SteelOrbis has been informed that as of May 19 ex-China stainless steel coil export prices are at $2,400-2,500/mt FOB, remaining stable on average compared to May 12.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved sideways.
During the given week, LME nickel prices have edged down, weakening the support to stainless steel prices. Meanwhile, commodities prices have moved down sharply as Kevin Warsh has been formally confirmed as the new Chairman of the U.S. Federal Reserve, which garnered market players’ worries as regards the future prospects for the adjustments for interest rates. The tightened nickel ore quotas in Indonesia will firmly bolster ferronickel price, which will provide certain support to stainless steel prices from cost side. It is thought that stainless steel prices in the Chinese domestic market will unlikely edge down further in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has risen by $30/mt, standing at $2,260/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,710/mt ($2,150.5/mt) on Tuesday, May 19, moving down by RMB 425/mt ($62/mt) or 2.8 percent compared to May 12, while increasing by 0.03 percent compared to the previous trading day, May 18.
$1 = RMB 6.8375
