Indonesia increases the proportion of nickel iron and nickel ore levy, leading to an upward shift in stainless steel cost support-Zhejiang Benji Stainless Steel Co., Ltd

1、 Raw material report: 1. Nickel: On March 13th, the closing price of nickel in London was $16506, down $135, or 0.81%; The latest price of Shanghai Nickel 2505 is 132900 yuan, a decrease of 620 yuan, a decrease of 0.46%; Shanghai high carbon ferrochrome FeCr55C1000 (50 basis) costs 7800 yuan/50 basis tons. Luoyang molybdenum iron is 213800 yuan/ton, down 2000 yuan. 2. The latest price of stainless steel 2505 is 13615 yuan, an increase of 55 yuan, or 0.44%; The holding volume is 167997 lots and the trading volume is 71358 lots. 3. Fujian Qingtuo Renewable Resources Yongchang Freight Yard Waste Stainless Steel Purchase Price (yuan/ton): 1) 304 new material, laser plate: 10020 yuan/ton, 304 new punching plate, thick plate tube: 10000304 industrial material, plate tube 9700304 oil punch core 9200-9300; 2) 316 new material, laser plate, edge wire 18100316 industrial material, plate tube 17800; 3) 2205 old material 16700, 5 new material 17800; 2507 old material 19500, new material 21000; 2520 old materials 21000, new materials 23300. Delivery location: A113, 15th Road, Binhai 1st Road, Longwan District, Wenzhou City (including tax invoice, additional tax point) 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; 15600 yuan/ton for 321/NO.1; 24900 yuan/ton for 316L/NO.1. Medium plate (trimmed, thickness: 14-20mm, width: 1500mm) made of 304 material -16900 yuan/ton, 321 material: 19000 yuan/ton, 316L material: 28300 yuan/ton. 2. Dongte Hot Rolling Guide Price: S30408 material costs 13200 yuan/ton for 4-12mm and 13200 yuan/ton for 14mm; 13200 yuan/ton for 16mm; S31603 material is priced at 23400 yuan/ton for 4-12mm and 23400 yuan/ton for 14mm; 16mm at 23400 yuan/ton; 310S hot-rolled flat plate 3 and 4mm costs 32600 yuan/ton, 5-10mm costs 31800 yuan/ton, 12mm costs 32100 yuan/ton, and 14mm costs 33100 yuan/ton. 2205 hot rolling 24500 yuan/ton 3. Qingshan Hot Rolling: 304 material priced at 12750 yuan/ton; Dingxin 310S material is priced at 31800 yuan/ton for 3mm, 31900 yuan/ton for 4mm, and 31700 yuan/ton for 5-10mm. 4. Zhangpu guide price: 13300 yuan/ton for 304 material, 15800 yuan/ton for 321 hot rolling; 316L hot-rolled at 23700 yuan/ton. 3、 Reference price for stainless steel tube and rod 1. The March price of Qingshan round steel is between 65-130 yuan. S30400 material costs 13030 yuan/ton, 316L material costs 22700 yuan/ton, TP321 material costs 15830 yuan/ton, 321 material costs 14630 yuan/ton, S22053 material costs 23200 yuan/ton, and 310S material costs 31600 yuan/ton. 2. Zhejiang Friendship New Material Continuous Casting Billet 1) 16800 yuan/ton for 347H material ￠ 160-360; 2) 22800 yuan/ton for 2205 material ￠ 160-360, 23400 yuan/ton for ￠ 65-105; 3) 28200 yuan/ton for 2507 material ￠ 160-360, 30000 yuan/ton for ￠ 65-105; 4) 32760 material ￠ 160-360 yuan/ton 5) 310S material costs 31200 yuan/ton for ￠ 160-360 and 31300 yuan/ton for ￠ 65-130. 6) 904L material ￠ 160-360 is priced at 57100 yuan/ton. 3. 【 Yongxing Bar Material ￠ 65-130 】 304 material costs 16000 yuan/ton, TP321 material costs 18400 yuan/ton, 316L material costs 27000 yuan/ton, 316LGB material costs 29800 yuan/ton, and S22053 material costs 28500 yuan/ton. 4. 