Recently, the international stainless steel market has been caught in a tug-of-war between cost support and weak demand. Although the London Metal Exchange (LME) nickel price and China's stainless steel futures price strengthened this week, the benefit on market trading volume and prices was limited. 

Most markets in Asia, Europe, and the US experienced sluggish sales. Downstream businesses in Taiwan found it difficult to effectively respond to the June price increases from upstream steel mills. Taiwanese buyers adopted a wait-and-see attitude, and without support from actual demand, most transactions were negotiated at the May price level, putting local distributors under sales pressure. 

In contrast, the Indian market performed steadily, benefiting from demand in the automotive, industrial equipment, and infrastructure sectors. In addition to the previous BIS import restrictions on supply, downstream manufacturers have become more accepting of rising raw material prices after the regulation was eased until October, and end users are gradually absorbing the pressure of increased costs.