The nickel industrial chain has entered a deadlock of high price in the upstream, pressure in the midstream and weakness in the downstream.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report:
1. Nickel: On March 20th, London nickel closed at USD 17,019, up USD 35, or 0.21%; The latest price of Shanghai Nickel 2605 is 134,340 yuan, up 1,240 yuan, or 0.93%; Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8950 yuan /50 basis tons. The reference price of domestic ferromolybdenum FeMo60 is 280,900 yuan/ton, down from 1000 yuan.
2. The latest price of stainless steel 2605 is 14,085 yuan, up by 85 yuan, or 0.61%; The position was 119,222 lots and the turnover was 68,096 lots.
3. Price quotation of waste stainless steel in Dai Nan (RMB/ton):
1, 201 new materials 4950-5350, 304 new materials 9450-9650, 304 industry 9400-9700, 304 shavings 8550-8850.
2, 316 furnace 17700-18300, 316 shavings 16100-16400
3, 201 scrap 5300-5400, 201 old tube 4600-4800, 202 furnace 5550-5650.
4, 430 No film 4300-4500, 431 Return charge 3300-3500
Second, stainless steel hot rolled coil
1. Castle Peak: 304 material with a five-foot burr of 13,850 yuan/ton.
2. 28,400 yuan/ton of 30 * 1,500 * 6,000 materials of Dongte 316L.
3. TISCO: 14,200 yuan/ton for five-foot burr of 304 material and 14,600 yuan/ton for 1800 burr.
III. Reference price of stainless steel tubes and rods
1. 【 Qingshan Round Steel-65-130 】 S30400 material is 13,750 yuan/ton, 316L material is 25,700 yuan, 2205 material is 27,800 yuan/ton, TP321 material is 16,500 yuan/ton, and 321 material is 15,300 yuan/ton.
2. 【 Yongxing Special Steel Bar-65-130 】 304 is 16,800 yuan/ton, 316L is 30,300 yuan/ton of Ni10, Ni12 is 33,300 yuan/ton, TP321 is 19,300 yuan/ton, and 2205 is 32,300 yuan/ton.
3. [Zhejiang Friendship Bar] 316 is 26,500 yuan/ton, and 2205 is 31,800 yuan/ton.
4. 【 Anhui Fukai Bar 】 2205 material is 28,000 yuan/ton, NO8825 material is 95,500 yuan/ton, NO8810 material is 66,500 yuan/ton, NO6625 material is 185,500 yuan/ton, NO6601 material is 114,000 yuan/ton, and NO8028 material is 84,700 yuan/ton.
4. 【 Zhejiang Benji Pipe Reference Price 】
Stainless steel seamless pipe 30408 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-26.4 yuan/kg;
Stainless steel seamless pipe S31603 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-41.8 yuan/kg;
Stainless steel seamless pipe S32168 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-30.2 yuan/kg;
Stainless steel welded pipe 30408 material, specification 219-813*4-6 pickling and weighing delivery-20.6 yuan/kg;
Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-36.5 yuan/kg;
Stainless steel welded pipe 32168 material, specification 219-813*4-6 pickling and weighing delivery-24.5 yuan /kg.
V. Market analysis
In terms of nickel ore: the supply of nickel presents typical differentiation: in the long run, Indonesias nickel ore quota will be greatly reduced in 2026, and domestic smelting will be overhauled. The future gap is expected to provide the bottom support for the price; However, the short-term reality is that Indonesias and domestic production capacity continues to be released, the global inventory is accumulated, and the loose supply pattern has not changed, which directly suppresses the rebound space of nickel prices. Weak demand is the core logic of nickel price decline. Stainless steel (accounting for more than 70% of consumption) is facing high inventory and weak orders, and the procurement of steel mills is shrinking; Although the long-term penetration rate of new energy batteries (accounting for more than 20%) is bullish, the short-term production and sales of car companies are dull, and battery factories are cautious in purchasing. The increase in demand in the two major areas cannot form a joint force, and it is difficult to support the nickel price.
The industrial chain is caught in the two-way pull of cost support and weak demand. The upstream mines are quite expensive because of the shortage of resources, and the cost bottom is built; Mid-stream smelters are squeezed by the price increase of raw materials and the price reduction of finished products, and their profits shrink; The downstream stainless steel factory and battery factory continue to depress the price because of their own weakness, forming a deadlock of "the upstream is quite expensive, the midstream is under pressure, and the downstream is weak".

Zhejiang Benji Stainless Steel Co., Ltd.,