Price trend 

According to data from SunSirs, stainless steel prices fell slightly in November. At the end of November, the spot price of stainless steel was 11,441.67 RMB/ton, a decrease of 3.58% from 11,866 RMB/ton at the beginning of the month, and a year-on-year decrease of 8.05%.

According to the annual price comparison chart of stainless steel from SunSirs over the past three years, stainless steel prices generally fell in December.

Market Analysis

Raw material

Ferronickel: The ferronickel market experienced a significant decline this month. According to market data, the price of high-ferronickel iron continued to fall in November. By the end of the month, the bidding price of high-ferronickel iron from Tsingshan Group had dropped to 880 RMB/nickel (delivered to the factory including tax), a decrease of 65 RMB/nickel month-on-month. This price had fallen below a historical low.

Ferrochrome: The high-carbon ferrochrome market also faced pressure in November. Ex-factory prices for high-carbon ferrochrome in major northern producing areas had been lowered to 8,000-8,100 RMB/50 base tons. High-carbon ferrochrome production is expected to continue to grow this month, with new capacity being released gradually and existing capacity remaining at high levels, further increasing market supply pressure.

On the supply side:

Domestic stainless steel mill crude steel production showed a slight decline in November, but overall supply pressure remained significant. The total crude steel production of stainless steel mills in November 2025 is projected to be 3.4551 million tons, a decrease of 1.67% month-on-month, but still an increase of 4.12% year-on-year. Although steel mills faced weak profits or even losses, and some manufacturers were implementing maintenance and production reduction plans, the elasticity of stainless steel production remained, and the overall supply adjustment was limited.

On the demand side:

November marks the end of the traditional peak season, and the resilience of stainless steel demand gradually weakened, presenting a "strong supply, weak demand" pattern. End-user demand, particularly in major stainless steel consumption areas such as home appliances, building decoration, and some product exports, was lackluster, failing to generate a sustained upward trend. Market transactions were weak, with downstream users mostly adopting a cautious wait-and-see approach, purchasing only small quantities as needed, and showing little willingness to build up inventory.

Inventory:

Due to slow demand recovery and persistent supply pressure, stainless steel social inventory continued to accumulate in November. As of November 20, 2025, the total social inventory of stainless steel in major markets across the country reached 1.0717 million tons, a week-on-week increase of 0.11%, marking the fourth consecutive week of increase.

Stainless steel inventories rose slightly in November. At the end of the month, total stainless steel inventories stood at 1.0717 million tons, a 3.65% decrease from the previous week.

Market Forecast:

In summary, the stainless steel market experienced a slight overall decline in November. Raw material prices were generally under pressure, production schedules decreased, and demand remained weak. In December, as winter deepens, downstream demand will further shrink. The winter stockpiling game will gradually unfold. Traders will gradually initiate passive winter stockpiling to alleviate the financial and inventory pressures on steel mills. This seasonal logic may provide some support to the market. Overall, in December, without any unexpected positive developments, the upside potential for stainless steel prices is limited; while the downside pressure is relatively controllable due to cost support and winter stockpiling demand.

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