Taiwan’s March stainless steel prices expected to rise on higher nickel prices
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Update time : 2024-02-23 16:16:45
The LME nickel futures have been lifted greatly by nearly US$600 on February 21 to close at US$16,930/ton, hitting a new high since December 28 last year, due to market concerns on the possible disruptions of supply caused by the US’ proposal to implement sanctions against Russian metals after the death of opposition leader Alexei Navalny.
Meanwhile, the LME-monitored nickel stock decreased slightly by 24 tons on the 21st, coming to 70,296 tons. Coupled with a weaker US dollar index, the nickel price was driven up.
In addition to the hiked nickel prices, Indonesia Tsingshan greatly raised its hot-rolled stainless steel prices after the Lunar New Year, which also makes Taiwan’s market participants expect a potential increase in stainless steel offers from Yieh United Steel Corp. (Yusco), Tang Eng Iron Works Co., Ltd. (Tang Eng), Walsin Lihwa, and Yieh Hsing Enterprise Co., Ltd. (Yieh Hsing) for March.
Most market participants believed that the short-term nickel price trend will be affected by macro factors, and it will be based on the actual sanction package announced by the US on February 23.
