Asian Grade 304 2B stainless steel export prices have stabilized, ending a nearly month-long downturn. The recovery is supported by rebounds in London Metal Exchange (LME) nickel prices, higher Indonesian nickel pig iron (NPI) quotes, and hikes in Chinese stainless steel futures.

LME nickel climbed past US$17,000 per ton, while Indonesian NPI guidance prices rose by US$2 compared to the preceding week. Raw material costs gained support from uncertainties surrounding Indonesian RKAB mining quotas and regional sulfur supply constraints.

Chinese domestic stainless steel futures rebounded as steel mills moved to steady spot market confidence. Steel traders said that cost support should prevent further price declines, driving the market toward short-term stability.