Taiwan’s Tang Eng reduces its stainless steel prices

On October 17, Tang Eng Iron Works (Tang Eng), the second biggest stainless steel company in Taiwan, announced that for end of October deliveries it has reduced its SS 2B stainless cold rolled coil (CRC) offers, both in the domestic and export markets. Accordingly, the mill's domestic offers have declined by NTD 1,500/mt ($51/mt), while export offers have moved down by $40/mt.
 
In Taiwan, stainless steel mills usually announce their new price policies on monthly basis, while this time Tang Eng has made its announcement in mid-October, which is unusual. Tang Eng explained that this price revision was due to the sharp decreases in LME nickel prices since last week. In addition, Tang Eng said it was worried downstream demand might still be weakening and so it cut its October shipment offers to stimulating sales and prevent more cheap import offers from affecting the local market.
 
The new prices are at the following levels: 
  

Product	Price
Stainless steel SUS304 No.1 (HRC) 2.5-3.0 mm	NTD 91,000-92,000/mt ($3,114-3,149/mt)
Stainless steel SUS304 2B (CRC) 2.0 mm	NTD 94,000-95,000/mt ($3,217-3,251/mt)

 
All the above prices, which exclude five percent VAT, are on actual weight basis, for ex-works and for late October deliveries. Increases or discounts may be applied on these base prices, if necessary.
 
In the meantime, the producer‘s 2.0 mm stainless steel SUS304 2B (CRC) export prices are at $2,840-2,900/mt FOB for shipments in October and November.
 
$1 = NTD 29.22