Indonesia’s Tsingshan raised export prices for 304 stainless steel by a further US$50 on January 16, following two earlier increases this month. The latest move brings the total price increase since January 2026 to US$140 across three separate adjustments.

On the raw material side, London Metal Exchange (LME) nickel prices have eased after a recent surge but remain around US$17,600 per ton. Nickel prices have risen by more than US$930 so far this month, an increase of about 5.6%.

Market analysts said the rise in raw material prices has been driven mainly by cost factors, particularly expectations of a tighter nickel ore supply. As a result, stainless steel prices have increased, raising expectations that upstream steel mills may lift February pricing.

Despite the higher prices, downstream buyers remain cautious, with limited willingness to follow the price rises. Market participants said the outlook will depend on whether demand from end-users strengthens further.