Positive signals emerge amid market volatility.

[Market Overview]LME nickel rose by $55 to close at $15,800/ton, while SHFE nickel main contract surged RMB 1,140 overnight.

[Macro Environment]The U.S. announced the removal of 91% of tariffs on Chinese goods, a 24% suspension, and retention of only 10%. Small parcel tariffs were also significantly reduced. Overall, U.S.-China trade relations show marginal improvement. Despite weaker-than-expected April credit data, domestic financial support to the real economy remains resilient.

[Stainless Steel Market]

Both futures and spot markets strengthened. Tsingshan raised offers by around $45/ton, but mills remained cautious in order approvals, keeping overall trading sentiment moderate.