Ten Years Stainless Steel Price Trend Review (2017–2026)

Since the end of 2025, the price of stainless steel raw materials has risen, leading to a continuous increase in the price of stainless steel mesh. As an export company, we face significant pressure to raise prices. Having been engaged in the export of stainless steel woven mesh for over ten years, we reflect on past prices. The continuous price declines of the past two years led us to become accustomed to increasingly lower prices. However, when the market reversed and raw material prices continued to rise, even though they are still far below historical highs, we remain concerned about whether our customers can afford it. Let’s take a look about the ten years stainless steel price trend review.

Ten Years Stainless Steel Price Trend Review (2017–2026)

Based on Tsingshan 304 Hot Rolled Wire Rod

Price Standard: Tsingshan 304 hot rolled wire rod Φ5.5 pickled, China mainstream spot price, RMB per ton, VAT included.

2017: Policy & Production Control Drove Volatility

· Annual average price: 14200 RMB/ton

· Price range: 12400 – 15700 RMB/ton

The market rose in the first half due to strict environmental protection and production restriction expectations, hitting the yearly high in March.Prices corrected sharply in mid-year due to weak downstream demand and inventory accumulation.In the second half, market production reduction and nickel price rebound supported a strong V-shaped recovery, closing the year at a relatively high level.

Key factors: Environmental production limit, inventory pressure, nickel price linkage.

2018: Strong Nickel & Tight Supply, Year High First then Decline

· Annual average price: 16500 RMB/ton

· Price range: 15000 – 18500 RMB/ton

Nickel price kept strong globally, while China’s environmental regulation remained strict, pushing stainless steel price up to the annual peak in March.In the second half, China–US trade friction weighed on export and domestic demand, prices declined month by month and stabilized at the year-end low.

Key factors: Strong nickel price, production restriction, trade war impact.

2019: Indonesia Nickel Capacity Released, Market Entered Loose Supply Cycle

· Annual average price: 15200 RMB/ton

· Price range: 14000 – 16800 RMB/ton

The core turning point of the decade: massive nickel pig iron capacity put into production in Indonesia.Global nickel supply turned from shortage to surplus expectation.Prices started high, then kept falling for most of the year, only slight recovery at the end of the year.

Key factors: Indonesia nickel capacity expansion, oversupply expectation.

2020: COVID-19 Black Swan, Deep V-Shaped Reversal

· Annual average price: 14800 RMB/ton

· Price range: 12200 – 16200 RMB/ton

The pandemic caused market stagnation and demand collapse in Q1-Q2, hitting the ten-year low of 12200 RMB/ton in April.After market resumption, global economic stimulus and infrastructure recovery drove continuous rebound for the whole second half, forming a typical V-shape trend.

Key factors: COVID-19 impact, demand bottom, macro stimulus recovery.

2021: Historic Super Bull Market, Record High Price

· Annual average price: 18800 RMB/ton

· Price range: 15500 – 22000 RMB/ton

The most extraordinary year in the past decade:

1. Indonesia implemented strict nickel ore export ban, breaking global nickel supply chain.

2. LME nickel market violent fluctuation pushed spot price soaring.

3. Global economic recovery + strong export + new energy demand growth jointly boosted the market.

Prices climbed month by month and peaked at 22000 RMB/ton, the highest record in recent years, then corrected at year-end.

Key factors: Indonesia nickel export ban, nickel market surge, strong global demand.

2022: Geopolitical Conflict & Weak Real Estate, High-level Wide Volatility

· Annual average price: 17200 RMB/ton

· Price range: 15000 – 19500 RMB/ton

Russia–Ukraine conflict lifted global energy and nickel price at the beginning of the year.Subsequently, repeated pandemic lockdowns and downturn in real estate suppressed downstream demand obviously.Stainless steel maintained high-level shock, gradually falling back in the second half.

Key factors: Geopolitical conflict, energy inflation, weak domestic real estate & consumption.

2023: Global Nickel Oversupply, Full-Year Bear Market

· Annual average price: 14500 RMB/ton

· Price range: 12800 – 16800 RMB/ton

Indonesia nickel and stainless steel capacity continued to release, global nickel supply surplus pattern confirmed.Downstream demand remained weak, market pessimism spread, prices kept falling all the way, touching the ten-year bottom at the end of 2023.

Key factors: Nickel oversupply, weak demand, continuous bear market.

2024: Long Bottom Consolidation, Narrow Range Shocking

· Annual average price: 13600 RMB/ton

· Price range: 12900 – 15200 RMB/ton

Supply remained sufficient while overall demand did not improve obviously.The market lost trending movement, staying in low & narrow consolidation all year round.No big rise or big fall, just waiting for new driving force.

Key factors: Weak supply & demand, long bottom grinding period.

2025: Double Bottom Touch, Rebound on Indonesia Policy Expectation

· Annual average price: 13200 RMB/ton

· Price range: 12300 – 14800 RMB/ton

Prices kept dipping in the first half and created a new stage low in June.In the second half, market expectation of Indonesia nickel ore quota reduction warmed up, together with rising new energy consumption, supporting continuous price rebound till year-end.

Key factors: Policy expectation, new energy demand growth, late-year rebound.

2026 (Forecast): Nickel Supply Tightened, New Cycle Started

· Estimated annual average: 14600 RMB/ton

· Expected range: 13500 – 16000 RMB/ton

· Indonesia officially cut nickel ore quota sharply by about 34%, lifting raw material cost obviously.The market has turned into a new cycle of cost-supported easy-rise-hard-fall.

· Trend rhythm:

· Q1–Q2: Strong rise then high consolidation

· Q3–Q4: Peak in traditional peak season, then reasonable correction

· Key factors: Indonesia nickel quota cut, cost upward, new cycle recovery.

Conclusion

2017–2026 is a complete market cycle:Bull market → historic peak → bear market decline → bottom consolidation → new cycle recovery.

Dashang Wire Mesh started by producing stainless steel wire. After 30 years of development, we have evolved from earning processing fees to earning even lower fees due to intense competition. The core profit now lies in buying low and selling high based on the price difference of inventory. To survive, we must understand the stainless steel raw material market, control inventory, and lock in costs. Otherwise,  will earn money from processing fees but lose money due to fluctuations in raw material prices.

History will not repeat exactly, but it always follows the same cycle logic. For us, understanding the ten-year price track helps you grasp procurement rhythm, avoid market risk, and control raw material cost steadily.