LME nickel prices rose again last week, and the average monthly price for July has risen by nearly US$600/ton so far compared to that in the previous month.

In order to reflect costs of raw materials, Taiwan’s upstream stainless steel suppliers, including Yieh United Steel Corp. (Yusco) and Tang Eng Iron Works Co., Ltd., were expected to hike their prices for August, a four-month consecutive rise, although the current stainless steel market is not strong.

The increase in nickel prices last week was mainly driven by Tesla’s talks, saying that there will be more nickel demand for electric vehicles. However, the tension between the US and China has increased, which might affect nickel prices this week.