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Taiwanese upstream stainless steel mills expected to raise prices again due to rising nickel prices

24 Jul 2019 13:36 reported by Joy Liu

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The price of nickel on the London Metal Exchange (LME) rose sharply recently, reaching US$15,115/ton last week, which hit the new high since June 2018.

According to market participants, due to a significant hike in average monthly nickel price, the upstream stainless steel mills in Taiwan were expected to raise their prices again for August. The range of increase will depend on the trend of recent nickel prices.

The Indonesian government announced to ban nickel ore exports from 2020, and the Philippines, another major nickel ore exporting country, will also start a 6-month environmental review on mines. Besides, the demand for nickel batteries was foreseen to grow, and Chinese stainless steel mills might increase their scheduled production for July, further driving the demand.

Therefore, with the above-mentioned reasons, the price of nickel was expected to increase due to decreased supply and higher demand.

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