Stainless steel prices may rise further for Sep if nickel price remains same pattern
The major upstream stainless steel mills in Taiwan sharply raised their stainless steel prices for August this week, and the increase hit a 2-year high. However, the increase was not enough to reflect the high nickel price on the London Metal Exchange (LME), according to market participants.
It was believed that the upstream stainless steel mills will have room to hike their prices by NT$1,000-2,000/ton for September if the nickel price kept at a level of US$14,200/ton.
The current stainless steel market was in an upward trend after the upstream steel mills announced their new prices for August, but the prices in the future market will still depend on the international nickel price trend and offers from Indonesia Tsingshan.
