Supply-Side Support Continues, Downstream Focus on High-Nickel Cargoes Amid Price Negotiations

According to market reports, European stainless flat steel prices continue to rise sharply, but overall market sentiment remains cautious. Feedback from the Tube & Wire trade show in Düsseldorf suggests that geopolitical uncertainty, subdued downstream activity, and a mixed outlook for end-users are still weighing on confidence. Although demand has improved from the weak levels seen in 2025, real end-user activity remains disappointing.

On April 17, the stainless steel market saw significant shifts. Due to North American supply disruptions and surging defense demand, an Indonesian mill widened the 304/316L spread to $1,850/mt. Meanwhile, Vietnam’s anti-dumping duties (up to 27.8%) on Chinese HRC officially took effect today. Stainless steel futures hit a new high of 15,175 RMB/mt, with China’s spot prices rising by 150 RMB/mt. Supported by Indonesia’s new HPM policy and rising nickel/molybdenum costs, global price floors have moved upward. In Europe, mills have closed June orders early due to high utilization and scrap shortages, maintaining a strong seller-dominant market.

The Nikolai Nickel Project has been added to the U.S. FAST-41 program, which is designed to accelerate permitting and improve interagency coordination. At the same time, continued policy support for domestic critical minerals, including permitting reform, funding support, and supply chain localization, is strengthening the strategic position of U.S. nickel projects.