Yuen Chang Stainless Steel Co., Ltd., one of the leading stainless steel manufacturers in Taiwan, said in the shareholder meeting that the downstream inventory adjustment was expected to finish in the second quarter. With stabilized demand, the prosperity of the stainless steel manufacturing industry will be basically the same as that in 2022.
Yuen Chang said that the downstream industries slowed down their procurement previously due to high international energy costs, affecting the economic performance and industrial production in various countries.
However, the situation has improved after the downstream demand from the petrochemical, automobile, and aerospace industries stabilized. It was expected that international steel prices will maintain high with fluctuations, supporting product offers.