Policy Intensity Reshaping the Landscape, Costs Returning to Highs, and Structural Tightening of Market Supply

[SMM Analysis: NPI Prices Rose Sharply, Market Shifted to High-Level Standoff] The average price of SMM 10-12% high-grade NPI rose 30.5 yuan/nickel unit WoW to 1,150.5 yuan/nickel unit (ex-factory, tax included), while the average Indonesian NPI FOB index price rose 3.58 $/nickel unit WoW to 146.78 $/nickel unit. This week, policies and futures drove prices steadily higher, with the NPI price center moving further up.

Nickel Ore " Transition in Pricing Systems and Standardization of Pyrometallurgical Ore Benchmarks; Convergence of Iron, Cobalt, and Chrome Elements " 1. Price Dynamics and HMA Revisions The Indonesian nickel market experienced overall price volatility this week. The Ministry of Energy and Mineral Resources (ESDM) has officially released the Nickel Mineral Benchmark Price (HMA) for the first half of May 2026. Nickel HMA: $17,802/dmt (up $868.57 or 5.13% from $16,933.57 in late April). Cobalt HMA: $55,854/dmt. Iron Ore HMA: $1.56/dmt. Chrome Ore HMA: $6.37/dmt. Current port-delivered prices for 1.6% grade pyrometallurgical ore (saprolite) stand at $74.5–$77.5/wmt, an increase of $1 from last week, remaining largely stable. In contrast, 1.2% grade hydrometallurgical ore (limonite) is priced at approximately $28.33/wmt, down $2 from the previous week. 2. Supply-Demand Fundamentals and Weather Impacts Pyrometallurgical Ore: As the rainy season concludes in Halmahera and Sulawesi, mine production is expected to rebound significantly in May. Despite RKAB approvals reaching 90%, spot supply for high-grade saprolite remains tight. However, market expectations for easing supply have strengthened. Notably, the average grade of ore accepted by smelters has begun to trend downward. While the decline is not yet significant, some smelters have started blending low-grade ore to mitigate the pressure of high-grade shortages and surging costs. Current pricing follows either a "fixed price" or "HPM + $7–$10 premium" model. Furthermore, some smelters are implementing standardized benchmarks for pyrometallurgical ore (Cobalt 0.05%, Iron 20%, Chrome 1%), regardless of actual ore variations. Bon have shrunk to minimal levels as most are now covered by fixed premiums. Hydrometallurgical Ore: Limonite prices have trended downward, failing to follow the uptick in the new HPM. Demand is under pressure due to potential MHP production cuts caused by a sulfuric acid shortage in May. With relatively stable inventories, smelters continue to exert strong downward pressure on prices. 3. SMM Internal Estimates The new pricing formula has led to increased price divergence and amplified volatility, particularly influenced by higher associated cobalt content in certain ores. SMM calculations show that the new HPM for 1.2% grade limonite is approximately $47.82, significantly higher than current market assessments. The new HPM for 1.6% grade saprolite is $64.85; the inclusion of higher cobalt content in the new formula has markedly amplified price fluctuations. While actual market transaction prices currently remain above this benchmark, the gap is steadily narrowing. 4. Regulatory Quotas (RKAB) and Market Outlook According to the ESDM, RKAB approvals for 2026 have reached approximately 90%. SMM statistics indicate that the total approved quota for Indonesian nickel ore stands at roughly 230–240 million wmt. The final quota is widely expected to be finalized by the end of April. Due to the convergence of reduced RKAB expectations, resource uncertainty, and high-grade ore shortages, some smelters have increased trade dividends and premiums to secure supply. The market is closely monitoring Weda Bay Nickel (WBN) . Due to a severely depleted RKAB quota for 2026, WBN plans to enter a "maintenance and care" phase starting in May. The company is actively pursuing a quota increase to alleviate the ore shortage at the IWIP industrial park. During this period, its downstream NPI plants will consume existing strategic inventories to maintain operations. 5. Regulatory Revisions: PP 19/2025 On May 8, the Directorate General of Mineral and Coal held a public hearing on the revision of PP 19/2025 , seeking feedback on adjustments to mineral royalty rates. Nickel Ore: The revision proposes lowering the minimum HMA threshold from <$18,000/t to <$16,000/t, and the maximum threshold from ≥$31,000/t to ≥$26,000/t. The tax tiers would be refined from 5 to 6 levels, with rates ranging from 14% to 19%. Impact: Based on today’s Nickel HMA of $17,802, the applicable royalty rate would rise from 14% to 15% if the revision is implemented. Additional Provisions: A 2% independent levy is proposed for cobalt in nickel matte and non-nickel smelting products, while a 2.5% tax rate is proposed for alloy pig iron. The impact on mainstream NPI projects will depend on Indonesia’s final product classification criteria. Nickel Pig Iron " NPI Average Prices Rally Strongly; Market Enters High-Level Deadlock " The average price of SMM 10-12% NPI average price increased by RMB 30.5 per nickel unit week-on-week to RMB 1150.5 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index increased by USD 3.58 USD per nickel unit to an average of USD 146.78 