According to the Fu'an City Development and Reform Bureau, as outlined in its 2026 economic and social development plan released on March 6, the city is set to continuously consolidate its leading advantage in the stainless steel new materials industry. A key focus for the year is accelerating the construction and implementation of major downstream projects, specifically highlighting Runhengxin's 600,000-ton stainless steel cold-rolling project and a new titanium alloy materials manufacturing industrial park. Through these strategic capacity expansions, Fu'an aims to push the total output value of its stainless steel new materials industry to 246 billion RMB in 2026, targeting a year-on-year growth rate of over 5%.

[SMM Analysis: Indonesia's Stainless Steel Exports Fell by About 7.18% MoM in December; Mixed Performance in Exports to Major Global Consumer Countries] In December 2024, Indonesia's stainless steel exports to China were approximately 101,800 mt, down by about 43,700 mt MoM, a decrease of around 30.05% MoM and 46.56% YoY...

During the past week, the average price of SMM 8-12% high-nickel pig iron fell to RMB 999.9 per nickel point, a decrease of RMB 1.8. Similarly, the Indonesian NPI FOB index decreased by $0.6 per nickel point. The overall trend shows weakening prices for nickel pig iron. Domestically, high nickel ore prices and anticipated weaker nickel pig iron prices are reducing smelter profits, limiting significant supply increases. In Indonesia, early commissioning of new production lines has been offset by low raw material inventories, also constraining supply growth. On the demand side, despite a poor start to the peak season for stainless steel, demand for nickel pig iron is supported by restocking for National Day holidays and increased production in the latter half of the year. The market faces pressure from significant price drops in stainless steel and nickel. The high-nickel pig iron discount compared to electrolytic nickel decreased, reflecting intensified market panic due to declining stainless steel prices and macroeconomic pessimism. Pure nickel prices also dropped, influenced by weaker-than-expected economic data. In the short term, while cost factors may offer some support to high-nickel pig iron prices, they remain susceptible to further declines driven by broader economic factors. The price differential between nickel pig iron and electrolytic nickel is expected to narrow further next week

According to the SMM survey, China's stainless steel production in June was approximately 3.2302 million mt, down 1.17% MoM but up 5.17% YoY.

Since Q2 2024, the procurement prices of high-carbon ferrochrome by mainstream stainless steel mills have been rising.

In early April, stainless steel prices extended declines. Some stainless steel mills were scheduled to cut production in April amid losses and ferronickel shortages. However, in mid-April, as terminal demand for stainless steel recovered, 200 and 300- series stainless steel prices rose largely, backed by fewer stainless steel arrivals and tight nickel ore supply.