Taiwanese stainless steel deal prices increase twice in one week
The nickel price on the London Metal Exchange (LME) soared to US$16,000/ton on August 8th since it was heard that the Indonesian ban on raw ore would be launched in October this year.
Affected by this, the LME nickel stock kept decreasing these days. The LME nickel stock already reduced in a total of 13.46% in two months. Therefore, the low stock would be supportive of the high price.
In addition, the Taiwan dollar also depreciated and Tsingshan Indonesia stopped offering. Taiwanese stainless steel downstream customers decided to increase NT$500/ton further.
If adding the previous rise (NT$2000/ton), the total rise would become NT$2,500/ton in a week. If nickel still remained high level, it was expected that Taiwanese stainless steel mills might increase NT$4,000/ton for September.
