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Nickel prices on the London Metal Exchange (LME) climbed to the $17,000-per-tonne range this week, driven by news that Indonesia’s Ministry of Energy and Mineral Resources might adjust its nickel ore pricing mechanism (HPM). JIS G 3313 SEFC980Y steel strip, Although global stainless steel prices had already been trending upward, market observers believe there is still room for further increases.
Steel mills across various regions are currently continuing to raise prices. Nippon Steel has cumulatively increased its nickel surcharge by 70,000 yen (approximately $440) since last October, while South Korea’s POSCO raised its April quotes by 100,000 won (approximately $68) following a period of price stability. JIS G 3313 SEFC980Y steel strip, Despite differing demand conditions and raw material procurement environments across countries, the overall price trend is clearly upward.
Meanwhile, export markets have also shown resilience. As of March, the CFR price quote for cold-rolled steel from Indonesia’s Tsingshan Group stood at approximately $2,100 per tonne—an increase of about $200 since the end of last year—while the benchmark CFR price for Asian Grade 304 stainless steel is currently around $2,200 per tonne. With Indonesia's trade policies gradually becoming clearer, there remains room for further price increases.
Additionally, geopolitical instability in the Middle East is influencing supply and demand dynamics. Negotiations regarding stainless steel exports from Japanese mills to the region have slowed, with a "wait-and-see" approach prevailing. JIS G 3313 SEFC980Y steel strip, However, since Japanese companies do not rely on the Middle East for raw materials, the impact on production has been limited; consequently, they may ramp up exports to markets such as North America.
On the supply side, India’s Jindal Stainless has lowered its operating rates due to disruptions in natural gas supplies from the Middle East. Reports indicate the company has raised prices by approximately $100 and cut production by nearly half, causing some supply interruptions for the automotive sector and prompting Indian buyers to increase inquiries with Japanese mills.
Overall, driven by rising nickel prices and supply-side disruptions, stainless steel prices are trending upward and are likely to remain strong in the short term.
