Taiwan’s upstream stainless steel mills expected to raise prices for Feb
14 Jan 2022 16:11 reported by Joy Liu
Nickel, a key raw material for stainless steel, accounts for up to 50% of the total cost. The recent LME nickel price hit a ten-year high, reaching US$22,000/ton due to Indonesia’s new policy and the falling US dollar.
Indonesia, the world's largest nickel producer, is considering imposing export duties on nickel pig iron and ferronickel as soon as this year with a duty rate of 2% at least, which is likely to lead to a surge in stainless steel costs. The falling US dollar also made the prices of US dollar-denominated metals such as ferronickel more popular.
In addition, China’s stainless steel prices also rebounded recently. Due to both increases in China’s stainless steel prices and the international nickel prices, Taiwan’s upstream stainless steel mills were expected to hike their new prices for February.
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