After the Lunar New Year holiday, steel mills have increased their demand for stocking. Coupled with the development of the new energy vehicle industry and the restricted production at nickel mines after the Philippines, the main nickel producer, entered the rainy season, the international nickel price has been soaring recently. The LME nickel price has once surged to US$24,000/ton, hitting an 11-year high.

Under the pressure of higher production costs, Taiwan’s stainless steel manufacturers hiked their prices. The prices of stainless steel, including 304 series flat-rolled products, 304 and 316 wire rods, were all increased after the holiday.