SteelOrbis has been informed that as of May 12 ex-China stainless steel coil export prices are at $1,850-1,900/mt FOB, moving sideways compared to April 28.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved up by RMB 650/mt ($92/mt), providing solid support to stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have edged up over the past week.
During the given week, stainless steel futures prices at Shanghai Futures Exchange have moved up sharply, exerting a positive impact on the stainless steel market. Meanwhile, the rises in ferronickel import prices have also contributed to the uptrend in stainless steel prices.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,435/mt ($1,894.4/mt) on Tuesday, May 12, increasing by RMB 550/mt ($77.6/mt) or 4.27 percent compared to RMB 12,885/mt on April 28.
$1 = RMB 7.0919