per nickel unit. This week, the high-nickel pig iron market first declined and then rose. This week, favorable policies and exchange movements drove prices steadily higher, pushing the price center further up. However, by the end of the week, the market transitioned from a unilateral uptrend into a high-level deadlock. Upstream producers maintained a strong stance on pricing, with some anchoring their target at RMB 1,200/nickel unit and showing a high reluctance to sell. Conversely, downstream stainless steel mills showed weak acceptance of these high prices. Having completed their initial restocking, these mills saw a decline in procurement appetite, with the maximum acceptable price being limited. Additionally, a correction in the exchange market fueled "fear of heights" (market caution); despite active inquiries, actual transaction volumes were significantly lower than those seen before the holiday. The price gap between high and low-grade materials widened further, intensifying the structural divergence of supply. Looking ahead, while cost support remains, demand follow-through is insufficient. NPI prices are expected to remain in a high-level tug-of-war in the short term. Based on high-nickel pig iron cash costs calculated from nickel ore prices 25 days ago, smelter profit margins continued to recover this week, with many operations returning to profitability. On the raw material side, auxiliary material prices rose, while ore prices remained stable in the Philippines and saw a slight correction in Indonesia. Overall, the expansion of domestic smelter profits this week was primarily driven by the upward shift in NPI prices coupled with lower raw material costs. For next week, raw material prices are unlikely to see significant increases, and NPI prices are expected to remain at high levels, which should lead to further improvements in smelter profit margins. ​​​​​​​

Based on SMM research, the week of April 20 to April 24, 2026, Indonesian stainless steel export prices followed a stable then surging trend. While quotations remained steady early in the week due to prevailing market caution, they collectively rose by USD30/mt by Friday (April 24). This increase was driven by rising nickel ore prices, which pushed NPI (Nickel Pig Iron) production costs higher, lifting FOB Indonesia 300-series prices. Notably, driven by rising global molybdenum costs, 316-series prices are now approaching the USD4,000/mt threshold. Image 1: Review of FOB Indonesia 304 Stainless Steel Prices in April Image 2: Review of FOB Indonesia 316 Stainless Steel Prices in April The upward momentum in overseas stainless steel prices stems from structural tightening at the raw material end. The official implementation of Indonesia’s new Nickel Ore Pricing Formula (HPM), coupled with the announced suspension of operations for maintenance at a major Indonesian nickel mine starting in May, has caused an abrupt tightening of ore supply. This supply crunch is propagating down the value chain, supporting firm NPI quotations and directly inflating the immediate steelmaking costs for mills. On the demand side, the Southeast Asian downstream market is currently in an inventory depletion phase. Upstream mills maintain a strong stance on pricing, pushing for further hikes toward the end of the week. Conversely, downstream buyers remain resistant to these high price levels, restricting procurement to hand-to-mouth replenishment. According to SMM research, local DDP 304 stainless steel cold-rolled coil (CRC) prices in Malaysia are currently ranging between RM 9.50 and RM 10.50/kg . The European market has witnessed a slight trend of defensive restocking. The core driver is the impending expiry of the current EU TRQ (Tariff Rate Quota) on June 30 . Starting July 1 , the updated policy is expected to see quotas slashed by nearly half and potential tax rates doubled. To hedge against high tariff risks in the second half of the year, European traders have recently concentrated purchases on cargoes arriving before the end of June, triggering a counter-seasonal inventory buildup. SMM reports that local DDP 304 CRC prices in Europe are hovering between €2,700 and €2,900/mt . Market activity in Taiwan, China remains relatively subdued, with buyers prioritizing the consumption of existing stocks and showing little appetite for restocking. Although upstream mills continue to raise April ex-factory prices, pushing local 304 CRC prices to a range of NT$ 69,300 to NT$ 74,000/mt, the wait-and-see sentiment among downstream buyers has overshadowed replenishment needs now that prices have hit historical highs, significantly limiting market liquidity. Overall transaction dynamics this week reflect a stark imbalance between the upstream and downstream sectors. Upstream mills, driven by cost pressures, remain firm in their pricing strategies, while downstream buyers maintain a cautious stance, sticking to essential-only purchasing. Given that May list prices have been released and mills remain resolute in their pricing, coupled with the pre-June 30 policy-driven hedging demand in Europe, overseas prices are expected to remain elevated in the short term. SMM anticipates that overseas stainless steel quotations will continue to fluctuate within a high-side range.

