LME nickel price remained high above US$20,000/t yesterday, resulting in higher costs for nickel-containing stainless steel screws.
According to market participants in Taiwan's stainless steel screw industry, the rising nickel price has increased raw material costs by around 40%. The profits of the stainless steel industry fell drastically with the rise in prices for pickling, electro galvanizing, washers, packaging materials and shipping.
Due to the ever-increasing prices of international raw materials, many fastener manufacturers will increase their prices from next year to reflect costs and increase profits.
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