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China stainless steel prices extended their upward trend this week, supported by rising nickel prices and relatively strong short-term fundamentals. Nickel futures strengthened notably toward the end of the week, providing clear cost-side support for stainless steel production and pushing prices higher across major grades.

The main stainless steel futures contract closed at RMB 14,725/ton, up 3.15% week-on-week, with a weekly high of RMB 14,940/ton. Trading volume remained extremely active, while open interest continued to increase, reflecting strong market participation and intensified price expectations.

Although the market is still in the traditional off-season, buyers are closely monitoring China’s macroeconomic policy signals and raw material price movements, which remain key drivers for short-term pricing.

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Spot Market Overview: Higher Prices, Cautious Buying

In the physical market, China stainless steel spot prices increased by approximately RMB 250/ton during the week, following the upward movement in futures.

However, as prices continued to rise, downstream buyers showed lower acceptance of high price levels. Demand recovery remained limited, and most end users focused on essential purchasing only, resulting in average overall transaction volume.

Trading companies were relatively more active due to low inventory levels, while steel mills remained cautious with bulk supply. Social inventory continued to decline, although the pace of destocking slowed. Meanwhile, steel mill production schedules increased slightly, putting pressure on the market’s short-term digestion capacity.

Cost & Supply Factors: Still Supporting Prices

Raw material prices continued to rise, pushing up production costs. Despite this, most stainless steel mills still maintained reasonable production margins.

From a macro perspective, although several monetary easing measures have been introduced, the implementation of fiscal stimulus remains gradual. Export conditions are still influenced by global macro uncertainty, adding volatility to short-term sentiment.

In the near term, stainless steel prices are still supported by:

  • Rising raw material costs (especially nickel)

  • Ongoing destocking of social inventories

  • Tight spot availability from steel mills

What This Means for International Buyers

For overseas importers and distributors, the current market environment suggests:

  • Short-term prices remain firm, supported by nickel and cost-side pressure

  • Aggressive buying at peak levels carries risk, as downstream demand recovery is still limited

  • Buyers with stable consumption may consider phased or contract-based purchasing to manage cost volatility

  • Close attention should be paid to steel mill production plans, raw material trends, and inventory changes

Overall, the market is expected to remain strong but volatile, with prices likely fluctuating at elevated levels rather than entering a one-directional rally.

Orinox Steel – Stable Supply from China

As a professional stainless steel supplier in China, Orinox Steel continues to offer:

  • 304 / 201 / 430 stainless steel coils & sheets

  • Stable production and export-ready stock

  • Flexible supply solutions for distributors and industrial buyers

For the latest FOB pricing and tailored purchasing advice, feel free to contact our sales team.