不锈钢产业作为我国制造业的关键基础材料板块，在支撑高端装备、新能源、民生消费等领域发展中发 挥着核心作用。记者调查发现，目前不锈钢行业受原料、市场、技术等多重压力的叠加冲击，面临诸多 梗阻，市场过度竞争进一步挤压企业生存空间。 镍铬受制于人 镍、铬是不锈钢生产中必需的原料，但这两种资源在我国相对贫乏，长期以来都需要大量进口。镍、铬 近年来价格波动大，且持续高位运行，国内的不锈钢企业备受成本飙升、无料可用甚至被迫转移产业至 海外等困扰。 中国宝武集团太原钢铁集团有限公司（下称"太钢集团"）是国内最大的不锈钢生产企业之一，其产品被 用于民生与工业等高端制造业，是我国不锈钢产业的领导者，拥有1200万吨的不锈钢产能。 即便如此，太钢集团与国内其他不锈钢生产企业一样，原材料几乎全部依赖进口。 "我国镍资源对外依存度高达95%，主要依赖印尼和菲律宾进口，而印尼近年频繁削减配额、提高税 率，增加了我们供应链的不确定性。2022年镍价非理性上涨已经对我们造成较大冲击，目前还找不到可 替代的方案，外部风险不断溢出。"太钢集团董事长吴小弟说。 此外，外汇强制留存政策虽不直接影响镍铁出口，但增加了企业现金流压力与运营成本，进一步 ...

News Summary Core Viewpoint - The stainless steel market is experiencing fluctuations in inventory levels and prices, influenced by production adjustments, raw material costs, and demand uncertainties. Group 1: Inventory and Production - As of May 23, stainless steel futures inventory recorded 140,425 tons, a decrease of 17,453 tons from the previous trading day [1] - On May 22, regional market stainless steel inventory totaled 153,280 tons, with a week-on-week increase of 44.36% and a year-on-year increase of 16.27% [1] - Cold-rolled stainless steel inventory was 26,950 tons, up 3.45% week-on-week and 0.96% year-on-year; hot-rolled stainless steel inventory was 126,330 tons, up 57.66% week-on-week and 45.28% year-on-year [1] Group 2: Market Dynamics - Recent news of steel mills reducing production and rising nickel-iron prices provide some support for stainless steel prices, but slow inventory digestion and lack of demand improvement continue to exert pressure [2] - The price of stainless steel is expected to fluctuate within the range of 12,600 to 13,200 [2] Group 3: Raw Material and Supply Chain - The Indonesian government's PNBP policy has increased nickel resource supply costs, while the Philippines plans to implement a nickel ore export ban starting June 2025, intensifying raw material disruptions [3] - Indonesian nickel-iron production capacity is recovering, leading to a noticeable decline in nickel-iron prices, which reduces raw material cost support [3] - Steel mills are maintaining normal production but are reducing output of the loss-making 300 series stainless steel in favor of increasing production of the 200 and 400 series products, indicating ongoing supply pressure [3] Group 4: Demand and Market Sentiment - Terminal construction projects are gradually commencing, entering the traditional peak demand season, but macro market uncertainties are leading to cautious attitudes towards high-priced goods [3] - Recent domestic inventory has seen a slight increase, indicating a potential shift in market dynamics [3]