SteelOrbis has been informed that as of April 30 ex-China stainless steel coil export prices are at $2,350-2,400/mt FOB, moving sideways compared to April 23.
During the given week, local stainless steel prices from Shanxi Province-based Chinese steelmaker Taigang Stainless Steel Co., Ltd have remained stable.
During the given week, nickel prices have declined amid the risk aversion rising on the capital side. Stainless steel futures prices have edged up slightly, while cautious sentiments have prevailed among market players. Ahead of the Labor Day holiday (May 1-5), contrary to previous expectations, downstream users have been unwilling to replenish stocks, given the high price levels, exerting a negative impact on stainless steel prices. It is expected that stainless steel prices in the Chinese domestic market will likely fluctuate within a limited range in the coming week.
Stainless steel futures at the Shanghai Future Exchange closed at RMB 14,280/mt ($2,011/mt) on Tuesday, April 30, increasing by RMB 115/mt ($16/mt) or 0.8 percent compared to that on April 23.
$1 = RMB 7.1063