The global metals market is entering another period of volatility, with stainless steel prices rising sharply as nickel costs continue to climb. Indonesia’s Tsingshan Group, one of the world’s largest nickel and stainless steel suppliers, recently announced another increase in its export prices for hot-rolled stainless steel, lifting offers by USD 30 per metric ton. This move is adding fresh upward pressure across the stainless steel supply chain in Asia.
Nickel prices have risen by nearly 10% in recent months, supported by tightening supply controls in Indonesia, geopolitical uncertainty, and increasing raw material demand linked to artificial intelligence infrastructure and industrial investment. Market participants now expect stainless steel prices to follow nickel higher, particularly for 304-series products, where price increases of NTD 6,000–7,000. (USD 200-220) per ton is being discussed in Taiwan.
Indonesia’s Nickel Controls Push Costs Higher
According to industry sources, Indonesia’s government continues to tighten control over nickel ore output and export policies. These measures have pushed up prices for laterite nickel ore and nickel pig iron, driving production costs higher for stainless steel mills. After recent volatility, LME nickel prices rebounded to around USD 18,700 per ton, reaching their highest level in nearly one year.
Tsingshan stated that rising raw material costs and supply restrictions left little room to absorb higher expenses. As a result, the company raised export prices for 304 hot-rolled stainless steel to approximately USD 2,035–2,045 per ton. Since January, Tsingshan has increased prices four times, with a cumulative rise of USD 180 per ton, equivalent to roughly a 10% increase.
Taiwan Stainless Mills Signal Further Price Increases
The impact of higher upstream costs is now clearly visible in Taiwan’s stainless steel market. Major producers, including Walsin Lihwa, Yieh United Steel (Yusco), and Tang Eng, are expected to open their February price lists at higher levels, marking the third consecutive round of increases.
Since December, Taiwanese mills have steadily adjusted prices to reflect rising raw material costs and changes in global trade policy. After raising prices by NTD 1,000(USD 30) per ton previously, mills expanded increases to NTD 4,000–5,000(USD130-160) per ton in January. Market expectations suggest that 304 series stainless steel prices may rise further, as mills respond to sustained cost pressure from nickel and alloy inputs.
Short-Term Demand Softness, Medium-Term Support Remains
While stainless steel demand in China remains seasonally weak due to winter inventory cycles and the upcoming Lunar New Year, industry analysts expect prices to remain supported in the short term. Steelmakers are maintaining firm pricing strategies, limiting downside risk even as some downstream buyers delay purchases.
Historically, post-holiday periods mark a recovery phase for stainless steel restocking. If nickel prices continue to rebound and demand gradually improves after the holiday season, stainless steel pricing momentum may strengthen further across Asia.
Downstream Pipe and Distribution Markets May Follow
Rising stainless steel prices are also expected to move downstream. Pipe manufacturers and distributors—including tube mills and service centers—are likely to pass higher costs along to finished products. This could inject new momentum into the stainless steel market after a prolonged period of margin pressure.
As nickel remains the key cost driver for stainless steel, the market will continue to closely monitor Indonesian supply policy, global macroeconomic trends, and post-holiday demand recovery.
YES Stainless International Market Insight
At YES Stainless International, we closely track nickel movements, stainless steel pricing trends, and policy developments across Indonesia, Taiwan, China, and global markets. With sourcing and supply capabilities across Asia, we help customers secure competitive stainless steel solutions while navigating price volatility and market shifts.
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