Indonesia rebuilt the nickel mine valuation and superimposed the 300,000 mark of ferromolybdenum sword, and the cost of stainless steel continued to rise.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report:
1. Nickel: On April 20th, the closing price of nickel in London was $18,250, up by $133, or 0.73%; The latest price of Shanghai Nickel 2606 is 141,270 yuan, down by 0.14% in 200 yuan. Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8700 yuan /50 basis tons. The reference price of domestic ferromolybdenum FeMo60 is 289,500 yuan/ton, up by 500 yuan.
2. The latest price of stainless steel 2606 is 14,930 yuan, down by 0.17% in 25 yuan; The position was 184,856 lots and the turnover was 150,950 lots.
3. Price quotation of waste stainless steel in Dai Nan (RMB/ton):
1. 201 new materials 5150-5550, 304 new materials 9650-9850, 304 industry 9600-9900, 304 shavings 8750-9050.
2, 316 furnace 18100-18600, 316 shavings 16500-16800
3, 201 scrap 5500-5700, 201 old tube 4800-5000, 202 big furnace 5700-6000.
4, 430 No film 4500-4700, 431 Return charge 3550-3750
Second, stainless steel hot rolled coil
1. Castle Peak: 14,400 yuan/ton for five-foot burr of 304 material, 27,650 yuan/ton for 316L five-foot burr and 28,850 yuan/ton for 2205 five-foot burr.
2. TISCO: 304 material with 1500 burrs is 14750 yuan/ton, and 1800 burrs is 15100 yuan/ton.
III. Reference price of stainless steel tubes and rods
1. 【 Castle Peak Round Steel 65-130 】
S30400 is 14,350 yuan/ton, 316L is 27,050 yuan, 2205 is 28,600 yuan/ton, 310S is 33,800 yuan/ton, TP321 is 17,150 yuan/ton and 321 is 15,950 yuan/ton.
3. 【 Yongxing Special Steel Bar 65-130 】
4, 304 material 16800 yuan/ton, 316L material Ni10 30300 yuan/ton, Ni12 3300 yuan/ton, TP321 material 19300 yuan/ton, 2205 material 32300 yuan/ton.
3. 【 Zhejiang Friendship Bar 65-130 】
347H material is 19,500 yuan/ton, 316L material is 27,000 yuan/ton, 316LMo2.5 material is 30,300 yuan/ton, 316L nickel 12 material is 30,300 yuan/ton, 2205 material is 28,300 yuan/ton, 310S material is 33,200 yuan/ton and 2507 material is 34,400 yuan.
4. 【 Anhui Fukai Bar 】
1) Round steel (65-130): 30600 yuan/ton for German standard 316, 36900 yuan/ton for 904L, 34500 yuan/ton for 310S, 28200 yuan/ton for 2205(F60) and S32750(F53).
2) Round steel of 65-130: 168,000 yuan/ton for N07718, 96,500 yuan/ton for N06625, 67,500 yuan/ton for N08810, 86,500 yuan/ton for N08828 and 87,000 yuan/ton for N08020.
4. 【 Zhejiang Benji Pipe Reference Price 】
Stainless steel seamless pipe 30408 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-24.3 yuan/kg;
Stainless steel seamless pipe S31603 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-38.8 yuan/kg;
Stainless steel seamless pipe S32168 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-28.7 yuan/kg;
Stainless steel welded pipe 30408 material, specification 219-813*4-6 pickling and weighing delivery-19.9 yuan/kg;
Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-36.2 yuan/kg;
Stainless steel welded pipe 32168 material, specification 219-813*4-6 pickling and weighing delivery-23.8 yuan /kg.
V. Market analysis
1. Nickel mine:
According to the new pricing formula published by Indonesian Ministry of Energy and Mineral Resources, the price floor of all grades of nickel ore will be increased, the correction coefficient of 1.6% grade nickel ore will be greatly increased from 17% to 30%, and the elements such as cobalt, iron and chromium in nickel ore will be priced separately, and the cost of by-product metals such as cobalt contained in the ore will also be included in the benchmark price calculation. ESDM revised the HPM benchmark pricing formula for nickel ore, and the comprehensive cost of the overall price of nickel ore continued to rise. At the consumer end, steel mills entered the seasonal peak season, the economy of waste stainless steel was favored, and the output of ternary batteries gradually picked up. It is expected that the nickel price will remain strong in the short term with the strong support of the recovery of terminal consumption.
2. Ferromolybdenum
According to the analysis of many institutions, the global molybdenum market will face an obvious annual supply and demand gap in 2026, and it is estimated that the gap may reach 44,300 tons. Under the attack of "supply rigidity" and "demand rigidity", ferromolybdenum smelting enterprises are under great pressure, and the average production of the industry has fallen into a loss. According to estimates, the current average loss is about 2000-3000 yuan/ton. This upside-down pattern of "price rising and profit falling" highlights the difficulty of cost transmission in the industrial chain, and also indicates that the fragile balance of the price system may be broken.
It is only a matter of time before the price of ferromolybdenum hits and stands firm at the key integer mark under the background that the supply side is constrained by resources, policies and cycles, the demand side is driven by traditional industries and high-end manufacturing, and the national strategic will is deeply involved. The short-term market may fluctuate due to factors such as high price suppression and pre-holiday stocking rhythm, but in the medium and long term, the process of value revaluation as a key strategic metals is far from over.
3. Stainless steel
According to the statistics of the General Administration of Customs, in March 2026, China exported 9.135 million tons of steel, down 12.6% year-on-year; From January to March, China exported 24.717 million tons of steel, a year-on-year decrease of 9.9%. Judging from the data, the downward trend of exports is still continuing. From January to February, Chinas steel exports totaled 15.59 million tons, down 8% year-on-year. In March, China exported 9.135 million tons, down 12.6% year-on-year, indicating that the decline is still continuing.
On the one hand, due to policy factors, the new policy of steel export license implemented since January 1, 2026 has led to the extension of the delivery period of enterprises, and some low-profit orders have been voluntarily abandoned because of the high compliance cost. On the other hand, due to the weakening of international demand and the increase of anti-dumping, there are also disturbances in the Middle East.
On the demand side, the start of terminal projects is still dull, the willingness to purchase downstream is not strong, and the upward price is lack of effective support.
On the whole, Indonesias HPM New Deal is a key event to reshape the global nickel pricing system. In the short term, the strong support of the cost side will make nickel prices and stainless steel easy to rise and difficult to fall, and LME nickel prices and domestic nickel-related product prices are expected to continue the strong trend. In the medium term, with the transmission of costs to the downstream, industries such as stainless steel and new energy batteries will face the pressure of cost restructuring, and the global nickel and stainless steel market will gradually form a new balance between supply and demand under the dual effects of rising costs and tightening supply.

Zhejiang Benji Stainless Steel Co., Ltd.,