In April, China saw a surprising increase in the prices of its 300 series stainless steel, contrary to expectations of a decline due to sluggish demand. The increase was notable, surpassing first-quarter averages. Several factors contributed to this surge. First, reports on the sanction against Russian metals on April 12, 2024, and subsequent spikes in LME nickel prices on April 15 impacted the market. Additionally, Indonesia's restrictions on nickel ore exports hinted at a potential supply shortage, further boosting prices.

As the industry gears up for its peak season in the second quarter, coupled with ongoing nickel purchasing and storage trends in China, stainless steel prices continue to climb. Market participants anticipated demand would be strong after China's labor holiday and forecasted that the stainless steel market would fluctuate on the high side.