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Increased costs forecasted to support stainless steel market in Taiwan & China

14 May 2024 16:01 reported by Stanley Wang

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Stainless steel markets in China and Taiwan recently faced low market demand. In China, despite significant fluctuations earlier this year, prices have mostly stabilized since April, hovering around last year's levels. Conversely, the Taiwan market has seen steel prices rise steadily for five consecutive months, driven by increased costs and tight inventory.

China's stainless steel market has witnessed fluctuating trends since the May 1st holiday, with steel mills' stance influencing market dynamics. Additionally, global nickel prices, including LME nickel and Chinese nickel pig iron, have remained elevated since April, further impacting stainless steel costs. Industry insiders attribute the steel mills' reluctance to slash prices to high production costs, particularly amid tense ferronickel supply.

Despite market uncertainties, industry experts anticipate a potential upward trajectory for stainless steel prices, largely contingent on market sentiment and pricing attitudes.

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