[SMM Stainless Steel Flash] Global Stainless Steel Output Up 2.5% YoY in Q1 2026

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.

LME nickel futures rebounded above US$19,200/ton on une 1, closing at US$19,251/to, a one-month high, on the back of consecutive weekly gains. The rally was driven by declining pure nickel inventories and fresh mining disruptions, including Zimbabwe's restriction on nickel exports, offsetting a stronger US dollar amid rising Middle East tensions. Spot prices rose US$172 to US$19,039/ton, Nickel increase US$2,605 or 15.6% year-to-date.