Industry News
Taiwan’s stainless steel prices for Sep may be supported by high raw material prices2023-08-22
In spite of the dropped LME nickel price and the weak market demand, China’s prices of ferronickel, high carbon ferrochrome, and ferromolybdenum have risen sharply, leading to a surge in the stainless steel price and cold-rolled coil prices in Asia. Coupled with the depreciated Taiwan dollar, it was believed that Taiwan’s upstream stainless steel mills are likely to raise their prices for September.
Due to the tight supply of nickel ore in Indonesia and high prices of ferronickel, high carbon ferrochrome, and ferromolybdenum in China, the production costs have risen significantly. In addition, despite the continuously weak market demand, stainless steel prices in China and Asia have hiked. The Taiwanese dollar’s depreciation has also increased import costs for steel mills.
Therefore, market participants said the major stainless steel mills in Taiwan had the potential to hike their prices in a range from NT$1,500 to 2,000 per ton, depending on the recent changes in the market condition.
