Recent situation of global stainless steel market

The global stainless steel market remains firm in late February 2026, supported by rising raw material costs and steady post‑holiday demand recovery.

Indonesia’s cut to nickel ore export quotas has pushed LME nickel prices higher, lifting production costs across the supply chain. Major Asian mills, including Yusco and Walsin Lihwa, have announced fourth consecutive monthly price increases for March shipments, mainly for 304, 316L and 430 series products.

In China, the stainless steel market has gradually resumed activity after the Lunar New Year break. Futures on the Shanghai Futures Exchange (SHFE) stabilized, while spot trading slowly picked up. Most industry analysts expect short‑term prices to stay range‑bound, with limited upside due to cautious restocking by downstream buyers.

Demand drivers remain intact across construction, automotive, machinery and home appliances. Meanwhile, trade frictions and the EU’s Carbon Border Adjustment Mechanism (CBAM) continue to add uncertainty to cross‑border trade flows.

Market participants will focus on nickel supply updates, downstream order resumption and policy changes in major economies to gauge the next price trend.

The global stainless steel market remains firm in late February 2026, supported by rising raw material costs and steady post‑holiday demand recovery.

Indonesia’s cut to nickel ore export quotas has pushed LME nickel prices higher, lifting production costs across the supply chain. Major Asian mills, including Yusco and Walsin Lihwa, have announced fourth consecutive monthly price increases for March shipments, mainly for 304, 316L and 430 series products.

In China, the stainless steel market has gradually resumed activity after the Lunar New Year break. Futures on the Shanghai Futures Exchange (SHFE) stabilized, while spot trading slowly picked up. Most industry analysts expect short‑term prices to stay range‑bound, with limited upside due to cautious restocking by downstream buyers.

Demand drivers remain intact across construction, automotive, machinery and home appliances. Meanwhile, trade frictions and the EU’s Carbon Border Adjustment Mechanism (CBAM) continue to add uncertainty to cross‑border trade flows.

Market participants will focus on nickel supply updates, downstream order resumption and policy changes in major economies to gauge the next price trend.