Stimulated by positive news such as the US interest rate cuts and China’s reduction of reserve requirement ratio and interest rates, the global steel market has recently gradually improved. The prices of carbon steel products have continued to rise, which has also boosted stainless steel prices recently.

Although the current demand is still unclear, the prices of raw materials such as nickel have continued to rise, which raised the market prices of stainless steel products.

Indonesia Tsingshan has raised its nickel ore offers by around US$100 per ton over the past half month. This stainless steel giant has adjusted its offers three times since the end of September.

Taiwan’s downstream buyers said the stainless steel mills have hinted at a price hike for November, with unknown adjustment. The increase was expected to reach up to NT$3,000 per ton after Indonesia Tsingshan again raised its prices.