[SMM Stainless Steel Scrap Weekly Review] Futures Strength Drives Scrap Uptick; Off-Season Demand Keeps Gains in Check This week, 304 stainless steel scrap off-cuts prices in east China rose, with a quotation range of 10,200-10,300 yuan/mt; in Foshan, 304 scrap off-cuts prices also moved up, in the range of 10,100-10,400 yuan/mt. From the raw material cost side, producing stainless steel entirely from stainless steel scrap currently costs about 14,351.25 yuan/mt, while using high-grade NPI would cost as much as 14,947.08 yuan/mt—the two still maintain a sizable cost spread. Stainless steel scrap prices edged up this week. During the week, SS futures strengthened overall, and bullish sentiment from futures flowed through to the spot market, nudging up spot prices for stainless steel finished products in tandem. Although steel mills still retained a desire to bargain down prices for raw material procurement, and the substitute raw material high-grade NPI prices continued to be in the doldrums, leaving overall raw material support moderate, stainless steel scrap followed the pace of the spot strength in finished products, moving up in sync and generally holding up well. This week high-grade NPI prices were in the doldrums, which narrowed the economic advantage of stainless steel scrap over it, but the scrap still maintained a significant edge, effectively supporting scrap prices and leaving little room for a steep decline. However, the market is currently in the traditional stainless steel consumption off-season, with downstream end-use demand staying weak. Coupled with the not-yet-resolved issue of tight tax invoices in the industry, these two bearish factors continue to suppress market trading activity. Overall demand growth for stainless steel scrap was limited, and the upside momentum in the market was capped. In summary, ...

[Japan] Tokyo Steel announced a reduction of its domestic steel scrap purchase prices in the Tokyo Bay area by approximately 3.1 USD/tonne, effective June 26, with shindachi scrap cut by approximately 6.2 USD/tonne. After the adjustment, H2 scrap purchase prices in the Tokyo Bay and Kyushu areas both decreased to 331 USD/tonne, while in other areas they fluctuate between 331 and 334 USD/tonne. The latest price cut was primarily driven by weak demand for finished steel in the local construction and manufacturing sectors, prompting coastal EAF mills to precisely push for lower raw material prices to squeeze profits.

[Copper Ingot Scrap Customs Data] According to data from the General Administration of Customs, China imported 46,800 mt of copper ingot scrap (red/purple copper ingots) (HS code: 74031900) in January 2026, up 24% MoM and up 58% YoY; China imported 50,600 mt of copper ingot scrap (red/purple copper ingots) in February, up 8% MoM and up 46% YoY; cumulative imports of copper ingot scrap (red/purple copper ingots) in January-February 2026 reached 97,300 mt, up 51% YoY on a cumulative basis.

[SMM Nickel Flash] March 4 news: Supply side, nickel ore and auxiliary material prices continued to rise, upstream cost pressure gradually increased, and quotes remained firm. Demand side, steel scrap currently has a clear cost advantage, stainless steel selling prices were flat, and under losses pressure, purchasing sentiment was relatively subdued.

[SMM Daily Review: Firm Costs Support NPI Prices; Stainless Steel Under Pressure Limits Upside Room] March 4 — SMM’s upstream sentiment factor for high-grade NPI was 2.86, up 0.01 MoM, while the downstream sentiment factor for high-grade NPI was 1.29, up 0.01 MoM.

[Copper Scrap Customs Data] According to General Administration of Customs data, China's imports of copper scrap (red/copper ingot) (HS code: 74031900) reached 41,000 mt in October 2025, up 3% MoM and up 68% YoY. Cumulative imports from January to October 2025 totaled 387,200 mt, up 91% YoY. By country, the top three sources by import volume in October were Zambia (13,900 mt), Pakistan (6,400 mt), and the DRC (3,700 mt).

This week, the secondary copper rod market struggled to operate under the dual pressures of volatile copper prices and policy uncertainty. Copper prices experienced significant fluctuations during the week, falling by 900 yuan/mt as of Thursday