Taiwanese stainless steel mills may increase prices for Sep as nickel stands firmly
The London Metal Exchange (LME) nickel price reached US$16,000/ton above on August 14th. After that, the three-month nickel price dropped to US$15,810/ton on August 20th.
The August's nickel average price should be higher than July. The nickel price increased from US$14,200-14,500/ton to US$16,200/ton recently. Taiwanese stainless steel mills should raise their prices by NT$5,000-6,000/ton, but the mills only hiked the price by NT$4,500/ton for August. The rest gap was expected to be filled next month.
According to the market expectation, the Indonesian government might implement a ban on nickel ore exports earlier, plus the SR Languyan Mining Corp., the Philippines' largest shipment of a high-grade nickel mine, planned to stop mining as nickel ore sources were nearly exhausted, both might support the future nickel price.
Based on those factors, it was expected that Taiwanese stainless steel mills might increase the price for September.
