At present, LME nickel price is increased up to 18,000 USD per ton; and this is the highest level in the last five years. The market participants noted that it is uncontroversial that stainless steel market will be grown together with it, but anyway will depend on the nickel price trend.
Yieh United Steel Corp. (Yusco) and Tang Eng, two biggest stainless steel manufacturers in Taiwan, continuously increased their stainless steel prices within three months. However, because of early application by Indonesia of the prohibition for the ore export, LME nickel price increased by 12% on August 30; and it was considered that stainless steel market price will be further increased.
However, present increase in stainless steel market was usually conditioned by fast nickel price increase that did not provide the support to the market demand. Indonesian government will inform about the details after the prohibition is signed. This will influence on further nickel price trend, as well on the stabilization on stainless steel market.