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Latest Stainless Steel News13/10/2010

Wed 13 Oct 2010

TISCO hikes local stainless 304 prices by $30/t

In line with the rally in nickel prices, China's leading stainless producer, TISCO again raised its 304 grade domestic stainless list prices this week, lifting them by RMB 200/tonne ($30/t). Its domestic prices for 430 grade remain unchanged. Judging by the current situation, market sentiment should be positive in October says a TISCO official. The official says the annual maintenance Taiyuan Iron and Steel (TISCO's parent company) is conducting now and will have limited effect on stainless output. Maintenance began on 10 October and is scheduled to last for 48 days. Most market participants expect to see improvements in both prices and transactions in October. Three-month nickel prices on the London Metal Exchange finished at $24,050/t on 12 October.

Nickel forecast to see higher prices next year

Market sentiment indicates the cash prices for nickel traded on the London Metal Exchange are likely to be higher in a year's time than their current prices, according to Macquarie Bank's LME Week survey. It showed that nickel prices are expected to trade between $20,000-25,000/tonne a year from now compared with Tuesday's closing price of $24,050/t. Upside surprise from new projects is viewed as the most important driver of the nickel market in the coming year. Macquarie's research shows the spread of results when compared to previous years reflected the degree of uncertainty over the macroeconomic frontiers currently being encountered.

Taiwan's stainless steel industry enjoys benefits from ECFA

China and Taiwan sighed economic cooperation framework agreement (ECFA) this year. Taiwan's Industrial Development Bureau, Ministry of Economic Affairs indicated that it was expected that Taiwan's stainless steel value would reach to NT$370 billion (US$11.9 billion) and meanwhile, the output could rise to 3.8 million tons in the following five years. According to the ECFA, there were 12 items of stainless steel products in the list of tax reduction. It could be said that stainless steel industry enjoyed a great benefit from ECFA. It was reported that the stainless steel value in 2009 was NT$215.7 billion (US$6.95 billion) and the output was 2.42 million tons. Taiwan is the world's 7th biggest stainless steel manufacturer

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