YUTE United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., two leading stainless steel manufacturers in Taiwan, will announce their new prices for November this week.

In the market background of Indonesia Tsingshan continuously raising its offers and the rising nickel prices, the price of 300 series products was highly expected to rise for next month.

Market participants said the People's Bank of China (PBOC)’s cut of interest rates and the reserve requirement ratio was expected to release trillions of RMB funds into the market and attract the stainless steel downstream processing industry to prepare for inventory replenishment in advance before the National Day holiday, which stimulated prices.

In addition, the average LME nickel spot price as of October 24 has risen to US$17,100/ton, 6.2% higher than that in September.

Besides the higher market prices and raw material costs, the increased electricity prices in Taiwan in October also raised steel mills’ production costs. Therefore, the stainless steel price for November was predicted to rise in response to the current market trend.