The price of ferromolybdenum "halftime" chrome ore dropped, and the demand for stainless steel was insufficient.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report:
1. Nickel: On May 18th, London closed at $18,567, up by $70 or 0.38%; The latest price of Shanghai Nickel 2606 is 142,380 yuan, up by 320 yuan, or 0.23%; Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8350 yuan /50 basis tons. The reference price of domestic ferromolybdenum FeMo60 is 323,700 yuan/ton, down from 1000 yuan.
2. The latest price of stainless steel 2607 is 14,675 yuan, down by 0.58% in 85 yuan; The position was 119,441 lots and the turnover was 83,002 lots.
3. Price quotation of waste stainless steel in Dai Nan (RMB/ton):
1, 201 new materials 5250-5650, 304 new materials 9750-10000, 304 industry 9700-10000, 304 shavings 8850-9150.
2, 316 furnace 18300-18800, 316 shavings 16700-17000
3, 201 leftover 5600-5800, 201 old tube 4900-5100, 202 big furnace 5800-6100.
4, 430 No film 4600-4800, 431 Return charge 3600-3800
II. 【 Castle Peak Round Steel 65-130 】
S30400 is 14,300 yuan/ton, 316L is 28,250 yuan, TP321 is 17,100 yuan/ton, 321 is 15,900 yuan/ton, 2205 is 29,600 yuan/ton, and 2507 is 35,700 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-26 yuan/kg;
Stainless steel seamless pipe S31603 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-43.6 yuan/kg;
Stainless steel seamless pipe S32168 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-30.6 yuan/kg;
Stainless steel welded pipe 30408 material, specification 219-813*4-6 pickling and weighing delivery-19.8 yuan/kg;
Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-35.8 yuan/kg;
Stainless steel welded pipe 32168 material, specification 219-813*4-6 pickling and weighing delivery-23.8 yuan /kg.
Fourth, market analysis
1. Nickel mine:
The hearing of the Indonesian Ministry of Energy and Mines revealed that the Indonesian government intends to adjust the production fee (royalty) tax rate of PP 19/2025 medium-nickel ore; The main changes involve the step refinement of HMA nickel price range and the change of tax rate. The nickel price range is adjusted from the original 5 to 6, and the tax rate is within the core range of 16,000-26,000 USD/ton, and the tax rate is generally raised by 1-2 percentage points compared with the current standard.
The supply pressure of nickel tends to ease. On the whole, the current disturbance of nickel raw material end is not completely over, and if the price of sulfur continues to maintain or go up in the future, the nickel cost support is still strong. Supply side. With the reduction of wet production line, the production of nickel refining has also decreased slightly, and the overall supply pressure is expected to ease. However, the pressure of spot excess is significant, and the current situation of accumulated storage exceeding 8,000 tons per week reflects the current pattern of serious excess supply and demand of refined nickel. It is expected that the nickel price will remain weak and fluctuate around the cost before further production reduction.
2. Ferromolybdenum
Domestically, strict environmental security inspection and mining quota management continue to restrict the release of production capacity, and the overall operating rate of the industry is suppressed at a low level. Although the total output of domestic molybdenum concentrate increased year-on-year, the monthly output decreased month-on-month, indicating that the supply growth was not smooth sailing. The deeper structural contradiction is that about 70% of molybdenum in the world is associated with copper mines, and the grade of mainstream mines continues to decline, while the development cycle of new mines lasts for several years, resulting in a serious shortage of global supply elasticity.
Overseas disturbance factors are also intensifying, and the energy crisis of a key molybdenum supplier in the world has caused the market to worry about mine shutdown. This pattern of "policy lock-up, resource reduction and overseas disturbance" has kept the global molybdenum inventory at a historical low level, providing a solid bottom support for the price.
Behind it is a deep game between strong rigid demand and rigid supply constraints. In the short term, the downstream acceptance of high prices, the purchasing rhythm of steel mills and the emotional changes in the international market will dominate the price fluctuation range. However, in the medium and long term, it is difficult to fundamentally reverse the tight balance between supply and demand in the molybdenum market under the background that it is difficult for the supply side to increase in a large scale, the demand side structure continues to upgrade to a high end, and the policy side continues to strengthen its strategic position.
This callback is more like a "halftime" in a bull market than the end of the trend. For the industrial chain, adapting to the normal state of high molybdenum price, accelerating the transformation to high value-added products, and establishing a flexible risk hedging mechanism will be the key to crossing the cyclical fluctuations. ?
3. Stainless steel
The price of chrome ore is weak, the output is on the rise in May, the market is mostly holding a wait-and-see attitude, and the price of ferrochrome is weak and stable in the short term. Domestic mainstream steel mills continued their high production schedule in May, and the market supply was sufficient. Demand continues to weaken, steel mills take the initiative to control goods, domestic downstream terminals are generally sluggish, and geographical factors suppress overseas orders. The internal and external demand drive is limited, the real purchasing power is insufficient, and the downstream demand digestion is still limited.

