Last week the LME nickel price rose over 4% and was down a slight 0.51% to US$16,435 per tonne at 6am Taipei time today. This price trend may affect the new prices of stainless steel wire rods.
Market participants think that economic recovery should be observed after the Lunar New Year. The Chinese government recently made a 50 basis point reduction in banks' required reserve ratios to support the economy. This policy is expected to increase the demand for stainless steel, but its future impact needs to be further observed.
Experts in the industry state that the price increase is due to raw material costs, and this causes manufacturers to revise prices to reflect their costs. Stainless steel wire rod producers will determine their new prices and announce them to market players who follow the developments in the sector closely. This process serves as a warning to consumers to be prepared for price changes.
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