It is reported that stainless steel price enjoyed a pick up in Asia due to the low stock and soaring nickel price. Since the inquiries from Europe increased, thus squeezed the supply and pulled the price up.
As per report, Taiwan' Yieh United Steel Corporation has raised their export prices by USD 80 to USD 150 per tonne. Korean POSCO also increased price by around 10%.
Market participants pointed out that because of the more inquiries from Europe, Korea and Japan were willing to export more stainless steel to Europe, making the supply in Asia decrease and price increase.
