Stainless steel prices rising on higher raw materials' prices
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Update time : 2021-05-06 17:01:08
China's cancellation of a 13% tax rebate on exports for stainless steel has stimulated Tsingshan Holding Group in Indonesia to start a continuous price rise.
The LME nickel price was stimulated by the capital reset and the intraday price rose to US$18,000/ton yesterday (May 5, 2021).
After the uncertainty emerged on China's exports, the LME has once again become an important indicator to observe.
The increase in Tsingshan's price didn't influence buying. There are continuing buyers from Taiwan, South Korea, Southeast Asia, and Europe. However, Tsingshan said now they are having a super tight production full of orders from Europe and Asia.
Besides, due to rising import prices and possible supply cuts in China, Taiwan's stainless steel prices have also increased.
