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Since March 2025, the stainless – steel raw material market has been in a state of flux, and the price trend has attracted much attention. Against the backdrop of the adjustment of the global economic structure and the continuous optimization of the industrial structure, the price fluctuations of stainless – steel raw materials affect the entire industrial chain, and the adjustment of tariff policies has added many uncertainties to the market.​ Nickel, as a core raw material for stainless steel, has always been the focus of market attention. In March, nickel prices first declined and then rebounded. At the beginning of the month, due to the expected increase in global nickel ore supply and a slight slowdown in the growth rate of the new – energy industry in some regions, nickel prices were under pressure. However, since the middle of March, the manufacturing data of major global economies have shown varying degrees of recovery. In particular, the acceleration of infrastructure construction in emerging economies has strongly supported the demand for stainless steel, thereby driving up the demand for nickel, and nickel prices rebounded from the bottom. At the same time, the dynamic adjustments of policies in major nickel – producing countries such as Indonesia and the Philippines have also deeply affected the global nickel supply pattern. Although the export volume of nickel iron and intermediate products in Indonesia remains at a high level, under the framework of the country’s sustainable mining development policy, the regulation of nickel ore mining and exports has been continuously strengthened. This has, to some extent, increased market concerns about the stability of future nickel supply, driving nickel prices to rise overall in the recent fluctuations.​ The chromium raw – material market is also in a complex game stage. With the gradual tightening of overseas chromium ore resources and the continuous expansion of domestic stainless – steel production capacity driven by market demand, the supply – demand contradiction in the chromium market has become increasingly prominent. From the supply side, although the global chromium ore production has been increasing since 2020, the supply – chain pattern still has problems such as industry monopoly, severe price fluctuations, and significant influence by geopolitical factors. As a major importer of chromium ore, China mainly imports chromium ore from South Africa, and the import volume from Indonesia and Zimbabwe is also gradually increasing. In terms of high – carbon ferrochromium supply, China, South Africa, and Kazakhstan are the main producers. Although the overall supply is in a surplus state, there are often shortages in monthly supply. In the tariff policy adjustment in 2025, export tariffs continue to be levied on 107 commodities including ferrochromium, and temporary export tax rates are implemented for 68 of them. This measure has had a direct impact on the international ferrochromium trade pattern. The change in export costs has made the international ferrochromium market price transmission mechanism more complex, further intensifying the volatility of domestic chromium raw – material market prices and, to a certain extent, driving up the production cost of stainless steel.​ The manganese raw – material market showed a relatively stable development trend in March. In the steel industry, manganese, as an important alloying element, plays a key role in improving the performance of steel. With the steady growth of stainless – steel production, the demand for manganese raw materials has also increased. At the same time, the progress of manganese – iron – phosphate lithium – battery technology has opened up new application fields for the manganese market, further driving the market demand for manganese. The direct impact of the tariff policy adjustment on the manganese raw – material market is relatively limited, and its price is mainly driven by the demand side of the steel industry and the development of the emerging battery industry. In March, due to the high operating rate of the steel industry as a whole and the acceleration of the industrialization process of manganese – iron – phosphate lithium – batteries, the price of manganese raw materials remained relatively stable under the support of supply – demand balance and is expected to gain more growth momentum in the future with the vigorous development of emerging industries.​ Judging from market data, since the opening of the market in March, the price of stainless – steel futures has been fluctuating downward. The price bottomed out on March 26, and then the price rebounded. On April 8, the highest price, lowest price, and closing price of the main stainless – steel futures contract 2405 were 13,695 yuan/ton, 13,515 yuan/ton, and 13,685 yuan/ton respectively, all of which rebounded to varying degrees compared with the bottom price on March 26. In the spot market, affected by the improvement of market sentiment, the price of stainless steel also stopped falling and rebounded. Merchants adjusted and probed the price upwards many times, and the inquiry and transaction conditions were acceptable. The price of cold – rolled coils remained relatively stable, and the price of hot – rolled coils was more active. This series of price trends are closely related to the fluctuations in the raw – material market, and the changes in raw – material costs directly affect the pricing strategy of stainless – steel products.​ Looking to the future, the price of stainless – steel raw materials will continue to be comprehensively affected by various factors. The stable implementation of tariff policies, the release rhythm of global mine production capacity, and the reshaping of the raw – material demand structure by the development of the new – energy industry will all bring uncertainties to the price of stainless – steel raw materials. Industry experts suggest that upstream and downstream enterprises in the stainless – steel industry chain should strengthen market monitoring and analysis, optimize procurement strategies, expand raw – material supply channels, and improve production technology levels to enhance their ability to respond to raw – material price fluctuations, seize development opportunities in the complex and changing market environment, and achieve sustainable development. Talking with Zyta for getting more information about the steel price and policy!