Taiwan’s Yusco & Tang Eng expected to raise stainless steel prices for Aug
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Update time : 2021-07-26 20:17:41
Taiwan’s Yusco & Tang Eng expected to raise stainless steel prices for Aug
Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., two leading stainless steel upstream suppliers in Taiwan, will announce their new prices of stainless steel for August this week.
Driven by surged prices of nickel and chromium, the two key raw materials for stainless steel making, the two major upstream suppliers were expected to hike their prices for August, which will be the increase for the fourth consecutive month. It was expected that the price of 300 series will have room to increase by at least NT$5,000/ton.
According to market participants, the recent increase in nickel prices was mainly due to the great demand for global electric vehicle batteries and less laterite nickel mining in the Philippines caused by the rainy season.
Moreover, the price of chromium, as a secondary raw material for stainless steel making, has gone up by around 30% due to severe riots in South Africa, the world's largest producer, which interrupted the ports and export transportation.
