Affected by the tight supply of raw materials in the mining sector, the stainless steel market is bullish, driving up the market price in China, with both stainless steel hot-rolled coil 304 and 316 No.1 prices rising this week.

Indonesia's nickel ore approval quota has increased, easing market supply, while the Philippines is pushing for a bill to ban raw mineral exports, further exacerbating tensions in the ferronickel market.

Some downstream stainless steel companies planned to resume production after the Lantern Festival. The industry has entered the traditional off-season, so production in January and February was expected to decline. Market participants should pay close attention to market transactions and changes in ferronickel prices in the future.