Indonesia's Tsingshan, a major stainless steel producer, has increased its export offers by US$40/ton. China's stainless steel market recovers in July, driven by supportive government policies, including capacity reduction and major infrastructure projects such as the Yarlung Tsangpo River hydropower construction.

Both stainless steel futures and spot prices in China have recently increased. Besides, nickel pig iron prices, after a period of lows, have begun to rise, coupled with an upturn in LME nickel prices.

With raw material costs and finished stainless steel prices showing upward momentum, Tsingshan's price hike indicates an improvement in market sentiment, with steel traders foreseeing continued procurement from mills.