Nickel price stabilizes at $30,000/ton level, driving up stainless steel prices
Time:Thu, 29 Dec 2022 05:47:40 +0800
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LME nickel price continued to maintain an upward trend, currently at the US$30,000/ton level. Tin, copper, aluminum, and stainless steel prices were also brought up. Market participants estimated the increase in stainless steel price will be firm next January.
Market players believed due to the rise in raw material prices, with price hikes announced by Yieh United Steel Corp. (Yusco) for January, Yieh Hsing and Walsin Lihwa were expected to hike their stainless steel wire rod prices as well.
The movement towards a low carbon emission target and trend in renewable energy cars, as well as lifting COVID restrictions in China, were expected to boost the Chinese economy through infrastructure development in the near future. Although the global market was expected to recess, the stainless steel market may enjoy a different trend.
