[SMM Stainless Steel Flash] Chinese Taiwan's Stainless Steel Export Prices Rise in June Despite Volume Drop

Tang Eng Iron Works reported Q2 net profit of NT$77.56 million, securing two consecutive quarters of profitability and contributing to H1 net profit of NT$191.68 million with EPS of NT$0.55. Consolidated Q2 revenue reached NT$2.82 billion, bringing H1 total revenue to NT$5.29 billion. Unaudited July revenue rose 24.8% MoM to NT$880.2 million. The turnaround was driven by improved steel market conditions, rising nickel prices, and consistent price adjustments implemented since December last year. Market participants expect the company to return to full-year profitability, ending four consecutive years of losses.

Yusco renewed an anti-dumping investigation petition in early July targeting Vietnamese 304 cold-rolled stainless steel, driven by surging import volumes. Customs data showed imports reaching approximately 6,200 tonnes in June and 6,000 tonnes in July, a 168% YoY surge, with cumulative imports for the first seven months of the year hitting 23,200 tonnes. Although formal case registration remains pending, Chinese Taiwan's Customs Administration has scheduled a preliminary hearing for September 14 due to heavy administrative workloads. Importers have expressed concern over potential retroactive AD duties affecting existing unfulfilled contracts. Yusco and Tang Eng previously filed a similar petition in October 2025 before temporarily withdrawing it; renewed import pressure and sluggish local demand have prompted the latest regulatory action to safeguard fair competition.

According to SMM data, on August 14, the FOB price of Indonesian MHP nickel fell $93/mt Ni from the previous day, and the FOB price of Indonesian MHP cobalt fell $589/mt Co. The FOB price of Indonesian high-grade nickel matte rose $18/mt Ni.