Nickel seeks a balance between "strong expectation, high inventory and weak reality" and suppresses downstream purchasing power at high price.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report: 1. Nickel: The closing price of nickel in London on January 19th was USD 18,133, up USD 555, or 2.99%; The latest price of Shanghai Nickel 2603 is 141,210 yuan, up by 170 yuan, or 0.12%; Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8800 yuan /50 basis tons. The reference price of Luoyang ferromolybdenum FeMo60 is 259,400 yuan/ton, up by 1000 yuan. 2. The latest price of stainless steel 2603 is 14,325 yuan, up by 45 yuan, or 0.32%; The position was 147,340 lots and the turnover was 257,016 lots. 3, Fujian Qingtuo renewable resources Yongchang freight yard waste stainless steel purchase price (yuan/ton): 1) Edge wire of 304 super laser plate: 10,050 yuan/ton, 304 new material and thick tube of white stamping plate: 9,900 yuan/ton, 304 industrial material and thick tube: 9,500 yuan/ton, 304 oil punch and large nut core: 9,400 yuan; 2), 316 super laser plate edge wire: 19,300 yuan/ton, 316 industrial material, 18,700 short and thick tubes; 3), 2205 black material 17800, white material 19200; 2507 black material 19300, white material 20300; 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 13950 yuan/ton, and 4.0-12.0*1500*6000 burr is 13850 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 27450 yuan/ton made of 4-10mm and 28150 yuan/ton made of 12mm, 34750 yuan/ton for 3mm, 34450 yuan/ton for 4-12mm and 35150 yuan/ton for 14mm of 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 25900 yuan/ton, and the 4.0-12.0*1500*6000 burr is 25600 yuan. Dingxin 2205 hot-rolled hot-rolled flat plate is 27,700 yuan/ton for 3mm and 27,450 yuan/ton for 4-10 mm. Dingxin 310S is made of 34,750 yuan/ton of 3mm and 34,450 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. [January price of Qingshan round steel-65-130] S30400 material is 13,700 yuan/ton, 316L material is 24,900 yuan, 1.4571 European standard material is 26,300 yuan/ton, TP321 material is 16,500 yuan/ton, and S321 material is 15,300 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 is 15,800 yuan/ton, TP321 is 18,200 yuan/ton, 316L is 28,500 yuan/ton, 316LGB is 31,300 yuan/ton, and S22053 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 The domestic price of ferromolybdenum (Mo60%) increased by 15,000 yuan/ton (US$ 2,148/ton) compared with last week, reaching the ex-factory price of 262 500 yuan/ton (US$ 37,588/ton) in Inner Mongolia. Affected by the interruption of international molybdenum supply, the market showed an upward trend. The continuous high price of molybdenum concentrate pushes up the cost of raw materials and provides strong cost support for producers. The demand side of ferrochrome shows a positive signal, which has become the core driving force for the upward price. The production scheduling of the downstream stainless steel industry has picked up, leading enterprises have raised the tender price of raw materials and increased the purchase volume of ferrochromium, reflecting the increased willingness of terminal production and stocking. Especially for stainless steel varieties with higher consumption intensity of chromium, its production proportion has increased, which directly drives the demand for tons of steel for high-carbon ferrochrome. The core feature of the current nickel market is "structural differentiation"-high-purity battery-grade nickel runs strongly under the expectation of tightening demand and supply of new energy, and the price of nickel is expected to rise today; However, nickel used in traditional fields is limited by weak demand and high inventory. The short-term rally needs to find a balance between the risks of "strong expectation" and "high inventory+weak reality", and whether its long-term value can be realized ultimately depends on the race between the actual demand growth rate of green transformation and the pace of capacity release in the main producing areas. In terms of stainless steel demand, the market changed from weakness to negative feedback, the market maintained the mentality of just purchasing, and the mood weakened recently. The high nickel price suppressed the downstream purchasing power and fluctuated recently.

Zhejiang Benji Stainless Steel Co., Ltd.,