The Taiwanese stainless steel producers are going to release August price policy. Industry sources predicted that they would cut the August list prices by NT$1,000~NT$1,500/ton due to weak nickel prices.
It's known that the spot nickel prices at LME dropped to break US$16,000/ton on July 20th, hitting the lowest level since this year, because of investors' concern on debit crisis in euro zone.
The average spot nickel prices at LME were at US$16,273/ton during the period from July 1st through July 23rd, lower than the average prices of US$16,539/ton in June.
In addition, as the cheap stainless steel imports from China have impacted the Taiwanese domestic market, some distributors have reduced the prices to gain orders.
Affected by these factors, the stainless steel producers in Taiwan might cut the August list prices by NT$1,000~NT$1,500/ton.