[SMM Analysis] Stainless Steel Off-Season Demand Combined with Macro Turbulence: Prices and Costs Pulled Back in Tandem, Narrowing Steel Mill Profits This week, stainless steel prices and production costs pulled back in tandem, slightly narrowing steel mill profit margins. Using 304 cold-rolled coil as the calculation benchmark, the profit margin based on current raw material costs was 2.23%, while the profit margin based on inventory raw material costs was 1.31%. On the nickel-based raw material cost side, high-grade NPI prices continued to pull back this week. Dragged down by the decline in SHFE nickel prices during the week, coupled with the heightened cost advantage of stainless steel scrap, expected production schedules at stainless steel mills dropped, reinforcing a strong desire to bargain down prices. High-priced transactions encountered resistance, keeping high-grade NPI prices in the doldrums. As of this Friday, mainstream 10%-12% grade high-grade NPI rose by 0.5 yuan per nickel unit, closing at 1,144 yuan per nickel unit. In the stainless steel scrap market, prices remained largely stable this week. The pullback in high-grade NPI prices caused the raw material side to weaken, making it difficult to drive prices upward. However, a rebound in stainless steel futures and limited declines in finished product spot prices provided a counterbalancing force that supported prices. The industry has now entered the off-season for consumption, with steel mill production schedules and profits both sliding. Combined with rising uncertainty in the macro environment, bearish risks are gradually accumulating, and prices are expected to face downward pressure going forward. As of this Friday, mainstream 304 off-cuts in the Shanghai region gained 100 yuan/mt, with the latest quotation at approximately 10,450 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices edged down this week. Chrome ore port inventories remained at historically high levels, and prices gradually pulled back, weakening the cost support for high-carbon ferrochrome. Additionally, ferrochrome producers still had profit margins at present, and production declines……

[SMM Chrome Daily: Prices Move Sideways, Transactions Remain Sluggish] June 12, 2026 – The ferrochrome and chrome ore markets fluctuate slightly...

As of now, the FOB price of Indonesian MHP nickel stands at $16,743/mt Ni, and the FOB price of Indonesian MHP cobalt is $51,343/mt Co. The MHP payables (against the SMM battery-grade nickel sulphate index) range from 83.5-85, and the cobalt payable indicator for MHP (against SMM refined cobalt, Rotterdam warehouse) is 95. The FOB price of Indonesian high-grade nickel matte is $16,831/mt Ni.

[SMM Chrome Daily: Market in the Doldrums, Transactions Remain Sluggish] June 11, 2026: The ferrochrome and chrome ore markets fluctuated slightly...

On June 11, the SMM battery-grade nickel sulphate average price edged lower.

In April 2026, SMM Indonesia's sulfur imports in April 2026 reached 267,299.22 mt in physical content, down 28.6% MoM and up 79.2% YoY. SMM Indonesia's sulfur exports were 0.00204 mt in physical content.

In April 2026, SMM Indonesia sulfur imports reached 267,299.22 mt in physical content, down 28.6% MoM and up 79.2% YoY. In April 2026, SMM Indonesia sulfur exports were 0.00204 mt in physical content.

[SMM Chrome Daily Review: Overseas Market Offers Lowered, Market Transactions Limited] June 10, 2026: The ferrochrome and chrome ore markets experienced slight fluctuations...

As of now, the FOB price of MHP nickel in Indonesia is $17,010 per mt Ni, and the FOB price of MHP cobalt in Indonesia is $51,363 per mt Co. The MHP payables (against SMM battery-grade nickel sulphate index) are 89-90, and the MHP cobalt payable indicator (against SMM refined cobalt (warehouse Rotterdam)) is 95. The FOB price of Indonesian high-grade nickel matte is $17,098 per mt Ni.

On June 10, the SMM battery-grade nickel sulphate average price edged down.