The Russia-Ukraine conflict has raised market worries about the global nickel supply. The nickel price has continued rising over the past few weeks. Due to the shortage of nickel supply, stainless steel prices have hiked for weeks before March 7.

Last week, Asian cold-rolled stainless steel prices soared because of the rising nickel price. The base price of 304 2B hiked by 10% for CFR East Asia.

Supported by the demand of Southeast Asian markets such as Vietnam, the stainless steel market in Asia is still strong, and the demand from Vietnam’s automotive, tableware, and cookware industry is especially vigorous.