Driven by the rise of international steel raw materials and the increase in inventory replenishment after the year, Taiwan’s stainless steel leader Yulian opened a red market in February and raised the prices of various products in an all-around way. Among them, the domestic sales price increased by 1,500-5,000 per metric ton. NT$, the export price increased by 50-170 US dollars per metric ton, which was higher than market expectations.
Encouraged by Yelian’s price increase, the market expects that Tang Rong, another major upstream stainless steel plate manufacturer in the island, and Yexing, a major stainless steel plate manufacturer, will open their February prices on the 31st. couplet.
On the 30th, Yulian announced the price for February. The price of domestic 304 series stainless steel products increased by NT$2,500 per metric ton, the price of 430 stainless steel products increased by NT$1,500, and the price of 316L products increased by NT$5,000.
In the export part, 304 stainless steel products increased by US$100 per metric ton, 430 stainless steel products increase by US$50, and 316L products increase by US$170.
Yeh United pointed out that the prices of international raw materials have continued to rise recently, such as nickel, chromium, scrap stainless steel, and other raw materials, especially ferromolybdenum, which has continued to push up the production cost of stainless steel. Moreover, due to production reduction or annual maintenance of steel mills in some areas, future supply will be further tightened, which will help stabilize market supply and demand. In addition, end users are optimistic about the expected demand, their willingness to replenish inventory has increased, and market transactions have become more active. Therefore, Yulian has decided to increase the prices of various products for domestic and foreign sales.
Tang Rong also said that the prices for February will be moderately raised on the 31st.
The stainless steel industry pointed out that the price of nickel, the main raw material, rose during the Spring Festival. It once rose to 29,200 US dollars per metric ton and then adjusted back to 28,900 US dollars, an increase of 8.23% from the low of 26,700 US dollars last month. The average price of this month $28,048 was slightly lower than last month’s $28,942, but higher prices for secondary raw materials such as molybdenum pushed up costs for stainless steel mills.