1 August 2023 – Stainless steel prices in Taiwan continue to rise in August 2023, and prices in the European Union have also increased, sometimes significantly. And in Asia, commodity prices continue to rise. SHFE copper stocks continue to fall.
Taiwan: Rising stainless steel prices in August 2023
Several Taiwanese stainless steel producers have increased prices for 300 series grades (e.g. 304 and 316) for August 2023, citing increased costs in the main raw materials for stainless steel and a significant increase in demand from abroad for the second half of 2023.
EU stainless steel prices rise significantly
And prices for stainless steel in the European Union have also risen in recent days, in some cases by more than 10%.
Commodity prices rise in Asia
Asian commodities were able to post gains across the board today, Tuesday. Prices for copper (approx. 1.6%), aluminium (approx. 1.2%), zinc (approx. 1.8%), stainless steel (approx. 0.5%), iron ore (approx. 1%), coke (approx. 4%), coking coal (approx. 3.0%) and crude oil (approx. 2%) continued to develop positively.
SHFE Copper stocks continue to fall
In particular, Asian demand for copper, which can be seen in the ever emptying SHFE inventories (-21.3% week on week, or approx. 16600 MT), could cause copper prices to rise further.
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