Indonesias approved nickel ore mining quota reaches 240 million tons per year, and there is significant downward pressure on stainless steel demand-Zhejiang Benji Stainless Steel Co., Ltd

1、 Raw material report:
1. Nickel: On June 13th, the closing price of nickel in London was $17645, down $416, or 2.30%; The latest price of Shanghai nickel 2407 is 136880 yuan, down 1950 yuan, or 1.40%; Shanghai high carbon ferrochrome FeCr55C1000 (50 base) costs 9100 yuan/50 base tons. Luoyang molybdenum iron costs 249500 yuan/ton.
2. The latest price of stainless steel SS2409 is 13910 yuan, down 100 yuan, or 0.71%; The holding amount is 166176 lots, and the trading volume is 70058 lots.
3. Purchase price of waste stainless steel at Fujian Qingtuo Yongchang Freight Yard:
1) 304 first grade white material (small punching plate, laser material, round steel, edge wire) costs 10000-10050 yuan/ton, and 304 new pipe head edge material costs 9800 yuan/ton.
2) 316 new pipe head corner material costs 18600 yuan/ton, and 316 first grade white material (small punching plate, laser material, round steel, edge wire) costs 18600-18800 yuan/ton.
3) 2205 whiteboard, thick tube, and round steel are priced at 18800 yuan/ton, 2507 whiteboard, thick tube, and round steel are priced at 22000 yuan/ton, and 2520 whiteboard, tube plate, and round steel are to be received.
2、 Wuxi stainless steel plate coil reference price
1. Taiyuan Iron and Steel Hot Rolling Guide Price:
300 hot-rolled series: 15500 yuan/ton for 304/NO.1; 16200 yuan/ton for 321/NO.1; 26200 yuan/ton for 316L/NO.1.
Middle plate (cut edge, thickness: 14-20mm, width: 1500mm) 304 material -17100 yuan/ton, 321 material: 19300 yuan/ton, 316L material: 29000 yuan/ton.
2. Dongte Hot Rolling Guide Price:
S30408 material: 13600 yuan/ton for 4-12mm, 13800 yuan/ton for 14mm; 14000 yuan/ton for 16mm;
S31603 material: 24600 yuan/ton for 4-12mm, 24900 yuan/ton for 14mm; 25100 yuan/ton for 16mm;
310S hot-rolled flat plates are priced at 35000 yuan/ton for 4mm, 34200 yuan/ton for 5-10mm, 34500 yuan/ton for 12mm, and 35500 yuan/ton for 14mm.
2205 hot-rolled 26100 yuan/ton
3. Qingshan hot rolling: 304 material, 13400 yuan/ton; Dingxin 310S material costs 34800 yuan/ton for 3mm, 34900 yuan/ton for 4mm, and 34700 yuan/ton for 5-10mm.
4. Zhangpu guide price: 13800 yuan/ton for 304 material, 16300 yuan/ton for 321 hot-rolled; 316L hot-rolled at 25100 yuan/ton.
3、 Reference price for stainless steel pipes and rods
1. The May price of Qingshan round steel is ? 65-130. S30400 material costs 13500 yuan/ton, 316L material costs 23900 yuan/ton, TP321 material costs 16300 yuan/ton, and 321 material costs 15100 yuan/ton.
2. Zhejiang Friendship New Materials: The price of 304 material is 13200 yuan/ton for ? 160-260, and 13300 yuan/ton for ? 300-360. 316L material costs 23700 yuan/ton for ? 160-260, and 23800 yuan/ton for ? 300-360. 24500 yuan/ton for 2205 material ? 160-260. 2507 material ? 160-260 for 30000 yuan/ton.
3. Yongxing Bar Material ? 65-130: 304 material costs 16700 yuan/ton, TP321 material costs 19200 yuan/ton, 316L material costs 28500 yuan/ton, 316LGB material costs 31500 yuan/ton, S22053 material costs 30000 yuan/ton.
4. [Fukai Market Price]:
1) 2205 (F60) material ? 150-300 round steel 26000 yuan/ton; ? 65-130 round steel, 26500 yuan/ton;
2) 310S material: 36000 yuan/ton for ? 150-300, 37500 yuan/ton for ? 65-130; 28500 yuan/ton for 309S material ? 65-130;
3) S32750 (F53) material ? 150-300 round steel 31500 yuan/ton; ￥ 65-130 round steel costs 35000 yuan/ton. S32760 (F55) material ? 65-130 round steel 41000 yuan/ton.
