The base prices of Asian 304 stainless steel cold-rolled coil (CRC) have been rising since the beginning of May, which have hiked by 18.17% in one and a half months.

The price hike was mainly due to the decreased low-price export sources from China after the cancellation of export tax rebates, as well as the increased nickel prices in May. It was expected the prices will hike further in the future.

Taiwan’s steel mills have already sold out all export quotas for July, and the offers for August will be increased. Coupled with the decrease in Japan’s supply, Asian stainless steel CRC prices were expected to go higher.