Recent global stainless steel raw materials market sees policy dialogue (e.g., Indonesia’s pledge to stabilize nickel ore export policies) and trade/price fluctuations, with China’s imports showing structural adjustments and nickel prices & stainless steel futures moving amid policy and demand factors.
I. International Policy Dialogue: Focus on Raw Material Supply Chain Stability
At the G20 Metallurgical Industry Forum held on July 26, representatives from major stainless steel producing countries conducted in-depth discussions on the stability of the global stainless steel raw material supply chain. The meeting emphasized that in the context of frequent adjustments to resource export policies in some countries, it is crucial to establish a transparent and predictable policy communication mechanism.
In particular, Indonesia, as a major nickel-producing country, stated that it will "maintain the continuity of nickel ore export policies within the next six months" to avoid sharp fluctuations in the stainless steel raw material market caused by policy changes. This statement has been positively responded to by stainless steel enterprises in China, South Korea and other countries.
II. Latest Trade Data: China's Stainless Steel Raw Material Imports Show Structural Adjustment
According to the latest data from the General Administration of Customs, in the first ten days of July 2025, China's imports of stainless steel billets decreased by 8% month-on-month, while imports of high-grade stainless steel scrap increased by 12%. Industry insiders analyzed that this structural change is related to the domestic promotion of scrap recycling technology and the adjustment of import tax policies.
In terms of exports, the export volume of stainless steel products in East China ports increased by 5% in the first ten days of July compared with the same period last month, among which the shipments to Southeast Asian markets increased significantly, mainly driven by the demand for stainless steel materials in the local construction and home appliance industries.
III. Price Trend: Nickel Price Fluctuates, Stainless Steel Futures Adjusts
Affected by the news of Indonesia's stable export policy, the international nickel price rebounded slightly in the past three days, with the London Metal Exchange (LME) nickel price rising by 2.3% on July 28. However, under the pressure of weak domestic demand in some regions, the main stainless steel futures contract in the Shanghai Futures Exchange fluctuated downward, closing at 12,840 yuan/ton on the 28th, a decrease of 0.73% from the previous trading day.
Analysts pointed out that the short-term stainless steel raw material market will still be in a pattern of game between policy expectations and demand performance, and investors need to pay attention to the follow-up implementation of international policy commitments and the recovery of downstream demand.
