Strong cost support for molybdenum iron raw materials, with an increase of 59000 tons in social inventory of stainless steel-Zhejiang Benji Stainless Steel Co., Ltd

1、 Raw material report:

1. Nickel: On March 12th, the closing price of nickel in London was $18551, up $174, or 0.95%; The latest price of Shanghai nickel 2405 is 141980 yuan, up 1680 yuan, or 1.20%; Shanghai high carbon ferrochrome FeCr55C1000 (50 base) costs 8800 yuan/50 base tons. The price of Luoyang molybdenum iron FeMo60 is 225500 yuan/ton, an increase of 500 yuan.

2. The latest price of stainless steel SS2405 is 13760 yuan, up 40 yuan or 0.29%; The holding amount is 154933 lots, and the trading volume is 111884 lots.

3. Purchase price of waste stainless steel at Fujian Qingtuo Recycling Yongchang Freight Yard:

1) 304 first grade (small punch plate, laser material, round steel, edge wire thick plate) materials are priced at 10200 yuan/ton, 304 new pipe head and corner materials are priced at 10100 yuan/ton, and 304 oil punch large particles are priced at 9300 yuan/ton.

2) 316L new pipe heads and corner materials cost 18300 yuan/ton, while 316 first grade white materials (small punching plate, laser plate, edge wire, round steel) cost 18400-18600 yuan/ton.

3) 2205 whiteboard, thick tube, and round steel cost 18300 yuan/ton, 2507 whiteboard, thick tube, and round steel cost 21000 yuan/ton, and 2520 whiteboard, thick tube, and round steel cost inspection.

2、 Wuxi stainless steel plate coil reference price

1. Taiyuan Iron and Steel Hot Rolling Guide Price:

300 hot-rolled series: 15300 yuan/ton for 304/NO.1; 16300 yuan/ton for 321/NO.1; 25800 yuan/ton for 316L/NO.1.

Middle plate (cut edge, thickness: 14-20mm, width: 1500mm) 304 material -16900 yuan/ton, 321 material -21200 yuan/ton, 316L material -28700 yuan/ton.

2. Dongte Hot Rolling Guide Price:

S30408 material costs 13500 yuan/ton for 4-12mm and 13700 yuan/ton for 14mm; 14200 yuan/ton for 16mm;

S31603 material costs 24300 yuan/ton for 4-12mm and 24700 yuan/ton for 14mm; 25200 yuan/ton for 16mm;

310S hot-rolled flat plate 3, 4mm 34900 yuan/ton, 5-10mm 34100 yuan/ton, 12mm 34400 yuan/ton, 14mm 35400 yuan/ton.

2205 hot-rolled 25400 yuan/ton

3. Dingxin 310S material costs 34000 yuan/ton for 3mm, 34100 yuan/ton for 4mm, and 33900 yuan/ton for 5-10mm.

4. Qingshan hot rolling: 304 material 13200 yuan/ton;

5. Zhangpu guide price: 13700 yuan/ton for 304 material, 16400 yuan/ton for 321 hot-rolled; 316L hot-rolled at 24400 yuan/ton.

3、 Reference price for stainless steel pipes and rods

1. The March price of Qingshan round steel is ? 65-130. S30400 material costs 13300 yuan/ton, 316L material costs 23500 yuan/ton, TP321 material costs 16200 yuan/ton, and 321 material costs 15000 yuan/ton.

2. Delong round steel ? 65-130 S30400 material costs 13700 yuan/ton, and 316L material costs yuan/ton for sealing.

3. Yongxing Bar Material ? 65-130: 304 material costs 16500 yuan/ton, TP321 material costs 19000 yuan/ton, 316L material costs 28000 yuan/ton, 316LGB material costs 31000 yuan/ton, S22053 material costs 29500 yuan/ton.

4. [Fukai Market Price]:

1) 2205 material ? 65-130 round steel 26700 yuan/ton; 24900 yuan/ton for continuous casting billets made of 2205 material with a diameter of ? 170-250;

2) TP316L continuous casting billet ? 150-250:24200 yuan/ton; 3) NO8810 electroslag ingot ? 360-900: 68800 yuan/ton;

4) NO8825 electroslag ingot ? 360-900: 99000 yuan/ton; 5) 17-4 electroslag ingots ? 360-900: 20000 yuan/ton;

6) 625 vacuum electroslag ingots ? 360-900: 28000 yuan/ton; 7) 6600 vacuum electroslag ingots ? 360-900: 160000 yuan/ton;

8) C-276 vacuum electroslag ingot ? 360-900: 237000 yuan/ton; 9) 718 vacuum electroslag ingot ? 360-900: 185000 yuan/ton;

10) Jiangyin Hanzhou 2205/F60 material costs 27000 yuan/ton, 2507 material/F53 material costs 36000 yuan/ton, 630/17-4PH material costs 17000 yuan/ton.

