Taiwan’s major upstream stainless steel mills optimistic about market recovery in Q4
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Update time : 2022-08-30 17:59:19
Due to the recent strong transaction prices in Foshan, the most important stainless steel distribution center in China, coupled with the stable nickel price, Taiwan’s major upstream stainless steel manufacturers Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd. expressed their optimism about the market recovery in the fourth quarter of this year.
Stainless steel demand was expected to be boosted by the need for building materials, household appliances, and industrial sectors. Besides, the current international nickel price is at the US$21,500/ton level, without a sharp rise or drop, which was beneficial to the stainless steel industry.
Tang Eng said that the recent performance of stainless steel is stronger than the previous wave. In addition, the supply decreased after many big stainless steel mills in Asia cut production, which stimulated China’s stainless steel futures market. The fourth quarter is a traditional peak season, which is likely to raise the demand for stockpiles.
