As nickel prices have continued rising to a record high compared to the past six years, Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., two leading stainless steel upstream suppliers in Taiwan, were expected to hike their prices for March next week.

According to market participants, the prices for the main 300 series products will have a space of at least NT$2,000/ton for the increase, which will be a hike for three months in a row.

The increase in nickel prices was due to the support of the demand for electric vehicle batteries in the world, as well as a mining ban on nickel ore announced by the Philippine government. Under the concerns about the decline in supply, nickel prices have been pushed up continuously.