Nickel Price Surge Leads to Higher Price of Steel & Iron Stocks

Following Indonesia, the Philippine government is proposing a ban on nickel laterite export, triggering public concerns on material shortage and consequent surge of international nickel price to USD 19 thousand per ton. Coupled with the explosion at NIPPON STEEL & SUMITOMO METAL's coke oven in Nagoya, steel (particularly stainless steel) and iron stock prices go up. The rising carbon steel stocks include China Steel Structure, Tycoons, and San Shing; stainless steel stocks include Yieh Hsing, Ta Chen Stainless, YC INOX, Tong Ming, and Rodex. The automotive nut giant San Shing sees its EPS rises NTD 0.6, closing at NTD 84.7. Rodex's EPS up NTD 0.95 (3.85%), closing at NTD 25.6.