Taiwan's major stainless steel producers will announce their new prices for May this week. Producers are facing difficulties in setting new prices due to weak demand.
LME nickel futures and spot prices have held steady at around US$24,000/ton since mid-April and have even increased to around US$25,000/ton. Although higher nickel prices are expected to support prices for May, market participants noted that demand will still be the top priority in influencing steel prices.
In addition, the cost of production has been relatively high as steel mills have been buying raw materials and semi-finished products at higher prices recently.
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