4) 316L ? 65-130 round steel at 25500 yuan/ton; 316Ti ? 65-130 round steel 29300 yuan/ton; National standard 316L ? 65-130 round steel 33000 yuan/ton; German standard 316 material ? 65-130 round steel 29500 yuan/ton; 317L ? 65-130 round steel at 36000 yuan/ton;
5) 19300 yuan/ton for 321H material ? 65-130; 22100 yuan/ton for 347H material ? 65-130;
6) NO8810 ? 200-250 round steel, 70000 yuan/ton; ? 65-130 round steel, 72000 yuan/ton.
7) NO7718 ? 200-250 round steel 168000 yuan/ton; ? 65-130 round steel, 172000 yuan/ton;
8) NO8028 ? 200-250 round steel costs 89000 yuan/ton, ? 65-130 round steel costs 93000 yuan/ton;
9) NO8120 ? 200-250 round steel costs 87000 yuan/ton, ? 65-130 round steel costs 90000 yuan/ton;
10) 630 material (17-4) ? 150-300 round steel costs 16300 yuan/ton, ? 65-130 round steel costs 17000 yuan/ton; 631 material (17-7) ? 65-130 round steel, priced at 19300 yuan/ton; 632 material (15-7Mo) ? 65-130 round steel 29000 yuan/ton;
11) 200000 yuan/ton for NO6625 material ? 200-250; ? 65-130 round steel, 203000 yuan/ton;
12) 125000 yuan/ton for NO6601 material ? 200-250; 127000 yuan/ton for ? 65-130.
13) 145000 yuan/ton for NO6600 material ? 200-250; 147000 yuan/ton for ? 65-130.
14) 226000 yuan/ton for NO10276 ? 200-250; ? 65-130 round steel 233000 yuan/ton;
15) XM-19 ? 65-130 round steel at 38000 yuan/ton;
16) S31254 material ? 65-130 round steel costs 64000 yuan/ton.
17) 904L material ? 65-130 round steel, priced at 65500 yuan/ton.
18) NO8926/1.4529 material ? 200-250 round steel ? 89000/ton, ? 65-130 round steel ? 75500/ton,;
19) NO8825 material ? 200-250 round steel 101000 yuan/ton, ? 65-130 round steel 102000 yuan/ton;
20) XM-19 material ? 65-130 round steel costs 36500 yuan/ton, and 15-5PH (XM-12) material ? 65-130 round steel costs 19200 yuan/ton.
21) 167000 yuan/ton for NO3030 material ? 200-250; ￥ 65-130 round steel costs 168000 yuan/ton.
155000 yuan/ton for NO4400 material ? 200-250;
22) 155000 yuan/ton for NO4400 material ? 200-250; ? 65-130 round steel costs 157000 yuan/ton.
23) 1.4460 material ? 65-130 round steel costs 25300 yuan/ton.
24) Wuxi Puheng Forged Round 304L Material: 15600 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 -26.8 yuan/kg;
Stainless steel seamless pipe S31603 material, specification 25 * 2 * 6000 cold drawn pipe, acid washed and weighed for delivery -39.8 yuan/kg;
Stainless steel seamless pipe S32168 material, specification 25 * 2 * 6000 cold drawn pipe, acid washed and weighed for delivery -30.5 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 -33 yuan/kg;
Stainless steel welded pipe 32168 material, specification 219-813 * 4-6, acid washed and weighed for delivery -25.9 yuan/kg.
4、 Statistical data:
According to Mysteel research:
On June 13, 2024, the social inventory of stainless steel in the mainstream market nationwide was 1150343 tons, an increase of 52074 tons or 4.74% compared to the previous week. Among them:
The total inventory of cold-rolled stainless steel is 724585 tons, an increase of 14661 tons or 2.07% compared to last week;
The total inventory of hot-rolled stainless steel is 425758 tons, an increase of 37413 tons or 9.63% compared to last week;
The total inventory of the 200 series is 222121 tons, an increase of 13744 tons or 6.60% compared to the previous week;
The total inventory of the 300 series is 731693 tons, an increase of 6694 tons or 0.92% compared to the previous week;
The total inventory of the 400 series is 196529 tons, an increase of 31636 tons or 19.19% compared to last week.
