In July, Yusco's list prices for 304-grade stainless hot rolled coil (HRC) and cold rolled coil (CRC) decreased by TWD 2,000 (USD 61) per ton compared to June. Last month, instead of announcing a price list, Yusco held individual negotiations with its customers on sales prices.
Similarly, Walsin Lihwa, another leading stainless producer based in Taipei, Taiwan, also reduced its 300 series stainless prices by TWD 3,000 per ton for July. This situation marked a deviation for the company, which has been increasing its prices regularly for the last 6 months.
The price cuts in July were expected by the market due to weak demand from downstream users in Taiwan and the significant decline in global nickel prices seen last month. On June 28, the three-month nickel futures price on the London Metal Exchange closed at USD 17,291 per tonne, down USD 2,419 from the end of May.
Additionally, demand from overseas buyers remains uncertain due to reduced economic activity in Europe and North America during the summer months. This uncertainty led stainless manufacturers in Taiwan to reduce their prices in line with the falling costs of stainless steel raw materials.
Stainless steel prices in China also fell due to stagnant demand. As of June 28, the spot price of 304/2B Hongwang 2*1240 mm stainless cold rolled coil in Wuxi was assessed at 13,900 Yuan (1,912 USD) per ton including 13% VAT, down 350 Yuan (48.12 USD) compared to the previous month.
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