Indonesia wants to tighten nickel mines and push up nickel prices, and stainless steel rises again.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report: 1. Nickel: On January 15th, London nickel closed at $18,569, down by $125, or 0.67%; The latest price of Shanghai Nickel 2603 is 147,210 yuan, down by 0.06% in 90 yuan. Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8750 yuan /50 basis tons. The reference price of Luoyang ferromolybdenum FeMo60 is 258,400 yuan/ton. 2. The latest price of stainless steel 2603 is 14,335 yuan, up by 5 yuan, or 0.03%; The position was 138,051 lots and the turnover was 144,959 lots. 3, Fujian Qingtuo renewable resources Yongchang freight yard waste stainless steel purchase price (yuan/ton): 1), 304 super laser plate edge wire: 10050 yuan/ton, 304 new material, white stamping thick tube: 9950 yuan/ton, 304 industrial material, thick plate tube: 9500 yuan/ton, 304 oil punch big nut core: 19000, 316 industrial material, short plate thick tube: 18600; 3), 2205 black material 17800, white material 19000; 2507 black material 19300, white material 20200; 2520 black material 19800, 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: 14,500 yuan/ton for 3.0 * 1,500 * 6,000 mm for 304/NO.1, and 14,200 yuan/ton for 4-10mm; 321/ NO.1 is 16,200 yuan/ton for 3-6mm and 16,600 yuan/ton for 8-10mm; 3.0-10.0*1500*C burr of 316L/NO.1 is 25,750 yuan/ton. 2. Wuxi guide price of Dongte hot rolled flat plate: 3.0*1500*6000 burr of 304/NO.1 is 14000 yuan/ton, and 4.0-12.0*1500*6000 burr is 13900 yuan/ton; 3.0*1500*6000 burr of 316L/NO.1 is 25800 yuan/ton, and 4.0-12.0*1500*6000 burr is 25500 yuan/ton; S22053 27050 yuan/ton made of 4-10mm and 27750 yuan/ton made of 12mm, 34700 yuan/ton for 3mm, 34400 yuan/ton for 4-12mm and 35100 yuan/ton for 14mm for 310S hot rolled flat plate. 3. Castle Peak Hot Rolling: The 3.0-12.0*1500*6000 burr of 304/NO.1 is 13850 yuan/ton, the 3.0*1500*6000 burr of 316L material /NO.1 is 25800 yuan/ton, and the 4.0-12.0*1500*6000 burr is 25500 yuan. Dingxin 2205 hot-rolled hot-rolled flat plate is 27,300 yuan/ton for 3mm and 27,050 yuan/ton for 4-10 mm. Dingxin 310S is made of 30,900 yuan/ton of 3mm and 30,600 yuan/ton of 4-10mm. 4. Zhang Pu price: 14,150 yuan/ton for 4.0-8.0*1500*6000 of 304/NO.1, 26,050 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 25950 yuan/ton; 3.0-5.0*1500*6000 burr of 321/NO.1 is 15000 yuan/ton, and 6.0-10.0*1500*6000 burr is 15350 yuan/ton. III. Reference price of stainless steel tubes and rods 1. [The price of Qingshan Round Steel is 65-130 in January] S30400 material is 13,600 yuan/ton, 316L material is 24,700 yuan, 1.4571 European standard material is 26,000 yuan/ton, TP321 material is 16,400 yuan/ton, and 321 material is 15,200 yuan/ton. 2. [New Materials of Zhejiang Friendship] 1) 18,300 yuan/ton of 347H continuous casting billet made of 160-360. 2) 26,200 yuan/ton for continuous casting billet made of 2205, 160-360 and 26,400 yuan/ton for bar made of 65-105; 3) 31,200 yuan/ton of continuous casting billet made of 2507, 160-360 and 32,900 yuan/ton of 65-105; 4) 34,400 yuan/ton of continuous casting billet made of 32,760 ~ 160-360. 5) 32500 yuan/ton for continuous casting billet made of 310S ~ 160-360 and 32700 yuan/ton for bar made of 65-130. 6) 63,500 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 32,600 yuan/ton. 8) 25,300 yuan/ton of 316H material (150 * 150-240 * 240), 3. 【 Yongxing Bar-65-130 】 304 material is 15,800 yuan/ton, TP321 material is 18,200 yuan/ton, 316L material is 28,500 yuan/ton, 316LGB material is 31,300 yuan/ton, and S22053 material is 30,000 yuan/ton. 4. 【 Sales price of Fukai bar 】: 1) Round steel of 65-130: 30,000 yuan/ton for German standard 316, 36,600 yuan/ton for 904L, 35,200 yuan/ton for 310S, 27,200 yuan/ton for 2205(F60) and S32750(F53). 