The price of ferromolybdenum is close to the cost red line, and Reuters expects that the nickel market will have a surplus of 191,000 tons this year.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report: 1. Nickel: On October 28th, London nickel closed at $15,296, up by $27 or 0.14%; The latest price of Shanghai Nickel 2512 is 120,890 yuan, down by 0.20% in 240 yuan. Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8800 yuan /50 basis tons. The reference price of Luoyang ferromolybdenum FeMo60 is 272,900 yuan/ton, down 1,500 yuan. 2. The latest price of stainless steel 2512 is 12,785 yuan, up by 20 yuan, or 0.16%; The position was 100,805 lots and the turnover was 33,239 lots. 3, Fujian Qingtuo renewable resources Yongchang freight yard waste stainless steel purchase price (yuan/ton): 1) 304 new material and laser plate: 9300 yuan/ton, 304 new punching plate and short tube head thickness: 9200 yuan/ton, 304 industrial material and thick plate tube: 8800 yuan/ton, and 304 oil punch and big nut core: 8700 yuan/ton; 2), 316 new material, laser plate, edge wire 18400, 316 industrial material, plate short and thick tube 18100; 3), 2205 black material 18000, white material 18500; 2507 black material 19000, white material 19800; 2520 black material 20000, white material 21800. Delivery place: A113 (Yongchang Metal), South of No.15 Road, Binhai No.1 Road, Longwan District, Wenzhou City (invoice with tax included, plus tax point) Second, Wuxi stainless steel coil reference price 1, Taigang hot rolling Wuxi price: 300 hot rolled flat plate: 13,300 yuan/ton for 3.0 * 1,500 * 6,000 mm for 304/NO.1, and 13,000 yuan/ton for 4-10mm; 321/ NO.1 is 16,200 yuan/ton for 3-6mm and 16,600 yuan/ton for 8-10mm; The raw edge of 4.0-10.0*1500*C of 316L/NO.1 is 25,200 yuan/ton. 2. Wuxi guide price of Dongte hot rolled flat plate: 3.0*1500*6000 burr of 304/NO.1 is 12750 yuan/ton, and 4.0-12.0*1500*6000 burr is 12650 yuan/ton; 3.0*1500*6000 burr of 316L/NO.1 is 25,000 yuan/ton, 4.0-10.0*1500*6000 burr is 24,700 yuan/ton, and 12.0*1500*6000 burr is 24,900 yuan/ton; ; S22053 27650 yuan/ton made of 4-10mm and 28350 yuan/ton made of 12mm, 32400 yuan/ton for 3mm, 32100 yuan/ton for 4-12mm and 32800 yuan]/ton for 14mm hot rolled flat plate in 310S. 3. Castle Peak Hot Rolling: 3.0-12.0*1500*6000 burr of 304/NO.1 is 12600 yuan/ton, 3.0*1500*6000 burr of 316L material /NO.1 is 25000 yuan/ton, and 4.0-12.0*1500*6000 burr is 24700 yuan. Dingxin 2205 hot-rolled hot-rolled flat plate is 27850 yuan/ton for 3mm and 27550 yuan/ton for 4-10mm, Dingxin 310S is made of 32,100 yuan/ton of 3mm and 31,800 yuan/ton of 4-10mm. 4. Zhang Pu price: 12,950 yuan/ton for 4.0-8.0*1500*6000 of 304/NO.1, 25,600 yuan/ton for 3.0*1500*6000 of 316L/NO.1, and 4.0-8.0*1500*6000. 10.0-12.0*1500*6000 burr 25500 yuan/ton; 3.0-5.0*1500*6000 burr of 321/NO.1 is 15600 yuan/ton, and 6.0-10.0*1500*6000 burr is 15950 yuan/ton. III. Reference price of stainless steel tubes and rods 1. [The price of Qingshan Round Steel is 65-130 in October] S30400 is 12,500 yuan/ton, 316L is 24,200 yuan/ton, TP321 is 15,200 yuan/ton, 321 is 14,000 yuan/ton, and S22053 is 25,700 yuan/ton, 310S. 2. [New Materials of Zhejiang Friendship] 1) 16,800 yuan/ton of 347H continuous casting billet made of 160-360. 