The Shanghai nickel price surged on July 31, driving up the stainless steel market. Moreover, stainless steel futures benefited and rebounded to the CNY 140,000 level.

In terms of spot prices, the price of 304 sheets and bars also went up, and mills raised their prices or stopped offering. However, some market participants believed that demand hadn’t increased significantly yet and kept observing, some were optimistic about the possible coming increase in August.

Facing the Chinese market of stopping falling and rebounding, the stainless steel market in Taiwan maintained its status.