Based on SMM Research, stainless steel prices in Southeast Asia are expected to rise USD20–40/ton next week. Continued strength in nickel ore prices has driven up NPI production costs, underpinning overall stainless steel cost levels and fuelling upward price expectations.

[SMM Stainless Steel Daily Review] Geopolitical Risks Eased, SS Futures Stopped Falling and Rebounded, Stainless Steel Spot Transactions Recovered SMM April 22 reported that SS futures showed a trend of stopping falling and rebounding. The US-Iran conflict cooled down, with the US announcing an indefinite ceasefire and Iran suspending military operations. Influenced by this, non-ferrous futures strengthened, and SS futures rose in tandem. As of the morning session close, the most-traded SS contract was quoted at 14,920 yuan/mt. Spot market side, although SS futures stopped falling today, futures prices had already pulled back from earlier levels. In addition, after stainless steel spot prices surged significantly, downstream acceptance was low and transactions were weak. However, traders held low-priced cargoes from earlier periods and had room to offer concessions, so spot quotes pulled back accordingly, with inquiries and transactions recovering somewhat. The most-traded SS contract stopped falling and strengthened. At 10:15 AM, SS2605 was quoted at 14,885 yuan/mt, down 15 yuan/mt from the previous trading day. Spot premiums for 304/2B in Wuxi ranged from 35-235 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi remained flat; for cold-rolled untrimmed 304/2B coils, the average price in Wuxi fell by 50 yuan/mt and in Foshan by 100 yuan/mt; cold-rolled 316L/2B coils in Wuxi held steady; hot-rolled 316L/NO.1 coils were quoted stable in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan held steady. The current stainless steel market is in the traditional peak season of "Golden March and Silver April." Driven by futures, spot quotes strengthened somewhat, but cautious wait-and-see sentiment among downstream end-users persisted, with concerns over short-term price fluctuations and purchases yet to materialize...

Chinese Taiwan's stainless steel prices are poised for a sixth consecutive monthly increase, driven by persistently high raw material costs, rising international stainless steel prices, and another price hike by Tsingshan in Indonesia. The implementation of Indonesia's new nickel ore benchmark price (HPM) policy on the 15th, alongside China's Q1 GDP growth of 5% beating market expectations, has pushed nickel ore prices higher. Having risen steadily since December last year with a cumulative gain of NT$19,500/ton over five months, Chinese Taiwan's stainless steel prices are widely expected to rise again in May by NT$3,000–4,000/ton.

Jakarta, April 14, 2026 – Indonesia's Ministry of Energy and Mineral Resources (ESDM) officially issued Ministerial Decree No. 144.K/MB.01/MEM.B/2026, revising the calculation formula for the Nickel Ore Benchmark Price (HPM). The regulation will officially take effect on April 15, 2026, marking a significant shift in resource valuation policy for Indonesia, the world's largest nickel producer. The new decree revised the previous Decree No. 268.K/2025, with core changes aimed at reflecting the true commercial value of nickel ore and its associated minerals: 1. Adjustment of the Correction Factor (CF): · The correction factor for 1.6% grade nickel ore was significantly raised from the original 17% to 30%. · For every 0.1% increase or decrease in nickel grade, the correction factor will be adjusted inversely by 1%. 2. Inclusion of Associated Mineral Value: · The new formula for the first time explicitly incorporated associated minerals such as cobalt (Co), iron (Fe), and chromium (Cr) into the HPM calculation. · Cobalt: Included when content >= 0.05%, with the correction factor (CF) set at 30%. · Iron: Included when content <= 35%, with the correction factor (CF) set at 30%. · Chromium: The correction factor set at 10%. 3. New Pricing Formula: HPM Nickel Ore = [(Nickel HMA * %Ni * CF) + (Cobalt HMA * %Co * CF) + (Iron HMA * %Fe * CF * 100) + (Chromium HMA * %Cr * CF * 100)] * (1-MC) (Note: MC refers to moisture content) Assumptions: · Average grade: moisture content 35-40%, cobalt content 0.07% (HPAL ore), iron content 25% (saprolite ore), chromium content 3%. Based on SMM's estimates, HPM prices have the most obvious room for upward movement. · Here, HPAL ore refers to nickel ore with a grade of 1.3% and below, while saprolite ore refers to nickel ore with a grade above 1.3%.Since HPAL ore has a higher cobalt grade and iron content generally above 35%, the HPM formula for HPAL ore here only considers nickel, cobalt, and chromium, with iron not priced in. · Since saprolite ore has a lower cobalt grade and iron content generally below 35%, the HPM formula for saprolite ore here only considers