2) 25,600 yuan/ton for continuous casting billet made of 2205, 160-360 and 25,800 yuan/ton for bar made of 65-105; 3) 30,900 yuan/ton for continuous casting billet made of 2507, 160-360, and X yuan/ton made of 65-105 (negotiable); 4) 33,500 yuan/ton of continuous casting billet made of 32,760 ~ 160-360. 5) The continuous casting billet made of 310S ~ 160-360 is 29,800 yuan/ton, and the bar made of 65-130 is 29,900 yuan/ton. 6) 59,400 yuan/ton for 904L material ￠160-360 and x yuan/ton for 65-105 (negotiable). 7) 31000 yuan/ton of continuous casting billet made of 317L ~ 160-360. 8) 24300 yuan/ton of 316H material (150 * 150-240 * 240), 3. 【 Yongxing Bar-65-130 】 304 material is 16,000 yuan/ton, TP321 material is 18,300 yuan/ton, 316L material is 29,000 yuan/ton, 316LGB material is 31,600 yuan/ton, and S22053 material is 31,500 yuan/ton. 4. [Fukai Sales Price]: 1), 2205(F60) material ￠150-300 round steel X yuan/ton (discussion); 65-130 round steel 26800 yuan/ton; 2) 31300 yuan/ton for continuous casting round of 310S material (150-300) and 32300 yuan/ton for round steel of 65-130; Round steel made of 309S ~ 65-130 is 26,000 yuan/ton; 3), S32750(F53) material ￠150-300 continuous casting circle 32500 yuan/ton; 65-130 round steel is 33,800 yuan/ton. S32760(F55) material ￠65-130 round steel 37800 yuan/ton. 4) 316l ~ 65-130 round steel is 26,600 yuan/ton; 316ti ~ 65-130 round steel 28,000 yuan/ton; National standard 316l ~ 65-130 round steel 31500 yuan/ton; German standard 316 material-65-130 round steel 29,000 yuan/ton; 317L ~ 65-130 round steel 34200 yuan/ton; 5), 304 material ￠150-300 continuous casting round 15100 yuan/ton, ￠65-130 round steel 15500 yuan/ton; 321H round steel (65-130) is 17,800 yuan/ton; 347H round steel of 65-130 is 19,400 yuan/ton; 6), No.7718 ~ 200-250 forging round X yuan/ton; 65-130 round steel X yuan/ton; 7), No.8810 ~ 200-250 forging round 61500 yuan/ton; 65-130 round steel 62500 yuan/ton. 8), No.8926/1.4529 forged round steel ~ 200-250 round steel 86000 yuan/ton, ~ 65-130 round steel 76000 yuan/ton; 9), NO8825 material ￠200-250 forged round 88500 yuan/ton, ￠65-130 round steel 91500 yuan/ton; 10), No.8028 ~ 200-250 forging round 79500 yuan/ton, ~ 65-130 round steel 80500 yuan/ton; 11), No.8120 ~ 200-250 forging round X yuan/ton, ~ 65 ~ 130 round steel X yuan/ton; 12), 630 material (17-4), 150-300 continuous casting round 15700 yuan/ton, 65-130 round steel 15700 yuan/ton; 631 material (17-7)-65-130 round steel 18,600 yuan/ton; 632 material (15-7mo) ~ 65-130 round steel X yuan/ton; 13), NO6625 material-200-250 forged round 180,000 yuan/ton; 65-130 round steel 174,000 yuan/ton; 14) Forged round made of NO6601 (200-250) is 114,000 yuan/ton; 115,000 yuan/ton for 65-130. 15) Forged round made of NO6600 ~ 200-250 is 124,000 yuan/ton; 126,000 yuan/ton for 65-130. 16), No.10276 ~ 200-250 forging round 207000 yuan/ton; 65-130 round steel 209,000 yuan/ton; 17), XM-19 ~ 65-130 round steel 33800 yuan/ton; 18), S31254 material-65-130 round steel 63000 yuan/ton. 19), 904L material ￠65-130 round steel 63500 yuan/ton. 20), XM-19 material ￠65-130 round steel 33800 yuan/ton, 15-5PH(XM-12) material ￠65-130 round steel 18200 yuan/ton. 21) Forged round of NO3030 material (200-250) X yuan/ton; 65-130 round steel x yuan/ton. 155,000 yuan/ton of NO4400 material ~ 200-250; 22) Forged round made of NO4400 ~ 200-250 is 138,000 yuan/ton; 65-130 round steel 140,000 yuan/ton. 23), 1.4460 material-65-130 round steel x yuan/ton. 5. 