Taiwan's Yieh United Steel Corporation has decided to raise its domestic price for 300 series stainless steel by TWD 3,000 per tonne for January 2009 due to soaring LME nickel price.
Yusco said that it will review the nickel price for a week before deciding on new prices for next week. Nickel price has soared by some 36% in the beginning of 2009, which is the main reason for the steel price rise. The current market will go into a period of adjustment.
Meanwhile, Taiwan's domestic wire rod producer Yieh Hsing also announced a price rise of TWD 3,000 per tonne.
Source: Steel Prices India
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