Indonesia plans to significantly reduce nickel mine production in 2026, and the price of stainless steel will be adjusted within a narrow range.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report: 1. Nickel: On December 18th, London nickel closed at USD 14,641, up USD 249 or 1.73%; The latest price of Shanghai Nickel 2602 is 115,550 yuan, up by 1,770 yuan or 1.56%. Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8600 yuan /50 basis tons. The reference price of Luoyang ferromolybdenum FeMo60 is 236,400 yuan/ton, down 2,500 yuan. 2. The latest price of stainless steel 2602 is 12,760 yuan, up by 360 yuan, or 2.90%; The position was 128,125 lots and the turnover was 116,729 lots. 3, Fujian Qingtuo renewable resources Yongchang freight yard waste stainless steel purchase price (yuan/ton): 1) Edge wire of 304 super laser plate: 9200 yuan/ton, 304 new material and thick tube of white stamping plate: 9050 yuan/ton, 304 industrial material and thick tube: 8600 yuan/ton, and 304 oil punch and big nut core: 8500 yuan/ton; 2), 316 new material laser plate, edge wire 17400, 316 industrial material, plate short and thick tube 17000; 3), 2205 black material 16800, white material 17400; 2507 black material 17800, white material 18800; 2520 black material 19600, 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 23,400 yuan/ton. 2. Wuxi guide price of Dongte hot rolled flat plate: 3.0*1500*6000 burr of 304/NO.1 is 12450 yuan/ton, and 4.0-12.0*1500*6000 burr is 12350 yuan/ton; 3.0*1500*6000 burr of 316L/NO.1 is 23350 yuan/ton, 4.0-10.0*1500*6000 burr is 23050 yuan/ton, and 12.0*1500*6000 burr is 23250 yuan/ton; ; S22053 25850 yuan/ton made of 4-10mm and 26550 yuan/ton made of 12mm, 31700 yuan/ton for 3mm, 31400 yuan/ton for 4-12mm and 32100 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 12350 yuan/ton, 3.0*1500*6000 burr of 316L material /NO.1 is 23350 yuan/ton, and 4.0-12.0*1500*6000 burr is 23050 yuan. Dingxin 2205 hot-rolled hot-rolled flat plate is 26,000 yuan/ton for 3mm and 25,750 yuan/ton for 4-10mm, Dingxin 310S is made of 31,300 yuan/ton of 3mm and 31,000 yuan/ton of 4-10mm. 4. Zhang Pu price: 12,650 yuan/ton for 4.0-8.0*1500*6000 of 304/NO.1, 23,800 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 23700 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. [The price of Qingshan round steel is 65-130 in December] S30400 material is 12150 yuan/ton, 316L material is 22400 yuan, TP321 material is 14950 yuan/ton, 321 material is 13750 yuan/ton, and S22053 material is 23900 yuan/ton. 2. [New Materials of Zhejiang Friendship] 1) 16,250 yuan/ton of 347H continuous casting billet made of 160-360. 2) 23,500 yuan/ton for continuous casting billet made of 2205, 160-360 and 23,700 yuan/ton for bar made of 65-105; 3) 28,100 yuan/ton for continuous casting billet made of 2507, 160-360 and 29,800 yuan/ton for 65-105; 4) 31,300 yuan/ton of continuous casting billet made of 32,760 ~ 160-360 5) The continuous casting billet made of 310S ￠160-360 is 28,500 yuan/ton, and the bar made of 65-130 is 28,800 yuan/ton. 6) 56,000 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 29,100 yuan/ton. 8) 22,500 yuan/ton of 316H material (150 * 150-240 * 240), 3. 【 Yongxing Bar 65-130 】 The material of 304 is 15,200 yuan/ton, the material of TP321 is 17,500 yuan/ton, the material of 316L is 27,000 yuan/ton, the material of 316LGB is 29,600 yuan/ton, and the material of S22053 is 28,500 yuan/ton. 4. 【 Sales price of Fukai bar 】: 1) Round steel of 65-130: 27,000 yuan/ton for German standard 316, 33,300 yuan/ton for 904L, 30,000 yuan/ton for 310S, 25,500 yuan/ton for 2205(F60) and S32750(F53). 3) Round steel of 65-130: 153,000 yuan/ton for N07718, 85,500 yuan/ton for N06625, 60,000 yuan/ton for N08810, 78,000 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-18.8 yuan/kg; Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-31.8 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 December 18th, 2025, the social stock of stainless steel 89 warehouse in the national mainstream market was 1,042,148 tons, a decrease of 21,424 tons or 2.01% compared with last week, of which: The total inventory of cold-rolled stainless steel is 610,282 tons, which is 9,309 tons less than last week, a decrease of 1.50%; The total inventory of hot-rolled stainless steel is 431,866 tons, which is 12,115 tons less than last week, a decrease of 2.73%; The total inventory of 200 series is 172,297 tons, which is 4,540 tons less than last week, a decrease of 2.57%; The total inventory of 300 series is 644,460 tons, which is 18,126 tons less than last week, a decrease of 2.74%; The total inventory of 400 series is 225,391 tons, which is 1,242 tons more than last week, with an increase of 0.55%. The caliber inventory of Wuxi 50 warehouse is 581,165 tons, which is 1,935 tons more than last week, with an increase of 0.33%. The caliber inventory of Foshan 28 warehouse is 286,146 tons, which is 21,277 tons less than last week, a decrease of 6.92%; Inventories in Zibo, Jieyang, Shenyang and Xi an are 153,288 tons, down 2,181 tons or 1.40% from last week. V. Market analysis According to the Indonesian Nickel Miners Association (APNI), the target of nickel ore production proposed by the government in the 2026 work plan and budget (RKAB) is about 250 million tons, which is significantly lower than the 379 million tons set by RKAB in 2025. APNI Secretary-General Medy Catelyn Lunki explained that the purpose of lowering the production plan is to prevent the nickel price from falling further. In an interview in southern Jakarta on Tuesday, December 16, 2025, she pointed out that the output target still belongs to the government-level planning, and its final implementation method is still unclear. According to SMM, the Indonesian Ministry of Energy and Mineral Resources (ESDM) is still discussing the future quota of nickel mine RKAB. The market has expectations for the stable growth policy that may be released at the important meeting in December, and infrastructure investment is expected to increase, superimposed with the reserve support of the "Tenth Five-Year Plan" project, injecting optimistic expectations into the market. At the same time, the Feds interest rate cut in December is expected to continue to heat up, and the global liquidity environment is expected to improve marginally, boosting the overall sentiment of commodities. However, high inventory and seasonal off-season form a realistic suppression, and terminal demand has not yet recovered substantially. If the inventory is not as good as expected before the Spring Festival, the market will still face greater selling pressure. In addition, the rise of trade protectionism and the uncertainty of overseas economy also bring variables to the demand prospect. Today, the price of market resources has risen in a narrow range, the futures market has turned red, and the downstream just needs to get the goods. It is expected that the price of stainless steel will be adjusted in a narrow range in the near future.

Zhejiang Benji Stainless Steel Co., Ltd.,