钼市连跌镍矿供给预期收紧，不锈钢厂减产消息频出-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report: 1. Nickel: On November 5, the closing price of nickel in London was $15,035, down $40, or 0.27%; The latest price of Shanghai Nickel 2512 is 119,100 yuan, down by 0.61% in 730 yuan. Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8750 yuan /50 basis tons. The reference price of Luoyang ferromolybdenum FeMo60 is 259,900 yuan/ton, down 8,000 yuan. 2. The latest price of stainless steel 2601 is 12,545 yuan, down by 0.40% in 50 yuan; The position was 91,654 lots and the turnover was 40,441 lots. 3, Fujian Qingtuo renewable resources Yongchang freight yard waste stainless steel purchase price (yuan/ton): 1) 304 new material and laser plate: 9150 yuan/ton; 304 new punching plate and short pipe head thickness: 9000 yuan/ton; 304 industrial material and thick plate pipe: 8600 yuan/ton; 304 oil punch and big nut core: 8600 yuan/ton; 2), 316 new material, laser plate, edge wire 17600, 316 industrial material, plate short and thick tube 17300; 3), 2205 black material 17300, white material 18000; 2507 black material 18500, white material 19200; 2520 black material 20000, white material 21500. 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 24,900 yuan/ton. 2. Wuxi guide price of Dongte hot rolled flat plate: 3.0*1500*6000 burr of 304/NO.1 is 12500 yuan/ton, and 4.0-12.0*1500*6000 burr is 12400 yuan/ton; 3.0*1500*6000 burr of 316L/NO.1 is 24300 yuan/ton, 4.0-10.0*1500*6000 burr is 24000 yuan/ton, and 12.0*1500*6000 burr is 24200 yuan/ton; ; S22053 27200 yuan/ton made of 4-10mm and 27900 yuan/ton made of 12mm, 32200 yuan/ton for 3mm, 31900 yuan/ton for 4-12mm and 32600 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 12450 yuan/ton, 3.0*1500*6000 burr of 316L material /NO.1 is 24300 yuan/ton, and 4.0-12.0*1500*6000 burr is 24000 yuan. Dingxin 2205 hot-rolled hot-rolled flat plate is 27350 yuan/ton for 3mm and 27050 yuan/ton for 4-10mm, Dingxin 310S is made of 31,900 yuan/ton of 3mm and 31,600 yuan/ton of 4-10mm. 4. Zhang Pu price: 12,950 yuan/ton for 4.0-8.0*1500*6000 of 304/NO.1, 25,300 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 25200 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. [November price of Qingshan round steel-65-130] S30400 material is 12250 yuan/ton, 316L material is 23250 yuan/ton, TP321 material is 14950 yuan/ton, 321 material is 13750 yuan/ton, and S22053 material is 24750 yuan/ton, 310S. 2. [New Materials of Zhejiang Friendship] 1) 16,400 yuan/ton of 347H continuous casting billet made of 160-360. 2) 24,600 yuan/ton for continuous casting billet made of 2205, 160-360 and 24,800 yuan/ton for bar made of 65-105; 3) 29,200 yuan/ton for continuous casting billet made of 2507, 160-360 and 30,800 yuan/ton for 65-105; 4) 32,500 yuan/ton of 32,760-160 continuous casting billet. 5) The continuous casting billet made of 310S ￠160-360 is 29,650 yuan/ton, and the bar made of 65-130 is 29,650 yuan/ton. 6) 58,500 yuan/ton for 904L material ￠160-360, and x yuan/ton for ￠65-105 (negotiable). 7) 30000 yuan/ton of continuous casting billet made of 317L ~ 160-360. 8) 23,200 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 25700 yuan/ton; 2) 30700 yuan/ton for 310S continuous casting round with 150-300 steel and 31700 yuan/ton for round steel with 65-130 steel; Round steel made of 309S ~ 65-130 is 25,000 yuan/ton; 3), S32750(F53) material ￠150-300 continuous casting circle 31600 yuan/ton; 65-130 round steel is 32,900 yuan/ton. S32760(F55) material ￠65-130 round steel 36800 yuan/ton. 4) 316l ~ 65-130 round steel is 25,500 yuan/ton; 316ti ~ 65-130 round steel 26900 yuan/ton; National standard 316l ~ 65-130 round steel 30200 yuan/ton; German standard 316 material-65-130 round steel 27700 yuan/ton; 317L ~ 65-130 round steel 33400 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 17,200 yuan/ton; 347H round steel of 65-130 is 18,500 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 58,000 yuan/ton; 65-130 round steel 59000 yuan/ton. 8), No.8926/1.4529 forged round steel ~ 200-250 round steel 83000 yuan/ton, ~ 65-130 round steel 73000 yuan/ton; 9), NO8825 material ￠200-250 forged round 87500 yuan/ton, ￠65-130 round steel 90500 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 x 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) The forged round made of NO6625 (200-250) is 179,000 yuan/ton; 65-130 round steel 173,000 yuan/ton; 14) Forged round made of NO6601 (200-250) is 109,000 yuan/ton; 110,000 yuan/ton for 65-130. 