The stainless steel market has picked up after Tsingshan and Delong stopped offering to control the price last week, and Indonesia Tsingshan also again raised its export quotations.

Due to the depreciation of the New Taiwan dollar, some foreign importers turned to purchasing from Taiwan for lower costs, which unexpectedly benefited Taiwan’s steel mills.

It was understood that Indonesia Tsingshan has raised its offers since July. The import costs increased greatly due to Taiwan dollar’s depreciation, and the current cost is higher than Taiwan’s market price. Therefore, buyers who originally purchased No.1 stainless steel products from Indonesia Tsingshan diverted their procurement to Taiwan’s mills.

With the increased order of No.1 products, Taiwan’s mills foresaw a higher order receipt in September than this month.