Export prices for Chinese stainless steel increased sharply on Wednesday May 12 due to the the removal of China's 13% export rebate and the rising nickel prices on the London Metal Exchange.
The LME three-month nickel contract ended the official trading session on Wednesday at $17,942 per tonne, up by $680 per tonne from $17,262 per tonne on April 28.Stainless steel cold-rolled coil 2mm grade 304 domestic (Wuxi): 16,500-17,300 yuan ($2,558-2,682) per tonne, up by 1,200-1,500 yuan per tonne.
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