15) Forged round made of NO6600 ~ 200-250 is 117,000 yuan/ton; 124,000 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 61700 yuan/ton. 19), 904L material ￠65-130 round steel 61500 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 136,000 yuan/ton; 65-130 round steel 136,000 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-24.5 yuan/kg; Stainless steel seamless pipe S31603 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-38.3 yuan/kg; Stainless steel seamless pipe S32168 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-28.4 yuan/kg; Stainless steel welded pipe 30408 material, specification 219-813*4-6 pickling and weighing delivery-18.9 yuan/kg; Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-32.7 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 30, 2025, the social stock of stainless steel 89 warehouse in the national mainstream market was 1,031,096 tons, an increase of 3,694 tons over last week, with an increase of 0.36%, of which: The total inventory of cold-rolled stainless steel was 626,469 tons, an increase of 651 tons or 0.10% over last week. The total inventory of hot-rolled stainless steel was 4,046,274 tons, an increase of 3,043 tons or 0.76% over last week. The total inventory of 200 series was 186,873 tons, an increase of 4,103 tons over last week, with an increase of 2.24%; The total inventory of 300 series is 651,940 tons, an increase of 2,614 tons over last week, with an increase of 0.40%; The total inventory of 400 series is 192,283 tons, which is 3,023 tons less than last week, a decrease of 1.55%; The caliber inventory of Wuxi 50 warehouse is 598,711 tons, which is 2,374 tons less than last week, a decrease of 0.39%; The caliber inventory of Foshan 28 warehouse is 306,045 tons, which is 3,408 tons more than last week, with an increase of 1.13%. Zibo, Jieyang, Shenyang and Xi an have a stock of 126,340 tons, an increase of 2,660 tons or 2.15% over last week. V. Market analysis On November 6th, the mainstream spot price of domestic ferromolybdenum market was 252,000-258,000 yuan/ton. The price of steel strokes continues to fall, and the domestic molybdenum market is chattering. The Philippines may encounter extreme weather disturbances, and the supply of nickel ore is expected to tighten, but the performance of mine price is temporarily stable. The domestic production of 300 series stainless steel is almost flat, the traditional demand has no bright spot for the time being, and the price of ferronickel is under pressure. The heat at the power end continued, but the weakening of nickel price dragged down the price of nickel sulfate. Spot trading of electrolytic nickel is acceptable, and downstream inquiry is positive. In the short term, the nickel price has reached the bottom of the range, and the cost end support is strong. At present, the high-carbon ferrochromium market is dominated by "weak reality" and "weak expectation", and the market confidence is relatively weak. At present, the inventory of stainless steel is at a high level, and the downstream demand of real estate represented by various industries continues to weaken due to the cold weather, and the market mentality is in a weak range, resulting in a continuous decline in the market. From the point of view of industrial chain, terminal demand is still difficult to improve. After the Sino-US meeting, the market hopes for export improvement. If the result is in line with expectations, the upstream and downstream prices will have a low consolidation opportunity. If the negotiation result is lower than expected, the upstream and downstream prices will still have a greater risk of falling. It is worth noting that some guiding steel mills have production reduction plans in the next three months, which will reduce the demand for nickel, so we should focus on steel mills production scheduling and tariff trends in the future. The peak season of stainless steel is not prosperous, and the market activity in September is acceptable. However, after the terminal demand weakened obviously in October, the raw material side continued to bottom out, and the tariff problem on the demand side was difficult to alleviate. With the temperature drop, the demand in the northern market gradually weakened, and the chance of price recovery before the holiday was small.

Zhejiang Benji Stainless Steel Co., Ltd.,