Taiwan’s major stainless steel mills, such as Yieh United Steel Corp. (Yusco) and Walsin Lihwa, raised their prices by up to NT$2,000/ton for August.

Regarding the market, Froch Enterprise, one of the stainless steel pipe and flat-rolled producers in Taiwan, said that the overall market demand hasn’t recovered obviously, but the delivery from May to July was stable. Higher prices announced by major mills would have a certain stimulating effect on market confidence.

Froch foresaw a bounceback in the third-quarter market. Upstream mills’ increased prices and higher LME nickel prices will support the stainless steel market. Besides, if the upward trend continues in the next two months, downstream buyers will increase their willingness to purchase for replenishment.