Ocean freight was largely stable in April, but to rise slightly in May

Chinese Taiwan's upstream stainless steel mills raised June domestic prices, marking a seventh consecutive monthly increase. Benchmark 304 hot-rolled and cold-rolled coils rose NT$2000/ton, bringing the cumulative seven-month gain to NT$25,500/ton. The adjustment was driven by rising raw material costs and upcoming summer electricity rates, with higher molybdenum prices and a firmer May LME nickel average offsetting slight declines in Chinese ferrochrome and ferronickel. Asian cold-rolled coil export prices also rose USD120/ton over the past month, providing additional support. Despite cautious, need-based downstream procurement, markets expect stable to slightly higher near-term prices amid firm global markets and supply reductions in China.

At the 2026 SMM Indonesia Mining & Critical Metals Conference, SMM VP Shirley Wang said the DRC has historically been the dominant centre of global cobalt supply, but Indonesia's share has risen notably following policy shifts last year. Over the next decade, cobalt contained in Indonesian MHP is expected to account for a growing proportion of global supply, with the market transitioning from a DRC-centric structure to a dual-centre model anchored by both the DRC and Indonesia.

The World Stainless Association announced that, global stainless steel production rose 2.5% YoY to 15.8 million tons in Q1 2026. Asia produced 13.4 million tons from January to April, up 3.3% YoY, with China contributing 9.84 million tons (+4.3% YoY). The EU saw output decline 4.6% YoY to 1.5 million tons, while the US produced 600,000 tons (+2.3% YoY).