Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., two major upstream stainless steel mills in Taiwan, will announce their new prices for domestic and foreign offers for January 2024, and market participants forecasted that the two mills will maintain their prices due to the rebounded nickel prices and improved market demand.

After the Federal Reserve released its expectation to cut interest rates next year, the international nickel price started to rise. The current LME nickel price has risen to the US$16,700/ton level.

Besides, due to the increased raw material prices, Indonesia Tsingshan has had its price increase recently. The growth in inquiries and transactions has led to a hike in both China and Taiwan’s stainless steel market.

The market was expected to gradually grow after the New Year holiday if the nickel price kept increasing, supporting Yusco and Tang Eng operations. In addition, the carbon steel market has been improved due to rising raw material costs, and the stainless steel market could follow the trend of growth.