London Metal Exchange (LME) nickel prices strengthened last week, and the Chinese stainless steel spot and futures markets also broke out of their stagnation, prompting Indonesia Tsingshan to raise its export prices by another US$30/ton, bringing the total increase since April to US$60/ton, or approximately 2.8%.

Indonesia Tsingshan stated that the overall nickel market performance last week was influenced by factors such as increased export taxes in Indonesia and reduced supply from mining operations, resulting in significant increases in both LME and Shanghai nickel prices.

Therefore, Indonesia Tsingshan decided to notify its customers of a US$30/ton price increase last Friday afternoon (April 24). Combined with the US$30/ton increase in mid-April, this brings the total increase since April to US$60/ton.

Industry players estimate that Taiwanese steel mills will need to further raise their May prices, potentially by another NT$3,000-4,000/ton.