Indonesia Tsingshan announced another US$30 per ton increase for its export offers yesterday (May 12), totaling a US$60 rise since early May. Despite stabilizing nickel prices on the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE), the producer pointed to high nickel ore and pig iron costs as reasons for the adjustment. Some major buyers reported effective increases reaching US$95 per ton after discount adjustments.

Taiwan’s manufacturers expressed confusion and frustration over these price hikes, as local demand is still weak. These rising import expenses create pressure for domestic mills to raise their June prices by more than the previously expected NT$2,000.

Although some traders fear high prices will deter buyers, others believe the market must attempt to raise rates today to cover mounting production costs.