Buoyed by rising Chinese stainless steel futures above CNY13,000/ton, firmer LME nickel and China’s nickel pig iron prices, and higher export offers from Indonesia's Tsingshan, the stainless steel market has shown signs of bottoming out. Last week, prices steadied as buyers stepped in to restock, with sentiment turning more cautious.

Industry sources said government support measures, improved mill orders, mandated production cuts, and equipment maintenance have all helped underpin the market. Although demand remains softer than futures trading enthusiasm, higher mill prices are supporting spot and raw material markets. With nickel pig iron costs at recent highs and Tsingshan having raised export offers by US$40 last week, some expect another increase could follow if China’s upward trend persists.