In October 2025, China’s stainless steel trade showed contrasting trends. Imports reached 124,100 tons, slightly higher month-on-month but down 21.56% year-on-year. Cumulative imports for January-October totaled 1.262 million tons, a 21.37% decline, with Indonesia remaining the largest supplier despite a 24% drop. 

Exports in October were 358,100 tons, down 14.4% from September and 14.2% year-on-year, though Vietnam stayed the top destination. Total exports for the first ten months reached 4.14 million tons, with net exports at 2.88 million tons, reflecting continued global competitiveness.

Raw material imports surged. In the first ten months of the year, nickel ore imports rose 14.53% to 46.38 million tons, ferronickel jumped 30.4% to 9.26 million tons, and refined nickel soared 178.8% to 195,100 tons. Chrome ore imports grew, but ferrochrome fell sharply; manganese ore increased steadily. 

Overall, nickel and manganese imports expanded strongly, while ferrochrome and some stainless steel imports declined, driven by domestic demand shifts and global price volatility.