SteelOrbis has been informed that as of May 19, ex-China stainless steel coil export prices are at $1,850-1,900/mt FOB, moving sideways compared to May 12.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have moved down slightly by RMB 100/mt ($14/mt), weakening the support to stainless steel export prices.
Nickel prices at the London Metal Exchange (LME) have fluctuated within a limited range over the past week.
During the given week, selling activities in major stainless steel markets-Wuxi and Foshan have not been good, exerting a negative impact on stainless steel market. Though the Philippines started to lift the lockdown amid coronavirus pandemic, which has been far away from the normal production level for nickel mines. Other ferrous metal futures prices have moved on an overall uptrend, while stainless steel futures prices have not seen that movement yet.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 13,455/mt ($1,898/mt) on Tuesday, May 19, increasing by RMB 20/mt ($2.8/mt) or 0.15 percent compared to RMB 13,435/mt on May 12.
$1 = RMB 7.0919