Stainless steel prices in Taiwan are increasing for September, driven by a sharp rise in raw material costs, especially for molybdenum. Upstream steel mills have raised prices for their main products, with the biggest change seen in 316-grade stainless steel, which is heavily dependent on molybdenum.

Several mills have increased their surcharges for 316 products by up to NT$3,000/ton. Tang Eng, for example, has raised its 316 surcharge by a cumulative NT$6,000 over the past three months.

The price of ferromolybdenum in China has hiked significantly since July, leading to higher production costs and, in turn, higher surcharges for 316L stainless steel products.