Taiwan’s upstream stainless steel mills announced a price hike for February offers, and the increase in 316 series in particular was large since molybdenum prices continued rising.

China’s molybdenum concentrate price hit a 17-year high, coupled with the simultaneous increase in prices of chromium and nickel, stainless steel mills greatly raised their 316 prices so as to reflect costs.

For the outlook, on the premise of a stable supply and continuously rising demand, the tight balance pattern was expected to continue. Based on the current market situation of climbing molybdenum prices, 316 stainless steel products might rise further.