SteelOrbis has been informed that as of May 11 ex-China stainless steel coil export prices are at $2,750-2,800/mt FOB, up by $400/mt compared to April 27.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 750/mt ($117/mt).
Nickel prices at the London Metal Exchange (LME) have moved up in the given week.
During the week in question, stainless steel prices have moved up amid the surging movement of iron ore prices following the Labor Day holiday. Downstream users have been very active in concluding purchases of stainless steel amid the rising momentum of prices. Ferronickel prices have also edged up, bolstering stainless steel prices from the cost side.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,395/mt ($2,396/mt) on Tuesday, May 11, increasing by RMB 900/mt ($140.0/mt) or 6.2 percent compared to RMB 14,495/mt on April 30.
$1 = RMB 6.4254