【 Fukai Market Price 】: 1) 2205 (F60) material ￠ 150-300 round steel 24600 yuan/ton (negotiable); 65-130 round steel 24800 yuan/ton (negotiable); 2) 310S material costs 32500 yuan/ton for ￠ 150-300 and 32500 yuan/ton for ￠ 65-130; 26000 yuan/ton for 309S material ￠ 65-130; 3) S32750 (F53) material ￠ 150-300 round steel 30500 yuan/ton; 65-130 round steel costs 33300 yuan/ton. S32760 (F55) material ￠ 65-130 round steel 37500 yuan/ton. 4) 316L ￠ 65-130 round steel at 25200 yuan/ton (negotiable); 316Ti ￠ 65-130 round steel 28100 yuan/ton; National standard 316L ￠ 65-130 round steel 31500 yuan/ton; German standard 316 material ￠ 65-130 round steel 28700 yuan/ton; 317L ￠ 65-130 round steel 34700 yuan/ton; 5) 18000 yuan/ton for 321H material ￠ 65-130; 20200 yuan/ton for 347H material ￠ 65-130; 6) NO7718 ￠ 200-250 round steel 182000 yuan/ton; ￠ 65-130 round steel 183000 yuan/ton; 7) NO8810 ￠ 200-250 round steel 70500 yuan/ton; 65-130 round steel costs 72500 yuan/ton. 8) NO8926/1.4529 material: ￠ 200-250 round steel 92000 yuan/ton, ￠ 65-130 round steel 80000 yuan/ton,; 9) NO8825 material: ￠ 200-250 round steel 99000 yuan/ton, ￠ 65-130 round steel 102000 yuan/ton; 10) NO8028 ￠ 200-250 round steel at 89000 yuan/ton, ￠ 65-130 round steel at 90000 yuan/ton; 11) NO8120 ￠ 200-250 round steel costs 88000 yuan/ton, and ￠ 65-130 round steel costs 90000 yuan/ton; 12) 630 material (17-4) ￠ 150-300 round steel at 16100 yuan/ton, ￠ 65-130 round steel at 16100 yuan/ton; 631 material (17-7) ￠￠ 65-130 round steel 19000 yuan/ton; 632 material (15-7Mo) ￠ 65-130 round steel 29300 yuan/ton; 13) 195000 yuan/ton for NO6625 material ￠ 200-250; ￠ 65-130 round steel 197000 yuan/ton; 14) 123000 yuan/ton for NO6601 material ￠ 200-250; 125000 yuan/ton for ￠ 65-130. 15) 142000 yuan/ton for NO6600 material ￠ 200-250; 144000 yuan/ton for ￠ 65-130. 16) 213000 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 63000 yuan/ton. 19) 904L material ￠ 65-130 round steel 64000 yuan/ton. 20) XM-19 material ￠ 65-130 round steel is priced at 35300 yuan/ton, while 15-5PH (XM-12) material ￠ 65-130 round steel is priced at 18600 yuan/ton. 21) 163000 yuan/ton for NO3030 material ￠ 200-250; 65-130 round steel costs 165000 yuan/ton. 155000 yuan/ton for NO4400 material ￠ 200-250; 22) NO4400 material ￠ 200-250, priced at 152000 yuan/ton; 65-130 round steel costs 154000 yuan/ton. 23) 1.4460 material ￠ 65-130 round steel 23800 yuan/ton. 24) Wuxi Puheng forged round 304L material costs 14200 yuan/ton for ￠ 140-250 and 15500 yuan/ton for ￠ 260-400; 316L material costs 24700 yuan/ton for sizes 140-250 and 24900 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 -25.6 yuan/kg; Stainless steel seamless tube S31603 material, specification 25 * 2 * 6000 cold drawn tube acid washed and weighed delivery -37.8 yuan/kg; Stainless steel seamless tube S32168 material, specification 25 * 2 * 6000 cold drawn tube acid washed and weighed delivery -29.7 yuan/kg; Stainless steel welded pipe made of 30408 material, specification 219-813 * 4-6, acid washed and weighed for delivery -19.6 yuan/kg; Stainless steel welded pipe S31603 material, specification 219-813 * 4-6 acid washed weighing delivery -32.2 yuan/kg; Stainless steel welded pipe 32168 material, specification 219-813 * 4-6 acid washed weighing delivery -25.3 yuan/kg. 4、 Statistical data: According to Mysteel research: On March 13, 2025, the social inventory of 89 caliber stainless steel warehouses in the mainstream market nationwide was 1126963 tons, an increase of 3992 tons or 0.36% compared to the previous week. Among them: The total inventory of cold-rolled stainless steel was 722705 tons, an increase of 6358 tons or 0.89% compared to last week; The total inventory of hot-rolled stainless steel is 404258 tons, a decrease of 2366 tons or 0.58% compared to last week; The total inventory of the 200 series is 181016 tons, a decrease of 1344 tons or 0.73% compared to last week; The total inventory of 300 series is 759060 tons, an increase of 9893 tons or 1.32% compared to last week; The total inventory of 400 series is 185887 tons, a decrease of 4557 tons or 2.39% compared to last week. Wuxi 50 warehouse has a caliber inventory of 684114 tons, an increase of 1931 tons or 0.28% compared to last week; The caliber inventory of Warehouse 28 in Foshan is 345374 tons, an increase of 5735 tons or 1.69% compared to last week; The caliber inventory of warehouses in Zibo, Jieyang, Shenyang, and Xian is 97475 tons, a decrease of 3674 tons or 3.63% compared to last week. 5、 Market