Entering late September, the global stainless steel market remains range-bound. The anticipated peak-season demand has not fully materialized, showing obvious divergence between domestic and overseas markets.

As the key cost anchor for stainless steel, LME nickel fluctuates slightly, directly driving changes in spot stainless steel prices. Export materials from China dominate the Asian market. FOB prices of 304 2B cold rolled coils stand at USD 1460–1540 per metric ton, while 304 hot rolled coils are quoted at USD 1380–1450 per metric ton, offering solid cost competitiveness. In contrast, European local prices carry a notable premium. Nevertheless, the CBAM carbon tariff keeps pushing up import costs. Coupled with weak end-user demand, overseas buyers remain cautious and mostly place small orders only to meet immediate needs, with little intention of large-scale restocking.

Stainless steel prices vary widely due to multiple factors, including sheet thickness, mill edge / slit edge, surface finish, order quantity, and trade terms such as FOB, CFR and CIF. At present, most overseas customers stay on the sidelines and avoid advance stockpiling.

In the short term, stainless steel prices are likely to continue consolidating, with movements mainly following LME nickel. For foreign trade purchasers and sellers, it is advisable to arrange orders as required and lock prices at proper times to hedge against risks from alloy raw material volatility.