Taiwan’s Feb stainless steel prices to be upheld by high production costs
Taiwan’s major stainless steel mills are going to announce their new prices for February. Supported by the recent upward trend in prices from China’s stainless steel futures and spot prices and Indonesia Tsingshan’s offers, which raised production costs, market participants believed that the price for February would be hiked or kept flat.
Stainless steel downstream distributors said that the increase could be in a range from NT$1,000 to 2,000 per ton due to Indonesia Tsingshan’s quotations for materials and the depreciated Taiwan dollars.
In addition, owing to steel mills’ maintenance and replenishment before the Spring festival, the overall inventories haven’t accumulated significantly, so market participants are generally optimistic about post-holiday steel prices.
