China’s stainless steel export prices rose by an average of US$50 per ton week on week as of April 28. This increase was due to a sharp increase in London Metal Exchange (LME) nickel prices, driven by severe supply contractions in Indonesian ore.

While copper and aluminum fluctuated, nickel maintained a strong upward trend amid geopolitical tensions and a strong US dollar. Chinese domestic mills like TISCO also raised stainless steel prices by CNY 225 per ton.

Market activity remains steady as buyers build inventories before the May Day holiday. However, market participants anticipate downward pressure once the peak season ends and the holiday concludes.