After Taiwan's steel mills raised prices, market prices for stainless steel rose correspondingly. Market participants noted that this was mainly due to an increase in export duties from China and Russia.
China has previously canceled the export duty exemption. While no date has yet been set for the next increase in export duty, the likelihood is high. As for Russia, it has been determined that within 5 months from August 1, an export duty of at least 15% will be levied on all metals and steel products.
Market participants said that despite sluggish domestic demand in Taiwan, export orders from steel mills are still good. Combined with the introduction of export duties by China and Russia, the market outlook is optimistic and the stainless steel market is expected to remain stable after the growth.
Export duties from China and Russia stimulate the rise in prices for stainless steel
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