This week, prices of 304 stainless steel scrap off-cuts in east China strengthened to 10,000-10,100 yuan/mt; prices of stainless steel scrap off-cuts of the same specification in Foshan also rose, with the price range at 9,600-9,900 yuan/mt. In terms of raw material production costs, the current cost of producing stainless steel entirely from stainless steel scrap was about 14,098.03 yuan/mt, while the cost of production using only high-grade NPI was 14,786.98 yuan/mt. This week, stainless steel scrap prices fell back, mainly driven by macro sentiment disruptions, weak futures, and pressure on both supply and demand. Escalating geopolitical conflicts, coupled with hawkish remarks from the US Fed, dragged SS futures into the doldrums overall, with the bearish impact directly transmitted to the spot market. Stainless steel finished product prices also pulled back across the board, and market pessimism gradually spread. Prices of substitute raw materials also pulled back, while stainless steel mills showed a strong inclination to push for lower prices. NPI traders turned weaker in sentiment and sold at low prices, and the high-grade NPI market also softened. In addition, Tsingshan's April tender price for high-carbon ferrochrome was set low, not only below previous market expectations but also lower than current retail quotations, limiting room for ferrochrome prices to rise and eliminating the support from substitute raw materials for stainless steel scrap. Currently, inventory at stainless steel scrap yards remained relatively high. Coupled with tight tax invoice availability, stainless steel mills were not active in procurement tenders, and the procurement pace continued to slow down. Amid the resonance of multiple bearish factors, stainless steel scrap prices fell in line with futures and finished products. Although stainless steel scrap still maintained a clear economic advantage over high-grade NPI, under the overall weak market atmosphere, cost support was difficult to translate into price support and failed to reverse the downward price trend. Overall, the stainless steel scrap market this week showed a weak pattern of "futures drag, weaker raw materials, and pressure on supply and demand." In the short term, bearish factors are expected to dominate, and stainless steel scrap prices are expected to remain in the doldrums.

【Indonesia PMMI Blast Furnace to Ignite End-March; May Slab Trial Orders Open】 SMM March 20th: Permai (PMMI), a joint venture restructured by Indonesia Tsingshan Iron & Steel and Guangxi Guixin Iron & Steel Group, will launch its new blast furnace at the end of March. Based in Tsingshan Industrial Park, Morowali, Central Sulawesi, the project upgrades the original 580m³ NPI blast furnace to a 1216m³ carbon steel blast furnace with LF refining, boasting an annual capacity of 1.8 million tonnes. It focuses on high-grade special steel smelting and production of continuous cast slab and billet. Product Specifications & Order Info Thickness: 210/230mm Width: 1000-1650mm Length: 6000-11700mm Loading Port: Bahodopi, Morowali Trial orders for May shipment slab are accepted.

According to the Zhouning County Natural Resources Bureau, the Fujian Tsingshan Special Materials stainless steel deep processing project officially received its construction engineering planning permit on February 14, 2026. The major facility, covering a land area of over 207,700 square meters with a total construction area of approximately 156,482 square meters, marks a significant step forward in capacity expansion for the Tsingshan-affiliated entity in Fujian province, further solidifying its downstream processing footprint.

