Taiwanese Stainless Steel Market Transaction Rebounded Slightly Last Week

Thanks to the stop of falling of the nickel price on LME, low competitiveness from the foreign resource and the depreciation of the Taiwan currency, the Taiwanese stainless steel market transaction rebounded slightly last week while the transaction prices remained low. Last week, the nickel price in LME was quoted at USD13, 500/ton, up by about 2.5% on the previous week. Because the nickel price fell to almost US$13, 000/ton on LME, the lowest level over the past one year. Thus, the Taiwanese stainless steel mills had no choice but to cut the July price further. Market participants said that the market demand did not increase dramatically, thus it needs time to wait and see if the market transaction could keep stable in the second half of this month.