As the cost of iron ore rises, the price of carbon steel is driven out of the downturn. Stainless steel processing plant YC Inox pointed out that carbon steel is a leading indicator of the steel market. If this upward trend continues, stainless steel prices are expected to recover in the second quarter of 2024. Due to the global recession and sluggish demand, the company's profit has decreased compared with last year.

In addition, Taiwan's stainless steel wire rod manufacturer, Walsin Lihwa, announced that its cumulative revenue for the first 11 months of this year increased by 6.91% year on year, benefiting from the demand of Taipower's power distribution system upgrade project.

Besides, Walsin Lihwa predicts that performance in the fourth quarter will be better than the third quarter as its gross margin in the construction market continues to be stable. Walsin Lihwa also mentioned that although the global economic recovery is not as good as expected, the Fed's pressure to raise interest rates is reduced, and inflation can improve. The Chinese government also promoted favorable economic policies, and midstream and downstream customers in the stainless steel industry have gradually replenished their inventories.