Yieh United Steel Corp. (Yusco), a leading stainless steel mill in Taiwan, announced its new prices for September today (August 28).

According to the price adjustment, 304 hot-rolled and cold-rolled prices were both raised by NT$5,000/ton, the price of 430 was hiked by NT$1,000/ton, and the surcharge of 316 was kept unchanged.

As for the export price, 304 was raised by US$180-200/ton, 430 was up by US$30-50/ton, and the surcharge of 316 was kept flat.

The price adjustment was in line with market participants’ expected. Yusco said that the move was to reflect the surge in the costs of raw materials. This was the increase for five months in a row.

Tang Eng Iron Works Co., Ltd., another upstream stainless steel mill in Taiwan, was expected to increase its prices. Therefore, despite weak demand in the stainless steel market, the market prices were expected to climb further with new prices announced by the two leading mills.