mt ($2.1/mt) or 0.12 percent compared to May 20, while decreasing by 0.19 percent compared to the previous trading day, May 26.
$1 = RMB 7.1876