Supported by EU CBAM regulations, high energy costs, and limited local production capacity, European stainless steel prices remain firm. In contrast, prices in Southeast Asia are under downward pressure due to weak downstream demand from home appliances and construction, coupled with concentrated capacity expansion in Indonesia.

• European Market: 304 cold-rolled stainless steel is quoted at €2,800–2,900/ton, up 1.2% week-on-week. Major mills such as ArcelorMittal and Outokumpu have strong price-increase intentions due to higher alloy surcharges (the March 304 alloy surcharge reached €2,151/ton), with stable demand from high-end sectors like nuclear power and chemicals.

• Southeast Asian Market: FOB prices for 304 cold-rolled in Indonesia and Malaysia are $2,450–2,500/ton, down 1.5% week-on-week. Leading Indonesian producers like Tsingshan and Delong have slowed shipments, leading to inventory accumulation. Import demand in Vietnam and Thailand is sluggish with thin trading volumes.
• Other Regions: The Middle East sees a slight price rise to $2,600–2,650/ton due to Red Sea shipping delays. In India, CIF prices for 304 cold-rolled stand at $2,500–2,550/ton, with imports recovering month-on-month but still constrained by tariffs. The U.S. market, protected by Section 232 tariffs, boasts the highest global prices at $3,800–3,900/ton for 304 cold-rolled.

Key Drivers: A stark contrast between cost-driven strength in Europe and supply surplus in Southeast Asia, exacerbated by escalating global trade barriers. For foreign trade enterprises, it is recommended to prioritize high-demand markets such as the Middle East and India, while monitoring nickel and chromium price fluctuations to optimize procurement and shipment strategies.