analysis Recently, there have been multiple rounds of policy disturbances in the nickel market, and the Indonesian government has required exporters from certain industries to keep 100% of their foreign exchange in a special account at the national bank, otherwise exports will be banned. The market generally believes that this foreign exchange control policy mainly targets mining exports in the metal sector, but as Indonesia does not directly export nickel ore, only nickel smelting products, this policy will not directly affect the nickel market. However, the increase in the cost of capital occupation will have an impact on the operational capabilities of enterprises, and the operational pressure of mining enterprises may increase or be partially transmitted to downstream links. PNBP (Non Tax National Revenue) is another means for the Indonesian government to increase national revenue in addition to taxation. Recently, the Indonesian government has also adjusted the proportion of PNBP levied in the mineral sector. In the nickel industry, the nickel ore levy ratio will be changed from a fixed 10% to 14%~19%, adjusted according to the fluctuation of HMA prices; The nickel iron levy ratio has been adjusted from a fixed 2% to 5% to 7%, subject to fluctuations in HMA prices; Nickel matte has abolished the profit tax and changed the collection ratio from a fixed 2% to a floating range of 4.5% to 6.5%. Regarding the policy impact, on the one hand, the significant increase in the PNBP levy ratio this time may increase the burden on enterprises, which in turn will drive them to transfer PNBP pressure downstream; On the other hand, the increase in PNBP will increase the cost of nickel smelting projects in Indonesia, further exacerbating the profit inversion in related links. In the long run, it may lead to a slowdown in the deployment of new production capacity. Overall, there have been frequent news disturbances in the nickel market recently. With concerns and uncertainties about policy prospects, nickel prices have been strongly affected by emotions and have broken through the pressure level of the oscillation range. Recently, there have been two new features of policy disturbances: firstly, the mechanism of Indonesias industrial policy has shifted from "quantity" to "price", and secondly, there has been cross variety linkage between nickel and cobalt. Can the rise in nickel prices continue? The demand side of nickel may not be able to support the continuous strengthening of nickel prices. Although downstream stainless steel production increased significantly in March, its spot transactions still performed averagely. It is still uncertain whether the "gold three silver four" can be realized, and considering the high inventory pressure, there may be a possibility of further reduction in stainless steel production in the future. In terms of new energy, the current market share of ternary batteries remains at a low level of 20%, leading to a continuous decline in precursor production. The poor performance of downstream orders will also drag down the demand for nickel. Under policy disturbance, nickel prices may remain high in the short term, but as market sentiment subsides and the beta factor of pricing decline in the non-ferrous sector is amplified, nickel prices are still difficult to reverse. The cost support for stainless steel has shifted upwards, and there is a strong bullish sentiment towards spot prices. The price center has shifted upwards, but traders have made more transactions and downstream demand has increased. The market is concerned about the risk of economic recession in the United States, and if NPI prices rise significantly, domestic nickel iron production lines will have profits to start production, so the upper space is also limited. Stainless steel is oscillating and strengthening, but it is not advisable to chase too much.

Zhejiang Benji Stainless Steel Co., Ltd.,