Taiwan’s stainless steel market expected to keep uptrend
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Update time : 2024-04-26 15:22:17
The stainless steel market is experiencing a resurgence, because the international nickel surged, and Taiwanese upstream steel manufactures’ price lists for May, which will be declared recently, were expected to increase. Therefore, market participants predicted that stainless steel would continue to exhibit an upward trend in the short term.
There are two primary factors attributing the upward trend. Firstly, nickel futures price at the London Metal Exchange (LME) maintained at a high level and even hit a seven-month record high on April 22. Secondly, the Taiwanese dollar depreciated recently, which further increased steel mills’ import costs and Indonesia’s Tsingshan revised prices up. Therefore, upstream steel mills may raise prices for May.
Furthermore, China’s stainless steel futures and Asian cold-rolled stainless steel coil prices also witnessed an uptick. Despite weak domestic demand, the export market remains robust. With nickel prices holding steady at elevated levels, experts anticipated continued strength in the short-term stainless steel circulation market.