First, the raw material report:
1. Nickel: On May 18th, London closed at $18,567, up by $70 or 0.38%; The latest price of Shanghai Nickel 2606 is 142,380 yuan, up by 320 yuan, or 0.23%; Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8350 yuan /50 basis tons. The reference price of domestic ferromolybdenum FeMo60 is 323,700 yuan/ton, down from 1000 yuan.
2. The latest price of stainless steel 2607 is 14,675 yuan, down by 0.58% in 85 yuan; The position was 119,441 lots and the turnover was 83,002 lots.
3. Price quotation of waste stainless steel in Dai Nan (RMB/ton):
1, 201 new materials 5250-5650, 304 new materials 9750-10000, 304 industry 9700-10000, 304 shavings 8850-9150.
2, 316 furnace 18300-18800, 316 shavings 16700-17000
3, 201 leftover 5600-5800, 201 old tube 4900-5100, 202 big furnace 5800-6100.
4, 430 No film 4600-4800, 431 Return charge 3600-3800
II. 【 Castle Peak Round Steel 65-130 】
S30400 is 14,300 yuan/ton, 316L is 28,250 yuan, TP321 is 17,100 yuan/ton, 321 is 15,900 yuan/ton, 2205 is 29,600 yuan/ton, and 2507 is 35,700 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-26 yuan/kg;
Stainless steel seamless pipe S31603 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-43.6 yuan/kg;
Stainless steel seamless pipe S32168 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-30.6 yuan/kg;
Stainless steel welded pipe 30408 material, specification 219-813*4-6 pickling and weighing delivery-19.8 yuan/kg;
Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-35.8 yuan/kg;
Stainless steel welded pipe 32168 material, specification 219-813*4-6 pickling and weighing delivery-23.8 yuan /kg.
Fourth, market analysis
1. Nickel mine:
The hearing of the Indonesian Ministry of Energy and Mines revealed that the Indonesian government intends to adjust the production fee (royalty) tax rate of PP 19/2025 medium-nickel ore; The main changes involve the step refinement of HMA nickel price range and the change of tax rate. The nickel price range is adjusted from the original 5 to 6, and the tax rate is within the core range of 16,000-26,000 USD/ton, and the tax rate is generally raised by 1-2 percentage points compared with the current standard.
The supply pressure of nickel tends to ease. On the whole, the current disturbance of nickel raw material end is not completely over, and if the price of sulfur continues to maintain or go up in the future, the nickel cost support is still strong. Supply side. With the reduction of wet production line, the production of nickel refining has also decreased slightly, and the overall supply pressure is expected to ease. However, the pressure of spot excess is significant, and the current situation of accumulated storage exceeding 8,000 tons per week reflects the current pattern of serious excess supply and demand of refined nickel. It is expected that the nickel price will remain weak and fluctuate around the cost before further production reduction.
2. Ferromolybdenum
Domestically, strict environmental security inspection and mining quota management continue to restrict the release of production capacity, and the overall operating rate of the industry is suppressed at a low level. Although the total output of domestic molybdenum concentrate increased year-on-year, the monthly output decreased month-on-month, indicating that the supply growth was not smooth sailing. The deeper structural contradiction is that about 70% of molybdenum in the world is associated with copper mines, and the grade of mainstream mines continues to decline, while the development cycle of new mines lasts for several years, resulting in a serious shortage of global supply elasticity.
Overseas disturbance factors are also intensifying, and the energy crisis of a key molybdenum supplier in the world has caused the market to worry about mine shutdown. This pattern of "policy lock-up, resource reduction and overseas disturbance" has kept the global molybdenum inventory at a historical low level, providing a solid bottom support for the price.
Behind it is a deep game between strong rigid demand and rigid supply constraints. In the short term, the downstream acceptance of high prices, the purchasing rhythm of steel mills and the emotional changes in the international market will dominate the price fluctuation range. However, in the medium and long term, it is difficult to fundamentally reverse the tight balance between supply and demand in the molybdenum market under the background that it is difficult for the supply side to increase in a large scale, the demand side structure continues to upgrade to a high end, and the policy side continues to strengthen its strategic position.
This callback is more like a "halftime" in a bull market than the end of the trend. For the industrial chain, adapting to the normal state of high molybdenum price, accelerating the transformation to high value-added products, and establishing a flexible risk hedging mechanism will be the key to crossing the cyclical fluctuations. ?
3. Stainless steel
The price of chrome ore is weak, the output is on the rise in May, the market is mostly holding a wait-and-see attitude, and the price of ferrochrome is weak and stable in the short term. Domestic mainstream steel mills continued their high production schedule in May, and the market supply was sufficient. Demand continues to weaken, steel mills take the initiative to control goods, domestic downstream terminals are generally sluggish, and geographical factors suppress overseas orders. The internal and external demand drive is limited, the real purchasing power is insufficient, and the downstream demand digestion is still limited.

Zhejiang Benji Stainless Steel Co., Ltd.,