Ex-China stainless steel prices edge up slightly

Tuesday, 21 April 2020 16:00:37 (GMT+3)   |   Shanghai
       

SteelOrbis has been informed that as of April 21 ex-China stainless steel coil export prices are at $1,800-1,850/mt FOB, moving up slightly compared to April 14.

During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have increased by RMB 350/mt ($49.5/mt), providing support for stainless steel export prices.

Nickel prices at the London Metal Exchange (LME) have rebounded further over the past week due to better sentiments among market players amid slower growth of confirmed coronavirus cases in developed countries.  

During the given week, transaction activities in the Chinese domestic market have been at medium levels as processing centers and traders have been willing to conclude purchases of stainless steel. Meanwhile, inventory consumption has been running smoothly in the main stainless steel markets, signaling an improvement in demand from downstream users.

Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,030/mt ($1,841.6/mt) on Tuesday, April 21, increasing by RMB 225/mt ($31.8/mt) or 1.76 percent compared to RMB 12,805/mt on April 14.

$1 = RMB 7.0752


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