First, the raw material report: 1. Nickel: On November 17, London nickel closed at $14,650, down $241, or 1.62%; The latest price of Shanghai Nickel 2601 is RMB 115,150, down by USD 1,850 or 1.58%. Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8600 yuan /50 basis tons. The reference price of Luoyang ferromolybdenum FeMo60 is 243,900 yuan/ton, up 5,000 yuan. 2. The latest price of stainless steel 2601 is 12,340 yuan, down by 0.32% in 40 yuan; The position was 177,612 lots and the turnover was 49,010 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: 8300 yuan/ton; 2), 316 new material, laser plate, edge wire 17200, 316 industrial material, plate short and thick tube 16800; 3), 2205 black material 17000, white material 17500; 2507 black material 18000, white material 18700; 2520 black material 19700, white material 21000. 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: 13,000 yuan/ton for 3.0 * 1,500 * 6,000 mm for 304/NO.1, and 12,700 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 24,100 yuan/ton. 2. Wuxi guide price of Dongte hot rolled flat plate: 3.0*1500*6000 burr of 304/NO.1 is 12400 yuan/ton, and 4.0-12.0*1500*6000 burr is 12300 yuan/ton; 3.0*1500*6000 burr of 316L/NO.1 is 23,900 yuan/ton, 4.0-10.0*1500*6000 burr is 23,600 yuan/ton, and 12.0*1500*6000 burr is 23,800 yuan/ton; ; S22053 26,600 yuan/ton made of 4-10mm and 27,300 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: The 3.0-12.0*1500*6000 burr of 304/NO.1 is 12250 yuan/ton, the 3.0*1500*6000 burr of 316L material /NO.1 is 23900 yuan/ton, and the 4.0-12.0*1500*6000 burr is 23600 yuan. Dingxin 2205 hot rolled flat plate is 26,850 yuan/ton for 3mm and 26,550 yuan/ton for 4-10mm, Dingxin 310S is made of 31,600 yuan/ton of 3mm and 31,300 yuan/ton of 4-10mm. 4. Zhang Pu price: 12,650 yuan/ton for 4.0-8.0*1500*6000 of 304/NO.1, 24,500 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 24400 yuan/ton; 3.0-5.0*1500*6000 burr of 321/NO.1 is 15400 yuan/ton, and 6.0-10.0*1500*6000 burr is 15750 yuan/ton. III. Reference price of stainless steel tubes and rods 1. [November price of Qingshan round steel-65-130] S30400 material is 11950 yuan/ton, 316L material is 22800 yuan/ton, TP321 material is 14800 yuan/ton, 321 material is 13600 yuan/ton, and S22053 material is 24300 yuan/ton, 310S. 2. [New Materials of Zhejiang Friendship] 1) 16,350 yuan/ton of 347H continuous casting billet made of 160-360. 2) 23,800 yuan/ton for continuous casting billet made of 2205, 160-360 and 24,300 yuan/ton for bar made of 65-105; 3) 28,700 yuan/ton of continuous casting billet made of 2507, 160-360 and 30,400 yuan/ton of 65-105; 4) 32,000 yuan/ton of continuous casting billet made of 32,760 ~ 160-360. 5) The continuous casting billet made of 310S ~ 160-360 is 29,500 yuan/ton, and the bar made of 65-130 is 29,500 yuan/ton. 6) 58,000 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) 22,700 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. 【 Sales price of Fukai bar 】: 1) 150-300 continuous casting circle: 316L material-23,000 yuan/ton, 310S material-29,800 yuan/ton, 2205(F60) material-24,500 yuan/ton, S32750(F53) material-29,500 yuan/ton. 2) Round steel of 65-130: 26,800 yuan/ton for German standard 316, 33,500 yuan/ton for 904L, 29,800 yuan/ton for 310S, 24,800 yuan/ton for 2205(F60) and S32750(F53). 3) Round steel of 65-130: 156,000 yuan/ton for N07718, 87,500 yuan/ton for N06625, 60,000 yuan/ton for N08810, 80,000 yuan/ton for N08828 and 80,000 yuan/ton for N08020. 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-37.8 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 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 November 13th, 2025, the social stock of stainless steel 89 warehouse in the national mainstream market was 1,070,555 tons, an increase of 36,516 tons over last week, with an increase of 3.53%, of which: The total inventory of cold-rolled stainless steel was 631,131 tons, an increase of 15,900 tons or 2.58% over last week. The total inventory of hot-rolled stainless steel is 439,424 tons, an increase of 20,616 tons over last week, with an increase of 4.92%; The total inventory of 200 series was 193,816 tons, an increase of 2,451 tons or 1.28% over last week. The total inventory of 300 series is 659,952 tons, an increase of 20,423 tons over last week, with an increase of 3.19%; The total inventory of 400 series is 216,787 tons, an increase of 13,642 tons over last week, with an increase of 6.72%; The caliber inventory of Wuxi 50 warehouse is 584,759 tons, which is 14,278 tons less than last week, a decrease of 2.38%; The caliber inventory of Foshan 28 warehouse is 347,407 tons, an increase of 36,948 tons over last week, with an increase of 11.90%; The stocks in Zibo, Jieyang, Shenyang and Xi an are 138,389 tons, 13,846 tons more than last week, with an increase of 11.12%. V. Market analysis Molybdenum and iron: the international market price trend is weak, and the import channels are smooth, and low-priced raw materials put some pressure on the domestic market price. Although there is a reluctance to sell in mines, the supporting effect of cost on price has been obviously weakened compared with the previous period. But it still has some support. China continues to implement export control on molybdenum-related products, and the anti-dumping investigation initiated by the European Union on imported ferromolybdenum has formed a preliminary tax rate, which has restrained export demand to a certain extent, and some sources of goods may turn to the domestic demand market for digestion. With the deepening of the "anti-involution" policy, the policy of steady growth has been intensively implemented, which indirectly benefits the purchase price of ferromolybdenum. The upward momentum of price mainly depends on whether the demand for new energy can continue to strengthen and whether the bidding volume of steel mills can stabilize and rebound; The downside risk comes from the recovery speed of the supply side or the demand is less than expected. It is suggested to pay close attention to the bidding of steel mills, environmental protection policies and the trend of international molybdenum prices, which will dominate the short-term price direction. Stainless steel: After the continuous decline, some varieties of stainless steel ushered in a slight rebound. I think this is a technical rebound when the market entered the off-season of demand and the loss pressure of steel enterprises increased. Of course, the improvement of mood injected a little warmth into the market. However, the real trend turning point of stainless steel still needs to wait for the substantial landing of macro favorable policies and the complete improvement of expectations for next year. Prior to this, the market will probably continue the big shock pattern of "pressure from above and support from below".