Taiwan’s leading stainless steel wire rod and cable producer Walsin Lihwa has raised the price of its 300 series stainless steel wire rod by NTD 2,500/ton (about USD 78) effective in November. The price increase is NTD 500 (about USD 15) lower than the NTD 3,000/ton (about USD 93) hikes imposed by rivals Yieh United Steel Corp. (Yusco) and Tang Eng on their 304 cold-rolled and hot-rolled stainless steel products.
For November, Walsin Lihwa left prices for its 200 and 400 series stainless steel products unchanged and maintained a steady surcharge for 316 series and welding rod steel. The company stated that the decision to adjust prices was aimed at reflecting increased production costs in a measured way. Nickel prices on the London Metal Exchange (LME) surged throughout October, and prices for essential raw materials like nickel pig iron and stainless steel scrap also remained high. Additionally, electricity costs for industrial use in Taiwan began to rise this month, further impacting production expenses.
Highlighting economic projections, Walsin Lihwa referenced the Chung-Hua Institution for Economic Research’s (CIER) recent forecast, which anticipates a fourth-quarter economic growth rate increase of 0.15%, suggesting an annual growth rate of 3.96%. This positive outlook points to stable economic conditions in Taiwan, offering a promising market landscape despite rising production costs.
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