Recently, the Malaysian stainless steel market has been roiled by supply chain disruptions as multiple shipments of cold-rolled stainless steel from Indonesian Tsingshan faced severe customs clearance hurdles. This abrupt "stuck at customs" situation triggered strong concerns among local downstream processors regarding supply stability and spot price volatility. However, a recent gazette issued by the Malaysian Federal Government has finally turned the tide, though the underlying policy chess game is far from over. The Resolution: Official Exemption for Specific Indonesian Entity On March 6, 2026, the Attorney General's Chambers of Malaysia officially published the Customs (Anti-Dumping Duties) Order 2026 (Amendment) Order 2026 under gazette P.U. (A) 120. This document provides a crucial correction to the anti-dumping policy regarding Indonesia. Under the amended schedule for "The Republic of Indonesia," the broad category of "Other producer or exporter" has been redefined to explicitly exclude PT Indonesia Ruipu Nickel and Chrome Alloy (a subsidiary of Tsingshan Holding Group) . Effective Period and Retroactivity: The amendment is backdated, officially effective from January 15, 2026, to April 23, 2026 . Affected Products and HS Codes: The policy applies to cold-rolled stainless steel in coils, sheets, or any other form with a thickness of not more than 6.5 millimeters. The specific Malaysian Harmonized System (HS) Codes are: 7219.31.00 00 7219.32.00 00 7219.33.00 00 7219.34.00 00 7219.35.00 00 7220.20.10 00 7220.20.90 00 (Note: Excludes cold-rolled stainless steel with bright annealed (BA), No. 8 mirror finish, embossed, rigidised, etched, or coloured finishes, or those with a hardness value exceeding 250HV). Historical Trace: Was the "Customs Hold-Up" an Administrative Glitch? SMM's review of historical gazettes reveals that Indonesian Tsingshan had long held a "tax-free shield." Back on April 26, 2021, when Malaysia enacted the Customs (Anti-Dumping Duties) Order 2021 [P.U. (A) 197], which imposed a 5-year anti-dumping duty on cold-rolled stainless steel from Indonesia and Vietnam, PT Indonesia Ruipu Nickel and Chrome Alloy was explicitly exempted from the onset. However, as the policy entered a renewal/transition phase in early 2026 (post-January 15), it appears an administrative oversight occurred. The exemption clause was not automatically carried over, causing incoming shipments to be slapped with the maximum 34.82% duty designated for "Other Indonesian producers," leading to the customs blockage. The retroactive amendment published on March 6 essentially rectifies this glitch, reinstating the company's exemption status and allowing the stranded cargoes to clear customs rapidly. The Ultimate Suspense: The "April 23" Sunset Countdown While the immediate clearance crisis is resolved, SMM notes that a much larger policy countdown is looming. The "April 23" deadline set in the latest gazette is not arbitrary. According to the original 2021 directive, Malaysia's 5-year anti-dumping measure against Indonesian stainless steel has a statutory expiration date of April 23, 2026 . This means the entire Southeast Asian stainless steel trade network will face a critical Sunset Review node in just over a month: Import Rush: With only a month left in this guaranteed "tax-free window," Indonesian exporters will likely expedite shipments. This could result in a short-term flood of Indonesian spot materials into the Malaysian market, pressuring local prices. Policy Reshuffle: Post-April 23, if the Ministry of Investment, Trade and Industry (MITI) does not extend the anti-dumping duties, other Indonesian mills will regain low-cost access to Malaysia. Conversely, given Malaysia's strong protectionist stance—evidenced by the 2023 administrative review [P.U. (A) 225] which levied duties against China, Korea, and Thailand—if MITI extends the measures, can Tsingshan maintain its exclusive exemption in the new cycle? This decision will dictate ASEAN stainless steel pricing dynamics in the second half of the year. SMM will continue to track MITI's upcoming sunset review announcements and customs data to monitor shifts in Southeast Asian stainless steel trade flows.

The chrome ore market performed strongly in the first week after the Spring Festival. Although the March stainless steel tender prices announced by Tsingshan and TISCO on the alloy side were flat, falling slightly below previous bullish expectations, the ore sector was driven by both costs and supply, with futures and spot prices rising simultaneously. Traders hold an optimistic outlook on the future market, showing a clear attitude of supporting prices.

