Reportedly, Yieh United Steel Corp. (Yusco), one of the major stainless steel producers in Taiwan announced to cut the list prices for 300 and 400 grades stainless steel products by NT$1,000/ton for August, in response to falling nickel prices and weak market demand.
Also, the firm decided to reduce its export prices of stainless steel products by US$30/ton for August.
Yusco indicated that it decided to cuts its August list prices in order to reduce the impact brought by cheap imports into the Taiwanese market and to stabilize domestic market.
The average nickel spot prices at LME during July 1st through July 27th were at US$16,174/ton, falling by US$365/ton from the average prices of US$16,539/ton in June. As a result, the steelmaking costs were reduced by NT$900/ton