11) Wuxi Puheng Forged Round 304L Material: 15500 yuan/ton for ? 140-250, 16300 yuan/ton for ? 260-400; 316L material: 26200 yuan/ton for ? 140-250, 26400 yuan/ton for ? 260-400.

5. [Zhejiang Benji Pipe Reference Price]

Stainless steel seamless pipe 30408 material, specification 25 * 2 * 6000 cold drawn pipe, acid washed and weighed for delivery -26.5 yuan/kg;

Stainless steel seamless pipe S31603 material, specification 25 * 2 * 6000 cold drawn pipe, acid washed and weighed for delivery -39.1 yuan/kg;

Stainless steel seamless pipe S32168 material, specification 25 * 2 * 6000 cold drawn pipe, acid washed and weighed for delivery -30.6 yuan/kg;

Stainless steel welded pipe 30408 material, specification 219-813 * 4-6, acid washed and weighed for delivery -20 yuan/kg;

Stainless steel welded pipe S31603 material, specification 219-813 * 4-6, acid washed and weighed for delivery -32.7 yuan/kg;

Stainless steel welded pipe 32168 material, specification 219-813 * 4-6, acid washed and weighed for delivery -25.8 yuan/kg.

4、 Statistical data:

According to Mysteel research:

On March 7, 2024, the social inventory of stainless steel in the mainstream market nationwide was 1231044 tons, an increase of 59019 tons or 5.04% compared to the previous week. Among them:

The total inventory of cold-rolled stainless steel is 736120 tons, an increase of 40963 tons or 5.89% compared to last week;

The total inventory of hot-rolled stainless steel is 494924 tons, an increase of 18056 tons or 3.79% compared to last week;

The total inventory of the 200 series is 221959 tons, an increase of 7312 tons or 3.41% compared to the previous week;

The total inventory of the 300 series is 773965 tons, an increase of 29309 tons or 3.94% compared to the previous week;

The total inventory of the 400 series is 2351202 tons, an increase of 22398 tons or 10.53% compared to last week.

Wuxis inventory is 659182 tons, an increase of 13538 tons or 2.10% compared to last week

Foshans inventory is 413588 tons, an increase of 15046 tons or 3.78% compared to last week.

Zibo, Jieyang, Shenyang, and Xian have 158274 tons of inventory, an increase of 30435 tons or 23.81% compared to last week.

5、 Market analysis

On March 12th, Qingshan Holdings Groups molybdenum iron bid price was 220000 yuan/ton, and a steel plant in Shanxi priced it at 223000 yuan/ton. At present, the cost support for molybdenum iron raw materials is strong, and the downward space for molybdenum prices is not obvious. The market is still dominated by a stalemate game.

Todays nickel price surged beyond market expectations, with strong downstream wait-and-see sentiment and few incoming purchases. The spot premium for refined nickel has slightly decreased. At present, nickel supply and demand are relatively short, nickel supply continues to grow, consumption performance is relatively weak, and the surplus pattern continues. Currently, primary nickel is in a comprehensive surplus state, and domestic refined nickel inventory and LME inventory continue to accumulate. The nickel industry chain supply is abundant. Recently, the focus of raw material prices has increased, providing some support for nickel prices. Coupled with the slow impact of the Indonesian governments RKAB approval for nickel mines, short-term nickel prices may fluctuate. However, the current nickel industry profits have been well repaired, and there may be limited room for nickel prices to continue to rise

In terms of stainless steel, the market inventory has increased by nearly 60000 tons, and the round steel made of Qing Shan 304 and 321 materials has been lowered by 200 yuan. The price of 316L remains stable, and the mainstream market view is that the price remains high after this price adjustment, exceeding downstream expectations. The market sentiment for 300 stainless steel is not positive. Downstream confidence in the future market is still insufficient due to poor shipments, and some spot merchants have slightly lowered prices to promote transactions. However, there has been no significant improvement in transactions, and intraday transactions are average. Affected by the atmosphere of price decline, the market mentality is gradually becoming pessimistic. The current profit situation of stainless steel plants and nickel iron plants has declined, and there is once again a phenomenon of cost inversion. In the near future, there may be significant support for stainless steel prices. Coupled with the current positive macro expectations, stainless steel prices may stop falling and fluctuate in the short term.

Zhejiang Benji Stainless Steel Co., Ltd.,