nickel, iron, and chromium, with cobalt not priced in. Note: This is only a scenario assumption based on publicly available information and does not constitute actual market action advice. Please refer to actual conditions. Driven by the dynamic adjustment mechanism of the benchmark price, the nickel ore benchmark price center shifted significantly upward, providing a higher pricing anchor for mine-side sales. Overall, the CF (adjustment coefficient) for 1.6% grade nickel ore increased from 17% to 30%, driving a significant rise in the benchmark price, reflecting a policy and market reassessment of the value of medium-to-high-grade ore. As the CF increased, the linkage between ore prices and nickel content further strengthened, and price elasticity amplified accordingly. On the other hand, under the current pricing system, by-product value has been fully incorporated into consideration. In particular, the cobalt pricing mechanism provided significant support for low-grade ore (such as limonite). Benefiting from the increase in cobalt prices and its recovery value, the economics of limonite improved notably, and its price performance showed a more prominent upward trend compared to the past, gradually changing the market's traditional perception of it as a "low-value resource." Based on SMM prices, Indonesia's local laterite nickel ore at 1.2% grade (delivered price) averaged $30.5/wmt, far below the new HPM benchmark price of $40.18/wmt. The CIF price of 1.2% grade HPAL nickel ore may subsequently rise to $48.18 (40.18+8)/wmt. Indonesia's local laterite nickel ore at 1.5% grade (delivered price) averaged $70.7/wmt, above the new HPM benchmark price of $57.13/wmt, so theoretically absolute price fluctuations would not be as drastic. Assuming the tax cost increase driven by the HPM benchmark price rise is fully passed through to downstream, the absolute price of saprolite nickel ore may rise to $72.47/wmt after the new HPM benchmark price takes effect. **MHP** According to SMM estimates, taking 1.2% grade nickel ore as an example, based on the benchmark price as of April 1, the new nickel ore HPM is expected to be raised to $40.18/wmt, compared with the previous nickel ore HPM of $16/wmt. Currently, SMM's latest Indonesia's local laterite nickel ore 1.2% (port arrival price) average price is $30.5/wmt, lower than the new HPM. Assuming the HPM benchmark price serves as the minimum price floor for mines, after factoring in freight costs, the selling price of 1.2% grade HPAL ore after April 15 would be $48.18/wmt. Based on this estimate, the cost of producing MHP from externally purchased HPAL ore (after cobalt credit) will rise to approximately $17,760/mt Ni, an increase of approximately $2,600/mt Ni. **NPI** According to SMM estimates, based on the benchmark price as of April 1, taking 1.5% grade nickel ore price as an example, the nickel ore HPM price under the old formula was $26.66/wmt, while the nickel ore HPM price calculated under the new formula is $57.13/wmt, still lower than the current 1.5% Indonesia's local port arrivals under domestic trade price of $70.7/wmt. Assuming the tax cost increase resulting from the HPM price hike is fully passed through to downstream, the absolute nickel ore price is forecast to rise to approximately $72.47/wmt after the new policy is implemented. Based on this estimate, this adjustment will push the full cost of NPI up to $15,741.51/mt Ni, an increase of $570.48/mt Ni from the current level, representing a rise of approximately 3.76%, which is expected to provide further upward support for NPI prices. **Refined Nickel** On the basis of the above-mentioned increases in MHP and high-grade nickel matte raw material costs, the cost of producing refined nickel from integrated high-grade nickel matte is estimated at approximately $21,773/mt Ni, an increase of $622/mt Ni compared with before the HPM formula adjustment; the cost of producing refined nickel from integrated MHP (after cobalt credit) is estimated at approximately $20,560/mt Ni, an increase of $2,652/mt Ni compared with before the HPM formula adjustment. In addition, based on the LME spot settlement price on April 14 and the nickel intermediate product transaction coefficients (91.5% for MHP and 92.5% for high-grade nickel matte), the spot cost of producing refined nickel from externally purchased high-grade nickel matte is $18,705/mt Ni, and the spot cost of producing refined nickel from externally purchased MHP is $19,378/mt Ni. Both costs are higher than the current LME nickel prices, indicating relatively strong cost support. In summary, Indonesia's ESDM reform of the HPM benchmark price formula represents a systematic restructuring of the pricing system, upgrading nickel ore pricing from "single nickel element pricing" to "nickel + cobalt + iron + chromium multi-element comprehensive pricing," reshaping the nickel