SteelOrbis has been informed that as of May 12 ex-China stainless steel coil export prices are at $2,400-2,500/mt FOB, moving sideways on average compared to April 28.
During the given period, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have risen by RMB 100/mt ($14.6/mt).
During the week around the Labor Day holiday (May 1-5), LME nickel prices indicated slight rises, while decreasing following the holiday, affecting the stainless steel market. The weather has started to get hot this week, exerting a negative impact on demand for stainless steel. Stainless steel futures prices have moved down for four consecutive days since May 7, negatively affecting market sentiments. The previously firm bullish consensus has been shattered, while spot quotations have begun to soften. Cautious sentiments have prevailed among market players. Since market players who had built up stocks ahead of the holiday had already secured ample profit margins, no panic-driven collapse is being observed yet. It is expected that stainless steel prices in the Chinese domestic market will fluctuate within a limited range in the coming week.
Indonesia-based Tsingshan’s export quotation for 304 (2 mm) has remained stable, standing at $2,230/mt FOB.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 15,135/mt ($2,209.5/mt) on Tuesday, May 12, moving down by RMB 210/mt ($31/mt) or 1.4 percent compared to April 28, while decreasing by 0.3 percent compared to the previous trading day, May 11.
$1 = RMB 6.8426
