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Recession Fears Ramp Up Pressure on Industrial Metals Market - MetalMiner
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Courtesy YIEH - Yusco & Tang Eng expected to raise 300 series stainless steel prices by NT$8,000/ton for Oct
26 Sep 2022 16:35 reported by Joy Liu
Due to the production halt at South Korea's POSCO caused by a fire accident and the rising nickel prices, Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., two leading stainless steel upstream suppliers in Taiwan, were expected to raise their stainless steel prices for October this week.
Among them, the price for 300 series products had a possibility to be hiked by NT$8,000/ton, which will improve the companies’ performance in operations.
The LME nickel price has been revised sharply since May. With the concern of economic recession caused by global inflation and lower willingness to invest owing to US interest rate hikes, downstream stainless steel processing industries slowed down their procurement after considering costs and market prospects, resulting in Yusco and Tang Eng’s adjustment in their pricing strategies since then.
World scrap prices for the week of September 19-26, 2022, recovered to $365/t - Suppliers in the Turkish market are expecting an increase in quotations. Prices for HMS 1/2 scrap on the Turkish market for the week of September 19-16, 2022, increased by $10 compared to the previous week – up to $365/t. For remainder of article visit GMK
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