China’s stainless steel market is expected to remain in a high-level fluctuation range in April. Manufacturing activity rebounded in March, with the PMI returning to expansion territory, supporting demand recovery. 

Infrastructure investment and seasonal demand are providing additional support, although the real estate sector and policy pressures continue to weigh on the market. 

On the cost side, unstable nickel ore supply and weather disruptions in the Philippines have kept nickel prices firm. With high production levels and persistent inventory pressure, the balance between supply and demand is tightening, leading to expected price fluctuations within a higher range.