Negative demand feedback, weak fundamentals of nickel and stainless steel remain unchanged-Zhejiang Benji Stainless Steel Co., Ltd

1、 Raw material report:
1. Nickel: On October 28th, London nickel was $16015, down $152, or 0.94%; The latest continuous price of Shanghai nickel was 124460 yuan, a decrease of 1870 yuan, a decrease of 1.48%; Shanghai high carbon ferrochrome FeCr55C1000 (50 basis) costs 8500 yuan/50 basis tons. Luoyang molybdenum iron costs 241000 yuan/ton.
2. The latest price of stainless steel 2412 is 13705 yuan, a decrease of 30 yuan or 0.22%; The open position is 108151 lots and the trading volume is 38276 lots.
3. Fujian Qingtuo Yongchang Freight Yard Waste Stainless Steel Purchase Price:
1) 304 first grade white material (small punch plate, laser material, round steel, edge wire) costs 10200 yuan/ton, and 304 new pipe head edge material costs 9800 yuan/ton.
2) 316 new material, small punch plate at 18800 yuan/ton, industrial sheet tube at 18500 yuan/ton.
3) 2205 old material costs 18200 yuan/ton, new material costs 18600 yuan/ton; 2507 old material costs 22000 yuan/ton, new material costs 23000 yuan/ton, 2520 old material costs 22200 yuan/ton, and new material costs 24500 yuan/ton.
2、 Wuxi stainless steel coil reference price
1. Taiyuan Iron and Steel Hot Rolling Guide Price:
300 hot rolling series: 15200 yuan/ton for 304/NO. 1; 16000 yuan/ton for 321/NO.1; 25700 yuan/ton for 316L/NO.1.
Medium plate (trimmed, thickness: 14-20mm, width: 1500mm) made of 304 material -16800 yuan/ton, 321 material: 19200 yuan/ton, 316L material: 28600 yuan/ton.
2. Dongte Hot Rolling Guide Price:
S30408 material costs 13400 yuan/ton for 4-12mm and 13600 yuan/ton for 14mm; 13800 yuan/ton for 16mm;
S31603 material 4-12mm costs 24400 yuan/ton, 14mm costs 24700 yuan/ton; 24900 yuan/ton for 16mm;
310S hot-rolled flat plate 3 and 4mm costs 34200 yuan/ton, 5-10mm costs 33400 yuan/ton, 12mm costs 33600 yuan/ton, and 14mm costs 34600 yuan/ton.
2205 hot rolling 25600 yuan/ton
3. Qingshan Hot Rolling: 304 material 13300 yuan/ton; Dingxin 310S material is priced at 33300 yuan/ton for 3mm, 33400 yuan/ton for 4mm, and 33200 yuan/ton for 5-10mm.
4. Zhangpu guide price: 13600 yuan/ton for 304 material, 16200 yuan/ton for 321 hot rolling; 316L hot rolling costs 24600 yuan/ton.
3、 Reference price for stainless steel tube and rod
1. The August price of Qingshan round steel is between 65-130 yuan. S30400 material costs 13400 yuan/ton, 316L material costs 24100 yuan/ton, TP321 material costs 16200 yuan/ton, 321 material costs 15000 yuan/ton, S22053 material costs 24600 yuan/ton, and 310S material costs 32800 yuan/ton.
2. 【 Zhejiang Friendship New Material Continuous Casting Billet 】 The price of 304 material is 13100 yuan/ton for ￠ 160-260 and 13200 yuan/ton for ￠ 300-360. 316L material costs 23500 yuan/ton for sizes 160-260 and 23600 yuan/ton for sizes 300-360. 24100 yuan/ton for 2205 material ￠ 160-260. 29700 yuan/ton for 2507 material ￠ 160-260. 310S material ￠ 160-260 is priced at 32300 yuan/ton. 【 Zhejiang Friendship New Material Rod 】 310S material ￠ 65-130, priced at 32500 yuan/ton.
3. 【 Yongxing Bar Material ￠ 65-130 】 304 material costs 16000 yuan/ton, TP321 material costs 18500 yuan/ton, 316L material costs 27800 yuan/ton, 316LGB material costs 30800 yuan/ton, and S22053 material costs 29300 yuan/ton.
4. 【 Fukai Market Price 】:
1) 2205 (F60) material ￠ 150-300 round steel 24600 yuan/ton; 65-130 round steel 24800 yuan/ton;
2) 33500 yuan/ton for 310S material ￠ 150-300, 34000 yuan/ton for ￠ 65-130; 26500 yuan/ton for 309S material ￠ 65-130;
3) S32750 (F53) material ￠ 150-300 round steel 31500 yuan/ton; 65-130 round steel costs 34200 yuan/ton. S32760 (F55) material ￠ 65-130 round steel 39000 yuan/ton.
4) 316L ￠ 65-130 round steel at 25200 yuan/ton; 316Ti ￠ 65-130 round steel 29200 yuan/ton; National standard 316L ￠ 65-130 round steel 32000 yuan/ton; German standard 316 material ￠ 65-130 round steel 29500 yuan/ton; 317L ￠ 65-130 round steel 35500 yuan/ton;
5) 17800 yuan/ton for 321H material ￠ 65-130; 19700 yuan/ton for 347H material ￠ 65-130;
6) NO7718 ￠ 200-250 round steel at 158000 yuan/ton; ￠ 65-130 round steel 160000 yuan/ton;
7) NO8810 ￠ 200-250 round steel costs 65000 yuan/ton; 65-130 round steel priced at 67000 yuan/ton.
