Perus energy crisis law has caused molybdenum stainless steel to rise sharply, and the industrial chain valuation may move up as a whole.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report:
1. Nickel: On May 13th, London nickel closed at USD 19,177, up USD 225, or 1.19%; The latest price of Shanghai Nickel 2606 is 147,440 yuan, up 1,290 yuan, or 0.88%; Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8650 yuan /50 basis tons. The reference price of domestic ferromolybdenum FeMo60 is 327200 yuan/ton, up 6500 yuan.
2. The latest price of stainless steel 2607 is 15,210 yuan, up by 45 yuan, or 0.30%; The position was 109,011 lots and the turnover was 23,490 lots.
3. Price quotation of waste stainless steel in Dai Nan (RMB/ton):
1, 201 new material 5300-5700, 304 new material 9750-9950, 304 industry 9800-10050, 304 shavings 8900-9200.
2, 316 furnace 18400-18900, 316 shavings 16800-17100
3, 201 scrap 5650-5850, 201 old tube 4950-5150, 202 big furnace 5850-6150.
4, 430 No film 4650-4850, 431 Return charge 3650-3850
II. 【 Castle Peak Round Steel 65-130 】
S30400 is 15150 yuan/ton, 316L is 29450 yuan, TP321 is 17950 yuan/ton, and 321 is 16750 yuan/ton.
III. [Reference Price of Zhejiang Benji Pipe]
Stainless steel seamless pipe 30408 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-25.3 yuan/kg;
Stainless steel seamless pipe S31603 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-40.8 yuan/kg;
Stainless steel seamless pipe S32168 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-29.7 yuan/kg;
Stainless steel welded pipe 30408 material, specification 219-813*4-6 pickling and weighing delivery-20.9 yuan/kg;
Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-38.2 yuan/kg;
Stainless steel welded pipe 32168 material, specification 219-813*4-6 pickling and weighing delivery-24.8 yuan /kg.
Fourth, market analysis
1. Nickel mine:
Nickel stainless steel maintains vibration, and the space under the bottom cost bracket is limited. In the early stage, Indonesias export tax was hanging over the top, and the market had some early trading actions on this policy. Indonesias finance minister planned to increase taxes on profiteering industries to ease the financial pressure, and at the same time emphasized that the government would provide specific incentives for downstream products as compensation to support the stable development of the battery field. At present, the latest statement of the Indonesian government indicated that the actual impact effect of export tax was still under discussion, and the real landing period was delayed, so the market mood cooled down.
In addition, Minister of Indonesian ESDM recently indicated that Indonesia may strengthen cooperation with the Philippines in mineral supply, and the Philippines may become an important supplier of raw materials. The cooperation between Indonesia and the Philippines has somewhat squeezed the production stability of Chinese-funded enterprises, and the nickel mine replenishment is expected to be gradually released in the second half of the year. Fundamentally, the nickel mine officially entered the dry season, and the output shipment increased. The rising price of Philippine mine supply was slightly under pressure, and there was a game between Indonesias benchmark price increase and downstream nickel mine acceptance. At present, the downstream ternary demand for new energy has increased slightly, and the price is still strong under the support of raw material cost and circulation; MHP has the expectation of weak supply and strong demand, and the price is easy to rise and difficult to fall.
The price of ferronickel has stabilized, and the output of ferronickel decreased in April compared with the same period of last year. The shortage of quotas has certain transmission to the stability of downstream supply. The upstream of ferronickel is reluctant to sell at a high price, while the downstream is less accepting of high-priced ferronickel, so there is a certain game in the current position. Stainless steel goes down synchronously in the day, and the space below is limited under the rising cost; Perus decree caused molybdenum ore to rise, and the price center of gravity of 316 moved up. In addition, spot transactions are mainly stable, and there is no obvious difference between upstream and downstream.
2. Ferromolybdenum
On May 11th, 2026, the Peruvian government signed and published the Emergency Decree of Energy CrisisNo. 003-2026 in the official daily newspaper. The decree aims to cope with the shortage of domestic energy supply, give priority to ensuring peoples livelihood electricity consumption, and the industrial electricity consumption such as mines faces the risk of power limitation. Through the national financial guarantee (up to 2.5 billion US dollars) and financial innovation tools (special purpose vehicle+trust), the state-owned oil company Petroperu can be continuously operated and the national energy security can be maintained.
After the promulgation of this law, the contributions of this country and new varieties are mainly molybdenum (15%), silver (13.85%), copper (11.74%), zinc (11.54%) and tin (11.38%). From January to March, 2026, China imported 5,796.48 tons of molybdenum ore and concentrate from Peru, amounting to 874 million yuan, showing the importance of Peru to Chinas supply chain. Molybdenum mining and smelting is a high energy-consuming industry, and it is the first to face the risk of power restriction, production reduction or even partial shutdown. Perus energy crisis law has directly impacted molybdenum production by restricting mine power supply and superimposed its key position in the global supply chain, which has become the core driving factor for the recent increase in molybdenum prices.
3. Stainless steel
In April, the raw materials in the upstream of the stainless steel industry chain continued to be tight, pushing steel prices higher and higher. On the supply side, the profits of steel mills have greatly expanded, but under the constraints of high-priced raw materials, the chain output has declined; Agents actively reported goods and picked up goods quickly, and orders from steel mills even fell short of demand. On the demand side, traders are very active in getting goods, and the demand for terminal goods has also increased. However, with the price rising to a high level, the market began to have a wait-and-see mood. In May, the production scheduling of steel mills is expected to maintain the current level, and the problem of insufficient RKAB quota will continue to be transmitted to steel mills in the next 1-2 months. At that time, the industrial chain valuation will move up as a whole, but the short-term upside may be limited. It is recommended to wait and see.

Zhejiang Benji Stainless Steel Co., Ltd.,