[SMM Stainless Steel Flash] Overseas Momentum Pushes Chinese Taiwan's Stainless Steel Prices

Indonesian stainless steel producers have cut export offer prices by a further $40/t on May 28, 2026, following an initial reduction in mid-May that broke a six-consecutive-month run of price increases. The cuts reflect a confluence of bearish pressures: the market has entered the traditional Q2 seasonal slowdown, with downstream buying interest subdued and buyers broadly in wait-and-see mode. At the same time, elevated mill and social inventories — built up during a period of high-margin production — are adding to downside pressure. With multiple headwinds converging, Indonesian producers have been forced into successive downward price corrections.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 28 May , 2026

Indonesia's aggressive regulatory push, extending beyond ore export bans to include production quota cuts, tax reforms, and tight export controls, has driven global nickel prices sharply higher. Jakarta now plans a floating export duty and windfall tax of 14–19% on low-processed nickel products to curb tax evasion and smuggling. While these policies pushed stainless steel prices to near-unacceptable highs earlier this year, downstream buying appetite weakened noticeably in May. Faced with persistent cost pressures but sluggish demand, Chinese Taiwan's stainless steel mills are widely expected to issue flat or marginally higher price lists for June, steering clear of sharp increases that could trigger buyer resistance.