In terms of Nickel Ore and Nickel Pig Iron:
From January to February 2025, the total import volume of nickel pig iron in China was 1.8376 million tons, a year-on-year increase of 13.03%. Among them, the import volume of nickel pig iron from Indonesia was 1.7936 million tons, a year-on-year increase of 14.71%.
From January to February 2025, the total import volume of nickel ore in China was 2.058 million tons, a year-on-year decrease of 8.49%. Among them, the import volume of nickel ore from the Philippines was 1.3882 million tons, a year-on-year decrease of 5.18%.
In terms of Chromium Ore and Ferrochromium:
South Africa is one of the largest chromium ore producers in the world. Recently, the spot price of South African chromium ore has been rising continuously. Data on March 17, 2025, showed that the chromium ore market in Henan presented a slightly firm trend. The global chromium ore production has fluctuated, but the chromium ore inventory of South Africa, as a major exporting country, is in a relatively tight state at this time. The gradually recovering demand for chromium ore from stainless steel producers has driven the price increase. It is expected that the price of chromium ore will continue to fluctuate at a high level in the short term.
In terms of the Stainless Steel Market:
In the Asian region, at the beginning of 2025, there were signs of the stabilization of stainless steel prices. The price of 304 cold-rolled coils hovered around US$1,875 per ton (CIF East Asia). Indonesia's nickel export restriction policy is expected to balance the raw material costs and provide moderate support for the stainless steel prices in the Asian region. However, the US tariff policy and other factors may bring uncertainties to Asian exporters.
In the European region, in the first quarter of 2025, due to the weak demand from end-users, especially in the construction and consumer goods sectors, European manufacturers lowered their benchmark prices to ensure sales. Imported products accounted for about 25% of the European market share, mainly from low-cost production regions such as Taiwan, China, South Korea, and China. However, with the increase in stainless steel prices in Asia and the possible implementation of stricter trade measures by the European Union in the future, the import competition may be weakened. The stable prices of chromium and nickel may provide a basis for price increases in the second quarter and beyond, but macroeconomic challenges and weak demand may limit significant price increases of stainless steel in Europe in 2025.
In the US region, the stainless steel market is affected by domestic policies and trade dynamics. Although producer confidence has remained stable recently, inflation concerns and weak demand have brought a complex outlook. However, the adjustment of the electric vehicle incentive policy under the Trump administration may be beneficial to the stainless steel market, because internal combustion engine and hybrid vehicles use more stainless steel than electric vehicles. In addition, the increase in the housing start rate in December may be a positive factor for the stainless steel used in home appliances and HVAC systems. The US trade policy still has an important impact. The continuous discussion of Section 232 measures and trade agreements brings uncertainties to imports and exports. However, it is expected that the impact on stainless steel will not be as severe as that on carbon steel or aluminum. Import tariffs may limit competition and provide opportunities for domestic manufacturers to stabilize or slightly increase prices in the second half of 2025.