Stainless steel prices are expected to rise as nickel prices stabilize around US$15,000/ton. This steady cost basis, combined with increasing demand, has prompted a positive outlook for companies like Tang Eng Iron Works Co., Ltd and Yieh United Steel Corp. (Yusco) heading into the fourth-quarter peak season.

Stainless steel market participants pointed out that pricing power is growing, with Indonesia's Tsingshan raising its export prices, which has boosted market sentiment across Asia. Further price support is expected as the Indonesian government plans stricter controls on production permits.

In addition, speculative funds are reportedly entering the nickel market, which could push prices higher and increase the cost of stainless steel production. Demand remains firm from industries such as home appliances and machinery.

In China, stainless steel consumption increased by 8.73% in August, showing a market recovery. The global stainless steel market is projected to grow annually by 9.6% through 2031, supported by favorable policies and new technologies.