2) Round steel of 65-130: 165,000 yuan/ton for N07718, 98,500 yuan/ton for N06625, 70,000 yuan/ton for N08810, 86,700 yuan/ton for N08828 and 88,000 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-26.2 yuan/kg; Stainless steel seamless pipe S31603 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-40.5 yuan/kg; Stainless steel seamless pipe S32168 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-30.1 yuan/kg; Stainless steel welded pipe 30408 material, specification 219-813*4-6 pickling and weighing delivery-20.3 yuan/kg; Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-34.2 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 January 15th, 2025, the social stock of stainless steel 89 warehouse in the national mainstream market was 927,209 tons, which was 21,092 tons less than last week, with a decrease of 2.22%, including: The total inventory of cold-rolled stainless steel was 573,352 tons, an increase of 2,506 tons or 0.44% over last week. The total inventory of hot-rolled stainless steel was 353,857 tons, a decrease of 23,598 tons or 6.25% compared with last week. The total inventory of the 200 series is 133,341 tons, a decrease of 6,213 tons or 4.45% compared with last week; The total inventory of 300 series is 602,443 tons, a decrease of 6,109 tons or 1.00% compared with last week; The total inventory of 400 series is 191,425 tons, which is 8,770 tons less than last week, a decrease of 4.38%; The caliber inventory of Wuxi 50 warehouse is 539,498 tons, which is 14,676 tons less than last week, a decrease of 2.65%; The caliber inventory of Foshan 28 warehouse is 252,266 tons, an increase of 6,586 tons over last week, with an increase of 2.68%; The stocks in Zibo, Jieyang, Shenyang and Xi an are 118,460 tons, which is 11,840 tons less than last week, or 9.09%. V. Market analysis According to a public information released on the evening of January 14th, Indonesia, the worlds largest nickel producer, may approve the production quota of about 260 million tons of nickel ore in 2026. This policy change has brought the expectation of supply contraction to the market. Previously, the Nickel Mine Association (APNI) of the country announced on December 19, 2025 that the RKAB quota of the country was planned to be reduced to 250 million tons in 2026, a year-on-year decrease of 34%. It is reported that the Indonesian governments quota contraction policy is more likely to land. Previously, the price of nickel was at the bottom. Under the background of increasing global resource attention, Indonesia, as a major nickel resource country, has a certain voice in the market and has the motivation to push up the price of nickel. Shi Zheqi, a nickel analyst at Fu Bao Information, told reporters that the grade of laterite nickel ore in Indonesia has declined rapidly in the past two years. In 2025, Indonesia began to import Philippine nickel ore to meet domestic demand. The tightening of Indonesias mine end is a certainty, and there is no doubt that the nickel price center will rise compared with 2025. The industrial chain still needs some time to verify the downstream demand. At present, Indonesias nickel ore, ferronickel, nickel plate and other products are relatively loose in stock. According to the latest data from Choice, the inventory of nickel on the London Metal Exchange on January 12th was 284,000 tons, an increase of 72.6% compared with the same period in 2025. Indonesias policy disturbance continues to ferment, and officials of the Ministry of Energy said that the nickel mine production quota may be 260 million tons this year, causing market supply concerns. However, at present, the Indonesian government allows mining companies that have not been approved by RKAB to produce according to 25% of the annual production plan in the first quarter. The actual supply has not been tightened yet, and the follow-up progress of the policy has been continuously concerned. On the whole, Indonesias supply tightening policy is difficult to be falsified for the time being, and nickel is undervalued compared with other varieties in the non-ferrous sector, and the support below the price is relatively firm. However, the pressure from the surplus status quo on the top still exists, and the nickel price has shown a wide fluctuation pattern recently, and it continues to hold the put option strategy. The demand side is weak, the downstream of stainless steel is in the off-season, and the demand for nickel in new energy is still limited by the low market share of ternary batteries. On the whole, Indonesias supply tightening policy is difficult to be falsified for the time being, and nickel is undervalued compared with other varieties in the non-ferrous sector, and the support below the price is relatively firm. However, the pressure from the surplus status quo on the top still exists, and the nickel price has shown a wide fluctuation pattern recently, and it continues to hold the put option strategy.

Zhejiang Benji Stainless Steel Co., Ltd.,