This week, stainless steel spot prices strengthened, while production costs also rose, further expanding steel mills' profit margins. Taking 304 cold-rolled products as an example, based on the current raw material prices, the full cost profit margin reached 0.15% this week; if calculated using the raw material inventory cost, it reached 1.74%. On the cost side for nickel-based raw materials, news regarding Indonesian nickel ore continued to develop this week, pushing high-grade NPI prices further up. NPI producers are already in a loss-making position, showing strong willingness to hold prices firm. Coupled with expectations of increased stainless steel production in March boosting demand for high-grade NPI, although mainstream stainless steel mills have not yet seen representative transaction prices, market confidence remains strong. As of Friday this week, the price for high-grade NPI with 10-12% grade rose 33.5 yuan per mtu, closing at 1,085 yuan/mtu. In the stainless steel scrap market, prices remained generally stable this week. Market recovery was slow in the first week after the holiday, as some scrap yards and downstream enterprises had not fully resumed work. The slow return to work led to insufficient trading activity and weak transactions. While futures prices fluctuated higher, boosted by Indonesian policy news, leading to a significant rise in high-grade NPI prices, stainless steel scrap prices did not fluctuate synchronously due to the lag in recovery. The advantage of stainless steel scrap relative to high-grade NPI further expanded, providing support for its price. With increased steel mill production schedules in March and the approach of the peak season "Golden March, Silver April", downstream demand is expected to be released, and procurement demand will increase. As of Friday this week, the price for 304 off-cuts in Shanghai remained stable, with the latest offer around 9,650 yuan/mt. Regarding the cost side for chromium-based raw materials, high-carbon ferrochrome prices continued their stable trend this week. In the first week after the Chinese New Year holiday, the market gradually recovered, but overall transactions remained relatively sluggish, with retail prices holding steady. During the week, Tsingshan Group announced its March high-carbon ferrochrome tender price, which was unchanged from the previous month at 8,245 yuan/mt (50% metal content). However, with the approaching peak demand season "Golden March, Silver April", expectations of a significant increase in stainless steel production schedules in March, and recent rises in stainless steel prices, market expectations for increased ferrochrome demand have grown, and a sentiment for price exploration has emerged in the ferrochrome market. As of Friday this week, high-carbon ferrochrome prices in Inner Mongolia were flat WoW, closing at 8,550 yuan/mt (50% metal content).

[SMM Ferrochrome Daily Review: Chromium Market Remained Stable in the First Week After the Holiday, Trading Activity Was Moderate] February 27, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia remained unchanged MoM from the previous trading day.

[SMM Chrome Daily: Steel Mill Tenders Settled Flat, Market Gradually Resumes Work] February 25, 2026: The ex-factory price of high-carbon ferrochrome in Inner Mongolia today was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

February 25, 2026: The chrome ore market maintained stable operation during the Chinese New Year holiday. Spot side, offers for 40-42% South African fines at Tianjin Port were 57.5-58 yuan/mtu; 40-42% South African raw ore at 52-54 yuan/mtu; 46-48% Zimbabwean chrome concentrate at 59-60 yuan/mtu; 48-50% Zimbabwean chrome concentrate at 60-61 yuan/mtu; 40-42% Turkish chrome lump ore at 64-65 yuan/mtu, and 46-48% Turkish chrome concentrate at 65-66 yuan/mtu, flat MoM from the previous trading day. Futures side, the latest pre-holiday offer for 40-42% South African fines was $297/mt, unchanged MoM. Considering that stockpiling of chrome ore was largely completed before the holiday, trading activity in the chrome ore market was mediocre during the holiday, with most market participants adopting a wait-and-see attitude and maintaining firm price intentions. Looking ahead, the chrome ore market is expected to remain stable. During the day, Tsingshan and TISCO announced that the steel mill tender price for high-carbon ferrochrome for March 2026 was flat MoM at 8,245 yuan and 8,045 yuan/mt (50% metal content), slightly exceeding previous market expectations for an increase. Participants are focusing on how overseas mainstream mines will set their futures offers this week. On February 16, South Africa's major chrome company Glencore announced the resumption of production at its Lion ferrochrome smelter, with plans to fully restore operations by the end of March. Increased chrome ore consumption locally is expected to lead to a potential decline in subsequent chrome ore exports, affecting supply to some extent. Meanwhile, from an inventory perspective, China's port inventory of chrome ore fell 11.18% MoM. Combined with stable production maintained by ferrochrome plants, which creates rigid procurement demand for ore, chrome ore traders are likely to maintain firm prices in the short term, with a low probability of significant declines in offers.

On January 16, the REPT Battero-SAIKE Technology Chongqing Project Construction Campaign was successfully held in Fuling High-Tech Zone, Chongqing. This project is a further collaboration between Tsingshan and SAIC Group after their joint venture in Liuzhou for new energy lithium batteries and power battery systems. Through the "cell + system" collaborative model, REPT SAIKE provides cells while SAIKE REPT handles system integration, deepening the industrial chain synergy. The initial phase of the project is planned to have an annual production capacity of 12GWh of ESS and power new energy lithium batteries, mainly producing power batteries for passenger and commercial vehicles as well as home and industrial and commercial ESS batteries. The production line design will meet the production needs of a diversified product system, including the self-developed "Wending Battery."