Tang Eng Iron Works Co., Ltd., one of the main stainless steel manufacturers in Taiwan, announced to raise its new stainless steel prices for May yesterday (May 31), following Yieh United Steel Corp. (Yusco)’s price hike.

The company increased the price for two months in a row, with a total increase is about NT$14,000/ton.

According to Tang Eng’s price announcement, the domestic price of 304 cold-rolled and hot-rolled stainless steel was up by NT$12,000/ton, and the surcharge of 316L was risen by NT$2,000/ton. Tang Eng didn't announce prices for 200 and 400 series.

In terms of export, the export price of 304 cold-rolled and hot-rolled stainless steel was hiked by US$400-465/ton.

After China canceled the 13% export tax rebate on hot-rolled and cold-rolled stainless steel flat-rolled products and wire rods on May 1 and might increase export tax in the following months, stainless steel prices were increased. Meanwhile, nickel prices also hiked sharply. It was expected that the market deal price will boost accordingly.