ore cost basis from multiple dimensions. In the short term, the policy landing beyond expectations has already driven nickel prices to rise significantly, with market sentiment leaning bullish; however, medium and long-term impacts depend on cost pass-through efficiency, the pace of high inventory digestion, and downstream demand absorption capacity. Going forward, close attention is still needed on the actual implementation by Indonesian mine enterprises, smelter procurement price negotiation outcomes, and the substantive magnitude of price increases for intermediate products such as MHP and NPI. Risk warning: According to ESDM Ministerial Decree NO.144.K/MB.01/MEM.B/2026, the benchmark ore price (HPM) is the minimum selling price for metal mineral sales. If metal minerals are sold below the HPM price, the HPM must still be used as the basis for calculating tax obligations and as the benchmark price for levying production fees (royalties). Therefore, the above costs are calculated based on the assumption that the wet-process ore selling price is no lower than the new HPM benchmark price. The resulting integrated MHP (after cobalt credit) production cost of refined nickel is relatively high. However, the actual selling price of nickel ore will need to be negotiated between mines and smelters, and there is a possibility that the final transaction price may be lower than the new HPM benchmark price.

Nickel Ore " RKAB Approval Delays and Policy Shifts Expected to Drive Nickel Ore Prices Higher" This week, the price of domestic nickel ore in Indonesia has increased. In the first half of April, the Indonesian nickel ore benchmark price (HPM) was set at $17,093 per dry metric ton, a month-on-month decrease of 1.37%. According to SMM's Indonesian nickel ore premium data, the average premiums for laterite nickel ore with grades of 1.4%, 1.5%, and 1.6% were reported at $37.5, $41.5, and $42 per wet metric ton respectively. Among them, the domestic arrival price for 1.6% grade nickel ore was $69.2–75.2 per wet metric ton. The dual strengthening of premiums this month reflects the release of smelters' restocking demand and pessimistic expectations regarding the reduction of RKAB quotas. Meanwhile, the delivery price of 1.2% grade hydrometallurgical ore has also increased to $27–30 per wet metric ton. Pyrometallurgical Ore: From the perspective of supply and demand fundamentals, as of April 10, 2026, according to the forecast of the Indonesian Meteorological Agency BMKG, core nickel ore producing regions such as Morowali, Kolaka, and Halmahera will face continuous moderate to heavy rain and thunderstorms this week, with humidity expected to approach the saturation level of 99%. Under the combined effect of active atmospheric waves and thick clouds, this extremely humid and changeable weather is expected to continue to constrain the mining efficiency of open-pit mines, slow down logistics and transportation, and further increase the operational difficulty of high-moisture management during the shipping process of laterite nickel ore. The current market is facing an obvious trend of grade decline. Although some NPI smelters have begun to accept ore with a grade of 1.45% and below, pyrometallurgical ore remains tight in April. Currently, the Ministry of Energy and Mineral Resources (ESDM) of Indonesia announced to the media on April 6, 2026, that approximately 190 million to 200 million tons of nickel production quotas in the 2026 Work Plan and Budget (RKAB) have been approved. At present, some mining enterprises have received preliminary notices from the government regarding the latest quota indicators, but most enterprises have yet to obtain the final approved data. The market generally expects that the final approved amount of the 2026 RKAB will be officially finalized in the second week of April. In terms of demand, due to the resource uncertainty faced by some smelters in Indonesia and the difficulty in obtaining high-grade nickel ore, prices have shown strong performance. To ensure raw material supply, some smelters have even increased trade bonuses. Hydrometallurgical Ore Additionally, there have been some transactions of low-grade saprolite ore in the market, with its fixed price relatively lower than that of high-grade ore. Following the significant increase in the price of pyrometallurgical ore, the price of limonite has also risen, aiming to further stimulate the sales enthusiasm of mines. In terms of shipping costs, affected by the increase in domestic fuel prices in Indonesia, inter-island logistics costs have shown an upward trend. It is estimated that as the RKAB quotas of mines are gradually issued in the future, freight demand will further increase, and domestic shipping costs may face a new round of upward pressure at that time. On the policy side, the Ministry of Energy and Mineral Resources (ESDM) of