Tsingshan raised its stainless steel prices by US$50/ton on April 15th, coinciding with the launch of Indonesia's new HPM (Harga Patokan Mineral) policy. This follows a US$25/ton increase for Taiwan earlier in the week, reflecting a bullish outlook from upstream producers.

The price hike has rippled through China’s spot market, while LME nickel futures have recovered to a two-month peak of around US$18,200. With costs trending upward, analysts are now closely monitoring whether downstream demand can keep pace with these rising prices.