Taiwan’s major stainless steel mill Yieh United Steel Corp. (Yusco) announced its August stainless steel prices yesterday, with 316L stainless steel surcharge rising for the second consecutive month. This increase, NT$1,000 for July and then NT$2,000 for August, was primarily due to a sharp increase in ferromolybdenum prices.

According to domestic steel mills, international ferromolybdenum prices have climbed significantly since July, with import costs rising by around 7%, which was partly influenced by a production halt at a major molybdenum mine in Inner Mongolia. Affected by this, the prices of molybdenum-containing stainless steel products, including 316L, have risen rapidly.