Wuxis inventory is 673458 tons, an increase of 17996 tons or 2.75% compared to last week;
Foshans inventory is 348749 tons, an increase of 7916 tons or 2.32% compared to last week;
Zibo, Jieyang, Shenyang, and Xian have inventory of 128136 tons, an increase of 26162 tons or 25.66% compared to last week.
5、 Market analysis
1. Molybdenum Fundamental Analysis
There are reports that the supply problem of molybdenum oxide still exists. Due to geopolitical issues, there have been delays in shipping, increased shipping costs, and shutdowns in some mines worldwide.
Global molybdenum iron prices remain unchanged: the ex factory price of 60 molybdenum iron in Inner Mongolia, China remains unchanged on a weekly basis, at 249000 yuan/ton (34356 US dollars/ton). The miners have not lowered the price of molybdenum oxide, and demand remains at a normal level. The prices of 60% ferromolybdenum in South Korea and 70% ferromolybdenum in the United States remained unchanged on a weekly basis, at 52 US dollars per kilogram and 62 US dollars per kilogram, respectively. The price of ferromolybdenum in Europe also remained unchanged on a weekly basis. In addition, futures prices on the London Metal Exchange (LME) platform have also remained stable, with a slight increase of 0.21 US dollars per pound to 23.34 US dollars per pound on June 11th. Given the current market situation, it is expected that the price of ferromolybdenum will remain stable with slight fluctuations.
Indonesias nickel mine RKAB approval has increased, and supply conflicts are expected to ease. Indonesia has announced the latest progress of RKAB approval, with an approved nickel ore mining quota of 240 million tons per year, an increase from the approved amount surveyed by SMM at the end of May. In May, the global nickel mining volume experienced a seasonal rebound, with an increase compared to the same period last month.
2. Fundamental analysis of nickel iron
Supply side uncertainty eased, and nickel ore imports rebounded month on month. The Indonesian Ministry of Energy and Mineral Resources (ESDM) has approved the three-year work plans and budgets (RKAB) of 470 nickel companies, with an approved nickel ore mining quota of 240 million tons per year. The tight supply of nickel ore is expected to ease, and the actual approval situation needs to be tracked in the future. In May, global nickel ore shipments rebounded, with a year-on-year increase in Chinese port arrivals. According to Mysteel statistics, in May, major countries around the world shipped approximately 6.75 million wet tons of nickel ore, an increase of 30.20% month on month and 12.82% year-on-year. Philippine nickel ore shipments amounted to approximately 5.94 million wet tons, an increase of 31.98% month on month and 14.85% year-on-year. Approximately 6.16 million wet tons of nickel ore arrived at major ports in China, an increase of 55.22% month on month and 18.77% year-on-year.
3. Fundamental analysis of stainless steel
The profits of steel mills have shrunk, and there is still an increase in production scheduling in June. In the past week, the profit margin of 304 stainless steel cold-rolled coils (self-produced high nickel iron) has remained at 1.7%, a significant decrease from late May. According to Mysteel statistics, in May 2024, the crude steel production of 43 stainless steel plants in China was 3.2998 million tons, an increase of 78700 tons month on month, an increase of 2.44%, and a year-on-year increase of 5.58%. The expected production in June is 3.3653 million tons, an increase of 1.98% month on month and 10.41% year-on-year. Among them, the 300 series is 16.9835 million tons, an increase of 2.75% month on month.
In terms of demand, there has been a weakening of demand, and inventory has shifted from decreasing to increasing. The three major white electricity production reports released by Industry Online show that the total production of air ice washing in June was 35.57 million units, a decrease of 5.77% compared to the previous month. As of June 7th, the social inventory of stainless steel in 78 sample enterprises reached 1.0488 million tons, an increase for two consecutive weeks, with a significant increase in cold rolling inventory.
In June, stainless steel production increased, and there was significant downward pressure on demand. Cost support weakened, and prices may fluctuate weakly.

Zhejiang Benji Stainless Steel Co., Ltd.,