Nickel prices have rebounded strongly since the end of April. The base price of 304 2B cold-rolled stainless steel in Asia hiked by US$50 in total last week.

In China’s domestic market, the price of cold-rolled stainless steel surged by more than RMB 300/ton and the export price also hiked by around US$50/ton after the adjustment of China’s export tax rebate policy.

In terms of Taiwan, the current export price of Taiwan's stainless steel cold-rolled coil (CRC) is mostly higher than CFR US$2,600/ton. Besides, the fire accident that occurred in Yieh United Steel Corp. (Yusco) at night on May 9 also brought uncertainties to prices.