Molybdenum iron has not seen the torsion signal, and stainless steel enterprises are facing the dual challenges of profit compression and operating pressure.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report: 1. Nickel: On November 24th, London nickel closed at USD 14,699, up USD 244 or 1.69%; The latest price of Shanghai Nickel 2601 is RMB 116,320, up by USD 1,020 or 0.88%. Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8550 yuan /50 basis tons. The reference price of Luoyang ferromolybdenum FeMo60 is 249,400 yuan/ton, down 2,500 yuan. 2. The latest price of stainless steel 2601 is 12,385 yuan, up by 60 yuan, or 0.49%; The position was 153,445 lots and the turnover was 101,288 lots. 3, Fujian Qingtuo renewable resources Yongchang freight yard waste stainless steel purchase price (yuan/ton): 1) 304 new material and laser plate: 9100 yuan/ton, 304 new punching plate and short tube head thickness: 8900 yuan/ton, 304 industrial material and thick plate tube: 8500 yuan/ton, and 304 oil punch and big nut core: 8200 yuan/ton; 2), 316 new material, laser plate, edge wire 17200, 316 industrial material, plate short and thick tube 16900; 3), 2205 black material 16800, white material 17400; 2507 black material 18000, white material 18800; 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: 12,900 yuan/ton for 3.0 * 1,500 * 6,000 mm for 304/NO.1, and 12,600 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 23,900 yuan/ton. 2. Wuxi guide price of Dongte hot rolled flat plate: 3.0*1500*6000 burr of 304/NO.1 is 12250 yuan/ton, and 4.0-12.0*1500*6000 burr is 12150 yuan/ton; 3.0*1500*6000 burr of 316L/NO.1 is 23400 yuan/ton, 4.0-10.0*1500*6000 burr is 23100 yuan/ton, and 12.0*1500*6000 burr is 23300 yuan/ton; ; S22053 26450 yuan/ton made of 4-10mm and 27150 yuan/ton made of 12mm, 31000 yuan/ton for 3mm, 31700 yuan/ton for 4-12mm and 32400 yuan]/ton for 14mm hot rolled flat plate. 3. Castle Peak Hot Rolling: 3.0-12.0*1500*6000 burr of 304/NO.1 is 12150 yuan/ton, 3.0*1500*6000 burr of 316L material /NO.1 is 23400 yuan/ton, and 4.0-12.0*1500*6000 burr is 23100 yuan. Dingxin 2205 hot-rolled flat plate is 26,350 yuan/ton for 3mm and 26,050 yuan/ton for 4-10mm, Dingxin 310S is made of 31,500 yuan/ton of 3mm and 31,200 yuan/ton of 4-10mm. 4. Zhang Pu price: 12,550 yuan/ton for 4.0-8.0*1500*6000 of 304/NO.1, 24,300 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 24200 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 11,900 yuan/ton, 316L material is 22,600 yuan/ton, TP321 material is 14,800 yuan/ton, 321 material is 13,600 yuan/ton, and S22053 material is 23,700 yuan/ton, 310S. 2. [New Materials of Zhejiang Friendship] 1) 16,350 yuan/ton of 347H continuous casting billet made of 160-360. 2) 24,000 yuan/ton for continuous casting billet made of 2205, 160-360 and 24,300 yuan/ton for bar made of 65-105; 3) 28,800 yuan/ton for continuous casting billet made of 2507, 160-360 and 30,800 yuan/ton for 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) The continuous casting billet made of 317L ~ 160-360 is 29,500 yuan/ton. 8) 22,900 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: 27,000 yuan/ton for German standard 316, 33,500 yuan/ton for 904L, 29,800 yuan/ton for 310S, 25,000 yuan/ton for 2205(F60) and S32750(F53). 3) Round steel of 65-130: 156,000 yuan/ton for N07718, 86,000 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-37.6 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-18.7 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 20, 2025, the social stock of stainless steel 89 warehouse caliber in the national mainstream market was 1,071,733 tons, an increase of 1,178 tons over last week, with an increase of 0.11%, of which: The total inventory of cold-rolled stainless steel is 621,623 tons, which is 9,508 tons less than last week, with a decrease of 1.51%. The total inventory of hot-rolled stainless steel is 450,110 tons, an increase of 10,686 tons or 2.43% over last week. The total inventory of 200 series is 188,166 tons, which is 5,650 tons less than last week, a decrease of 2.92%; The total inventory of 300 series is 658,798 tons, which is 1,154 tons less than last week, a decrease of 0.17%; The total inventory of 400 series is 224,769 tons, an increase of 7,982 tons or 3.68% over last week. The caliber inventory of Wuxi 50 warehouse is 573,953 tons, which is 10,806 tons less than last week, a decrease of 1.85%; The caliber inventory of Foshan 28 warehouse is 353,444 tons, which is 6,037 tons more than last week, with an increase of 1.74%. The stocks in Zibo, Jieyang, Shenyang and Xi an are 144,336 tons, an increase of 5,947 tons or 4.30% over last week. V. Market analysis Although the macro-policy warm wind blows frequently, the ferromolybdenum market is chilly. Against the background of doubt about the sustainability of economic recovery, market confidence is insufficient, speculative demand ebbs, while the profit of downstream steel industry, especially stainless steel and special steel enterprises, is under pressure, and the willingness to purchase continues to be sluggish, which directly drags down the demand for ferromolybdenum. At the same time, the weakening of international molybdenum oxide price and the increase of imported raw materials further aggravate the pressure of domestic supply competition. Although some enterprises passively cut production due to losses, the imbalance between supply and demand is difficult to break in the short term, and the superimposed traders have a strong wait-and-see mood. The downward channel of ferromolybdenum prices has not yet seen a reversal signal. Enterprises in the stainless steel industry are facing the double challenges of profit compression and operating pressure. Since 2024, the profits of stainless steel enterprises have continued to decline, and recently they have been at a loss most of the time. It is more likely that the price will continue to drop, and the bottom support will fall to around 100,000 yuan/ton. Although the domestic nickel refining enterprises started to decline slightly after the profit narrowed, overseas refined nickel formed a substitute, and the price rebound momentum was insufficient. Under the premise of the low nickel price, the stainless steel market is faced with the pattern of "weakening cost support+limited marginal improvement of demand", and the pattern of strong supply and weak demand is difficult to reverse in the short term, and the state of continuous pressure will not change.

Zhejiang Benji Stainless Steel Co., Ltd.,