8) NO8926/1.4529 Material: 84000 yuan/ton for ￠ 200-250 round steel, 73000 yuan/ton for ￠ 65-130 round steel,;
9) NO8825 material ￠ 200-250 round steel 93000 yuan/ton, ￠ 65-130 round steel 96500 yuan/ton;
10) NO8028 ￠ 200-250 round steel 83000 yuan/ton, ￠ 65-130 round steel 85000 yuan/ton;
11) NO8120 ￠ 200-250 round steel 81000 yuan/ton, ￠ 65-130 round steel 82500 yuan/ton;
12) 630 material (17-4) ￠ 150-300 round steel 16000 yuan/ton, ￠ 65-130 round steel 16100 yuan/ton; 631 material (17-7) ￠￠ 65-130 round steel 18600 yuan/ton; 632 material (15-7Mo) ￠￠ 65-130 round steel 29300 yuan/ton;
13) NO6625 material ￠ 200-250, priced at 187000 yuan/ton; 65-130 round steel 191000 yuan/ton;
14) 119000 yuan/ton for NO6601 material ￠ 200-250; 121000 yuan/ton for ￠ 65-130.
15) 138000 yuan/ton for NO6600 material ￠ 200-250; 141000 yuan/ton for ￠ 65-130.
16) 210000 yuan/ton for NO10276 ￠ 200-250; 65-130 round steel at 216000 yuan/ton;
17) XM-19 ￠ 65-130 round steel, priced at 34300 yuan/ton;
18) S31254 material ￠ 65-130 round steel 62500 yuan/ton.
19) 904L material ￠ 65-130 round steel 62500 yuan/ton.
20) XM-19 material ￠ 65-130 round steel costs 34300 yuan/ton, 15-5PH (XM-12) material ￠ 65-130 round steel costs 18300 yuan/ton.
21) 155000 yuan/ton for NO3030 material ￠ 200-250; 65-130 round steel priced at 159000 yuan/ton.
155000 yuan/ton for NO4400 material ￠ 200-250;
22) 145000 yuan/ton for NO4400 material ￠ 200-250; 65-130 round steel costs 148000 yuan/ton.
23) 1.4460 material ￠ 65-130 round steel 23500 yuan/ton.
24) Wuxi Puheng forged round 304L material costs 15400 yuan/ton for ￠ 140-250 and 16300 yuan/ton for ￠ 260-400; 316L material costs 25700 yuan/ton for sizes 140-250 and 25900 yuan/ton for sizes 260-400.
5. Zhejiang Benji Pipe Reference Price
Stainless steel seamless tube 30408 material, specification 25 * 2 * 6000 cold drawn tube acid washed and weighed delivery -26.2 yuan/kg;
Stainless steel seamless tube S31603 material, specification 25 * 2 * 6000 cold drawn tube acid washed and weighed delivery -40.2 yuan/kg;
Stainless steel seamless tube S32168 material, specification 25 * 2 * 6000 cold drawn tube acid washed and weighed delivery -30.5 yuan/kg;
Stainless steel welded pipe made of 30408 material, specification 219-813 * 4-6, acid washed and weighed for delivery -20.1 yuan/kg;
Stainless steel welded pipe S31603 material, specification 219-813 * 4-6 acid washed weighing delivery -33 yuan/kg;
Stainless steel welded pipe 32168 material, specification 219-813 * 4-6 acid washed weighing delivery -25.4 yuan/kg.
4、 Statistical data:
According to Mysteel research:
On October 24, 2024, the social inventory of stainless steel in the mainstream market nationwide was 1030929 tons, an increase of 11470 tons or 1.13% compared to the previous week. Among them:
The total inventory of cold-rolled stainless steel is 668071 tons, a decrease of 5969 tons or 0.89% compared to last week;
The total inventory of hot-rolled stainless steel was 362858 tons, an increase of 17439 tons or 5.05% compared to last week;
The total inventory of the 200 series is 189647 tons, a decrease of 110 tons or 0.06% compared to last week;
The total inventory of 300 series is 669907 tons, an increase of 511 tons or 0.08% compared to last week;
The total inventory of 400 series is 173375 tons, an increase of 11069 tons or 6.90% compared to last week.
Wuxi inventory is 608822 tons, a decrease of 12450 tons or 2.00% compared to last week;
The inventory in Foshan is 319247 tons, an increase of 12300 tons or 4.01% compared to last week;
Zibo, Jieyang, Shenyang, and Xian have inventory of 102860 tons, an increase of 11620 tons or 12.74% compared to last week.
5、 Market analysis
At present, the Indonesian nickel ore market still maintains a tight balance, but the expectation of accelerated approval is expected to alleviate concerns about tight supply. In the medium term, the nickel stainless steel market will seek new contradictions in the future after a year long RKAB disturbance in trading. Recently, there has been a resurgence in market expectations regarding nickel iron plant price hikes, leading to another rebound in stainless steel prices. However, we believe that this round of price hikes may be difficult to sustain, mainly due to weak terminal demand leading to continuous stockpiling of stainless steel after the National Day holiday. If steel prices choose to increase due to cost disturbances, it may continue to suppress demand, which is not conducive to self shipment, and the trading logic may return to negative demand feedback again.
In summary, the weak fundamentals of nickel and stainless steel remain unchanged, and the expectation of reduced concerns about raw material supply at the mining end is expected to translate into a downward shift in the cost line. The nickel price is currently approaching the cost line of nickel electroplating, and the future decline may slow down, showing a weak and volatile pattern. Stainless steel is expected to rebound again in the short term due to cost disturbances, but it is expected that the rebound will be difficult to sustain and there may be room for correction.

Zhejiang Benji Stainless Steel Co., Ltd.,