Asian stainless steel prices held stable for a third consecutive week, with Chinese Taiwan's export quotes unchanged and Chinese export offers rebounding to steady levels after a brief dip earlier in the month. Raw material trends diverged, LME nickel prices softened while Indonesian NPI gained ground; Chinese domestic ferronickel stabilized and stainless steel futures posted a weekly gain. Trading activity remains quiet during the traditional off-season, though consumption levels are running ahead of the same period last year. A recent Middle East peace accord helped nickel prices bounce back, pointing to a firm short-term market trend.

Raipur billet prices rose by around 2 USD/tonne day-on-day to about 453 USD/tonne EXW. The increase was supported by previous bookings, moderate buying interest, and firmer sentiment in neighbouring markets. However, spot procurement remained cautious as buyers assessed whether the recovery could continue. Near-term billet momentum will depend on finished steel demand and follow-up transactions.

This week, ferrous metals edged higher before extending their pullback, with coking coal posting the largest decline. At the beginning of the week, the National Development and Reform Commission (NDRC) and other departments issued a notice on launching a three-year campaign for energy conservation and carbon reduction in key industries, and news that the U.S. and Iran were to sign a memorandum of understanding on the 19th improved market sentiment, lifting all ferrous metals. In the latter half of the week, expectations for an eighth round of coke price hikes materialized in the futures market. However, as steel mill profits narrowed further and spot coke had largely priced in the eighth increase, further upside room was limited. Combined with emerging expectations of peak hot metal output, futures began to correct and cost support weakened. Meanwhile, May macro data came in below expectations, dragging the entire ferrous metals complex lower...

SMM News Flash: [Steel Billet] Export billet offers fell by 3-4USD/tonne today to around $470/mt. Inquiries from outside China decreased, orders declined, and the actual negotiation margin for transactions was around 5USD/tonne. Market intelligence indicated that Iran recently took orders for billets, offering significant price advantages, which diverted some Middle Eastern orders to Iran. Additionally, billet export prices from some neighboring countries were lower than those in China, so overseas buyers remained cautious in the short term, which would limit export transactions. [Rebar] Rebar export FOB offers edged down by 2USD/tonne today, tracking futures. According to traders, market sentiment was subdued and inquiries were mediocre. Offers for southern China resources were maintained at 520-525USD/tonne, which were relatively high. [HRC] HRC export prices fell by 1-2USD/tonne day-on-day today, with transaction prices at 494-503USD/tonne. Based on current inquiries, market offers remained mostly above 500USD/tonne, with shipment periods from July to August. Some overseas buyers made inquiries, but their target prices were more than 5USD/tonne below offers.

SMM Weekly Stainless Steel Futures Review — week of June 15–18, 2026. A mid-week hawkish Fed turn capped an early rally, but supply tightening and firm mill pricing lifted the SHFE board RMB 355/mt on the week of June 15–19.

[China Iron Ore Brief] The domestic iron ore concentrates market slightly weakened this week, with regional performance diverging. Prices in Tangshan, Qian'an, and Qianxi in Hebei were basically stable; the Chaoyang, Beipiao, and Jianping areas in western Liaoning saw a slight decrease of 1-5 yuan/mt; while east China bucked the trend with an increase of 10-15 yuan/mt. Looking ahead to next week, according to SMM tracking, steel mill profits are expected to be under pressure again following the implementation of the seventh round of coke price increases.

News Release, June 18, 2026: The chrome market maintained a downward trend this week, with ample supply and sluggish demand across the board. Market confidence remains weak, and most participants hold bearish expectations.

[SMM Coking Coal and Coke Daily Review] In news, some steel mills in certain regions have accepted the eighth round of coke price increases, with wet-quenched coke up by 50 yuan/mt and coke dry quenching up by 55 yuan/mt, effective June 22. Supply side, affected by the ongoing stringent safety inspections in Shanxi, coking coal supply remains tight, and the coking coal price increase has consistently outpaced the coke price increase; most coke producers are still incurring losses, and to reduce losses, these producers are voluntarily intensifying production restrictions, leading to a short-term decline in coke supply. Demand side, steel mill operating rates currently remain high, and due to the tight coke supply, their coke inventory replenishment has fallen short of expectations, leaving them with continued restocking demand for coke.

[SMM Analysis] Stainless Steel Prices and Costs Rise in Tandem, Steel Mill Profits Slightly Recover but Struggle to Rise This week, stainless steel prices and production costs moved up together, slightly expanding steel mill profit margins. Taking 304 cold-rolled as the calculation benchmark, the profit margin based on current raw material costs stood at 2.31%, while that based on inventory raw material costs was 2.59%. Nickel-based raw material cost side, high-grade NPI prices rose sharply this week. Driven by both the sharp rise in SS futures and the gradual release of downstream procurement demand during the week, high-grade NPI prices moved up accordingly. Market expectations for further price increases remain relatively strong, with a notable willingness to hold prices firm. In the near term, high-grade NPI prices are expected to continue fluctuating upward. As of this Friday, mainstream 10%-12% grade high-grade NPI rose by 9 yuan per nickel unit, closing at 1,149.5 yuan/nickel unit. In the stainless steel scrap market, scrap prices edged up this week, bolstered by the combined boost from stronger futures, rising finished steel prices, and the recovery of high-grade NPI, with evident cost support. However, the market has entered the traditional off-season, with frequent production cuts at steel mills weakening demand expectations. Additionally, tax invoice issues have constrained trading activity. While short-term positives have supported firmer prices, under the dual pressures of weak off-season demand and industry pain points, further upside will struggle, and there is a risk of a pullback. As of this Friday, prices of mainstream 304 off-cuts in Shanghai rose by 100 yuan/mt, with latest quotations at around 10,550 yuan/mt. Chromium-based raw material cost side, high-carbon ferrochrome prices continued to edge down this week. Despite recent news of power supply tightness in the Mengxi region of Inner Mongolia, the impact on local high-carbon ferrochrome production...

The most-traded iron ore contract was in the doldrums today. The most-traded I2609 contract closed at 747 yuan/mt, down 1.13%. Port spot prices fell in tandem, dropping 10-15 yuan/mt from the previous day. Traders showed moderate selling interest; steel mills remained cautious, purchasing as needed with weak restocking willingness. Overall market trading was sluggish, with scarce transactions. As the holiday approached, market trading turned mediocre. Spot and futures prices moved sideways. Looking ahead to next week, as hot metal production peaks and pulls back, iron ore demand expectations are likely to weaken; meanwhile, falling ocean freight rates eroded cost support. In the near term, iron ore prices are expected to remain in the doldrums.