Taiwan's stainless steel mills to increase stainless steel price for Feb

In the recent days, the nickel price remained strong with above US$20,000/ton level, and the 3-month futures price of nickel on the London Metal Exchange (LME) also touched the 11-month new high, causing the market to show optimistic to the plate price for stainless steel price in February.

On January 24th, Walsin Lihwa, one of the leading stainless steelmakers, announced to increase its stainless steel wire rod price by US$200/ton for February, it was expected that other Taiwanese stainless steel mills would follow to hiking trend for next month.

This year, the nickel price showed volatility, but most of the market participants still believed the long-term demand from the electric vehicles, and the export tariff from Russia and Indonesia, both provided strong support on the nickel price in the future.