Indonesia is finalizing the review of the calculation formula for the Mineral Reference Price (HPM) of nickel ore and plans to officially implement it within April 2026. Tri Winarno, the Director General of the Mineral and Coal Directorate, pointed out that the current HPM can no longer accurately reflect the current market price, especially failing to cover the "market premium" actually paid by smelters. Although the regulatory details for specific products such as NPI and MHP still await finalization by inter-ministerial bodies, judging from the current policy trend, this may indicate that the era of tax-free exports of nickel intermediate products from Indonesia is coming to an end. Looking ahead to the after-market, the continuous tightening of Indonesia's policies is expected to open up further upward space for nickel ore prices and have a profound impact on the cost structure of the global nickel supply chain. Overall, affected by potential major policy adjustments in Indonesia in the future, market uncertainty has increased, supporting the continuous volatile strengthening of Indonesia's nickel ore prices. Nickel Pig Iron "High-Grade NPI Under Short-Term Pressure Amid Upstream-Downstream Tug-of-War " The average price of SMM 10-12% NPI average price dropped by RMB 2.25 per nickel unit week-on-week to RMB 1080.25 per nickel unit (ex-works, tax included), while the Indonesia NPI FOB index decreased by USD 0.43 USD per nickel unit to an average of USD 137.01 per nickel unit. High-grade NPI (Nickel Pig Iron) market conditions generally remained steady. As transaction levels stabilized, the market entered a period of tug-of-war between upstream and downstream players, leaving prices under short-term pressure. From the supply side, the center of upstream quotes continued to drift slightly lower. The market has seen a notable increase in the availability of stainless steel scrap. Under the dual weight of weak terminal demand and the cost-effectiveness of scrap, upstream quotes for high-grade NPI are increasingly showing signs of softening. In Indonesia, domestic nickel ore prices have risen, and the market is grappling with a clear decline in ore grades; consequently, the supply of saprolite for pyrometallurgical processing remains tight for April. In the stainless steel spot market, social inventory levels remain at absolute highs. Despite significant pressure to move shipments, steel mills are maintaining high production rates. While there is some support from the cost side, the mills themselves are facing heavy internal cost pressures. Furthermore, with the economic advantage of stainless steel scrap becoming more prominent, mills have low tolerance for high-priced NPI and are maintaining a cautious procurement stance. In summary, NPI prices remain locked in a short-term stalemate between upstream and downstream. Influenced by competition from scrap and limited buying interest from stainless steel mills, prices continue to face overhead pressure.

[SMM Stainless Steel Daily Review] SS Futures Moved Sideways, Stainless Steel Spot Trading Was Mediocre and Struggled to Rise On April 9, SMM reported that SS futures continued to move sideways. The US and Iran temporarily ceased fire, but geopolitical conflicts had not truly subsided, and uncertainty at the macro perspective remained elevated. SS futures failed to extend the previous rally and mainly moved sideways, closing at 14,320 yuan/mt as of the midday session. In the spot market, affected by the pause in the futures rally, the stainless steel spot market still saw some inquiry activity, but actual transactions were still dominated by low-priced sources; traders attempted to slightly raise their quotes, but actual transaction gains were limited. The most-traded SS futures contract moved sideways. At 10:15 AM, the most-traded SS2605 futures contract was quoted at 14,290 yuan/mt, up 25 yuan/mt from the previous trading day. Spot premiums for 304/2B in the Wuxi area were in the range of 180-380 yuan/mt. In the spot market, the average price of cold-rolled 201/2B coils in Wuxi fell by 100 yuan/mt; for cold-rolled trimmed-edge 304/2B coils, the average price in Wuxi rose by 50 yuan/mt, while the average price in Foshan remained stable; cold-rolled 316L/2B coils in the Wuxi area fell by 200 yuan/mt; hot-rolled 316L/NO.1 coils were quoted flat in Wuxi; cold-rolled 430/2B coils in both Wuxi and Foshan remained stable. The stainless steel market is currently in the traditional peak consumption season of "Golden March and Silver April." Downstream demand fundamentals have recovered compared to the earlier period, with end-user procurement continuing at a just-needed pace, and the overall trading volume was sufficient to hold quotes firm for basic market vitality. However, affected by macro news disturbances and futures fluctuations, downstream end-user clients still...