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LME nickel price has once again surged yesterday (February 21), closing at US$24,506/ton, hitting an 11-year high.
According to market participants, Taiwan’s major upstream stainless steel mills, including Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., were expected to hike their prices for March this week, and the price increase is likely to be at least NT$5,000/ton.
The reason for the surging nickel price was mainly due to the continuous decline in nickel inventories and the crisis in Russia and Ukraine, which aroused market concerns on supply.
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