- Chinese domestic 304 CRC prices rise to over RMB 14,000/t
- Export demand weakens amid frequent, sharp price hikes
SteelDaily: Indonesia’s Tsingshan has raised its stainless steel export prices for the third time in January 2026, with cumulative increases estimated at around $140/tonne (t), driven by surging raw material costs. According to market sources, Tsingshan increased its 304 stainless steel export prices by $50/t on 16 January, taking 304 HRC offers to Southeast Asia above $1,900/t, while prices to Korea were heard at $1,950-1,960/t.
Sources noted that the latest hikes followed earlier price increases by Tsingshan’s Chinese operations, where 304 CRC spot prices were raised on 14-15 January, with Indonesian adjustments implemented later to align with overseas order cycles. In the Chinese domestic market, 304 CRC prices have again crossed RMB 14,000/t ($2,010/t), reflecting rapid cost pass-through.
Nickel rally lifts NPI prices
Rising raw material costs, particularly for 300-series stainless steel, have been quickly transferred to finished product prices across domestic and export markets.
The price hikes were primarily driven by a sharp rise in nickel and nickel pig iron (NPI) prices. High-grade NPI prices in China rebounded above RMB 1,000/nickel unit, with the 10-12% grade trading at RMB 1,000-1,025/nickel unit and 8-12% grade at RMB 1,005-1,025/unit, up RMB 30-40/nickel unit w-o-w.
Indonesian NPI prices also strengthened to around $127.74/t FOB, up nearly $10/t w-o-w, supported by strong buying interest and arbitrage opportunities between spot and futures markets.
Cost pressure keeps demand cautious
However, despite price momentum, demand conditions remain fragile. Market participants reported weakening willingness among buyers, especially in Southeast Asian markets, to chase higher-priced material, resulting in sluggish trading. In China, near-term sentiment remains supported by pre-Lunar New Year restocking demand, though participants cautioned that further upside will depend on a sustained recovery in downstream consumption.
Note: This article has been published in accordance with a content exchange agreement between SteelDaily and BigMint.
Leave a Reply