As nickel price on the LME has dropped by 20 percent within 3 days, Taiwanese domestic stainless steel scrap price also decreased by NT$10/kg.
According to a scrap mill, the scrap price closely follows the trend of nickel price. The nickel price on LME has dropped to about US$22,000/ton on Thursday.
Some of speculators expect the nickel price will continue to drop and it will be difficult return to previous high price level within next two weeks.