Asian stainless steel prices turned higher last week, mainly driven by improving cost-side fundamentals rather than demand. The key trigger came from Indonesia, where plans to curb nickel ore production tightened expectations for future raw material supply. As nickel is a critical input for stainless steel, the policy shift quickly lifted market sentiment across Asia. 

In addition, international nickel prices rebounded, while Chinese stainless steel futures strengthened, reinforcing the perception that costs had bottomed out. These developments encouraged mills to raise offers after a short-lived correction earlier in the month. 

In Taiwan, mills showed firmer pricing intentions despite still weak spot demand, as inventory levels remain manageable and order books for early next year have started to open. Chinese export offers also edged higher, following the same cost-driven logic. 

Market participants say the recent rebound reflects cost support rather than a demand recovery, and expect the Asian stainless steel market to stay firm in the near term, with limited downside risk as long as raw material sentiment remains positive.