Taiwan’s Tang Eng ups stainless steel prices for Jan 2023
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Update time : 2022-12-28 20:01:24
Tang Eng Iron Works Co., Ltd., one of the main stainless steel manufacturers in Taiwan, announced a price hike for all stainless steel products for January next year.
According to the price announcement, the domestic price of 304 cold-rolled and hot-rolled stainless steel coil was up by NT$2,500/ton, and the surcharge of 316L was increased by NT$9,000/ton, higher than market expectations. The export base price of 304 cold-rolled and hot-rolled stainless steel was also hiked by US$50-100/ton, depending on different regions.
Market participants said that Taiwan’s upstream steel mills decided to hike their prices this time due to the increasing raw material costs. In spite of a weak stainless steel market demand, London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE) nickel prices and China’s stainless steel futures are all at a high level. Based on the current market situation, stainless steel price was expected to gradually move firmly.
