Reported 10 months ago
In a report from Kaohsiung on June 17, 2024, recent fluctuations in the international price of nickel, a key raw material for stainless steel, have dropped below $18,000 per ton on the 14th. At the same time, the quoted price for Indonesian stainless steel coils to Taiwan has been revised downwards, making it difficult for domestic stainless steel factories to sustain prices. Rising shipping costs due to geopolitical tensions are also impacting stainless steel demand, leading industry players to fear an interruption in the continuous price hikes seen in stainless steel this year by the end of June. The stainless steel market has been seeing gradual increases in prices due to the surge in nickel prices. However, this upward trend may face a pause as nickel ore prices have started to decline recently, dropping by as much as 18.78% in less than a month. This, along with reduced demand, is causing concerns for the stainless steel industry, affecting exports due to ongoing geopolitical risks. Red Sea crisis continues to raise shipping costs, leading traders to be cautious in taking orders. Looking ahead, maintaining current price levels may be the optimal scenario.
Source: YAHOO