【 Zhejiang Benji Pipe Reference Price 】 Stainless steel seamless pipe 30408 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-25.5 yuan/kg; Stainless steel seamless pipe S31603 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-40.1 yuan/kg; Stainless steel seamless pipe S32168 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-29.5 yuan/kg; Stainless steel welded pipe 30408 material, specification 219-813*4-6 pickling and weighing delivery-19.2 yuan/kg; Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-33.6 yuan/kg; Stainless steel welded pipe 32168 material, specification 219-813*4-6 pickling and weighing delivery-25 yuan /kg. Fourth, statistical data: According to Mysteel research: On October 23rd, 2025, the social stock of stainless steel 89 warehouse in the national mainstream market was 1,027,402 tons, which was 13,814 tons less than last week, with a decrease of 1.33%, including: The total inventory of cold-rolled stainless steel is 625,818 tons, which is 1,429 tons less than last week, a decrease of 0.23%; The total inventory of hot-rolled stainless steel is 401,584 tons, which is 12,385 tons less than last week, a decrease of 2.99%; The total inventory of 200 series is 182,770 tons, which is 151 tons less than last week, with a decrease of 0.08%; The total inventory of 300 series is 649,326 tons, which is 5,827 tons less than last week, a decrease of 0.89%; The total inventory of 400 series is 195,306 tons, a decrease of 7,836 tons or 3.86% compared with last week. The caliber inventory of Wuxi 50 warehouse is 601,085 tons, which is 6,390 tons less than last week, a decrease of 1.05%; The caliber inventory of Foshan 28 warehouse is 302,637 tons, which is 5,604 tons less than last week, with a decrease of 1.82%; Zibo, Jieyang, Shenyang and Xi an have a stock of 123,680 tons, down 1,820 tons or 1.45% from last week. V. Market analysis The supply of molybdenum ore in the upstream of ferromolybdenum industrial chain is stable, but the environmental protection policy has certain restrictions on smelting links. Mid-stream ferromolybdenum production enterprises are facing cost pressure, and some enterprises reduce production due to meager profits. The demand of downstream steel industry is divided, the demand of high-end field is increasing, and the demand of traditional field is weak. It is estimated that the price of ferromolybdenum will fluctuate in the range of 270,000-280,000 yuan/ton. The performance of steel bidding in November and the stability of overseas supply will become key variables. It is worth noting that the current price is close to the cost red line, and the downside space is limited, and the strong resilience of new energy demand will provide medium and long-term support for the price. According to the survey in Reuters, it is estimated that the nickel market will exceed 191,000 tons in 2025 and 156,500 tons in 2026. It is estimated that the average price of LME nickel will be USD 15,318/ton in 2025 and USD 15,755/ton in 2026, which is lower than USD 16,813/ton in 2024.

Zhejiang Benji Stainless Steel Co., Ltd.,