Yieh United Steel Corporation, one of the major stainless steel producers in Taiwan, announced to cut the list prices for 300 and 400 grades stainless steel products by TWD 1,000 per tonne for August 2012, in response to falling nickel prices and weak market demand.

Also, the firm decided to reduce its export prices of stainless steel products by USD 30 per tonne for August 2012.

YUSCO indicated that it decided to cuts its August 2012 list prices in order to reduce the impact brought by cheap imports into the Taiwanese market and to stabilize domestic market.

The average nickel spot prices at LME during July 1st 2012 through July 27th 2012 were at USD 16,174 per tonne, falling by USD 365 per tonne from the average prices of USD 16,539 per tonne in June 2012. As a result, the steelmaking costs were reduced by TWD 900 per tonne.

Source - www.yieh.com)

(www.steelguru.com)