8/2/2010 11:28:00 AM
Low Nickel Prices Dropping Stainless Steel Prices

Taiwan-based Fastener World magazine reported the low nickel prices are “giving pressure to the stainless steel market in Taiwan, which may make impacts on the operation of stainless steel plants.”
The London Metal Exchange listed nickel prices at US$17.28 on August 2, 2010.  The price had peaked at $27 in April.

“So far the decline has been nearly 30%, forcing the market price of stainless steel in Taiwan to slide down,” Fastener World reported. “The price of series 300 products made by upstream factories in June has dropped by NT$10 thousand/ton, increasing the pressure downstream.”

Some said that due to the European bank credit crisis and China’s actions to curb its overheating real estate market, it is difficult for the short term nickel price to go up. “The operation of stainless steel plants is possible to face a very big challenge in Q3,” according to Fastener World.  ©2010 GlobalFastenerNews.com