With low nickel market inventory and a rebound in nickel prices, Taiwan’s stainless steel market has experienced a resurgence in prices.
The price of 304 cold-rolled coils has climbed to around TWD 68,000 (USD 2,217) per ton, while 304 hot-rolled coils have also surged to approximately TWD 66,000 (USD 2,152) per ton.
Nickel prices increased in the recent weeks due to favorable macroeconomic conditions in the US and China, ongoing decrease in LME and Shanghai nickel inventories, and promising outlook for the new energy vehicle sector in China.
Although the current market conditions do not reflect robust demand, industry insiders anticipate that upstream stainless steel mills in Taiwan will either raise or maintain prices for the coming month. In the short term, the stainless steel market is expected to remain stable.
1 USD / 30.7 TWD