The average price of SMM 10-12% high-grade NPI fell WoW by 13.3 yuan/nickel unit to 1,133.7 yuan/nickel unit (ex-factory, tax included), and the average price of the Indonesian NPI FOB index fell WoW by $0.31/nickel unit to $146.69/nickel unit. This week, the high-grade NPI market remained in the doldrums under a supply-demand tug-of-war and persistently sluggish trading, with prices under pressure overall.

This week, finished steel continued its gradual decline, while raw materials began to stabilize, with coking coal rebounding to some extent. During the week, rumors about a coal mine accident in Shanxi and customs clearance restrictions at the Mongolian border spread, boosting sentiment. Coupled with the China Mineral Resources talks, the raw materials side rebounded from lows. In the second half of the week, as rumors of maintenance at steel mills across various regions emerged, negative feedback expectations intensified somewhat, and raw materials pulled back. Approaching the weekend, however, the 10th round of coke price increases was initiated, pushing coking coal and coke futures higher. In the spot market, the off-season characteristics of end-users became increasingly evident, with the market restocking at low prices as needed. With spot prices remaining relatively firm, the spot-futures price spread continued to widen...

[SMM Analysis] Stainless Steel Costs and Prices Pull Back in Tandem, Steel Mill Profits Remain Basically Stable This week, stainless steel prices and production costs fell together, and steel mill profit margins remained basically stable. Based on 304 cold-rolled as the benchmark, the profit margin calculated with current raw materials was 2.07%, while that using inventory raw materials was 1.33%. Nickel-based raw material cost side, high-grade NPI prices showed a pullback trend this week. During the week, SHFE nickel and SS futures were in the doldrums overall. Although there were widespread expectations of tight supply for high-grade NPI and upstream smelters and traders maintained firm offers, stainless steel mills' production schedule expectations pulled back, leading to weaker demand, and coupled with the simultaneous decline in stainless steel prices, the industry's acceptance of high-priced supply was very limited, and market transactions remained sluggish. As of this Friday, high-grade NPI with mainstream grade of 10%-12% fell by 8 yuan per nickel unit, closing at 1,133 yuan per nickel unit. Stainless steel scrap market, stainless steel scrap prices pulled back slightly this week. The weak futures market transmitted downward to spot cargo, and combined with sluggish off-season demand and reduced steel mill production schedules, rigid demand weakened further. Although steel scrap had an economic advantage over NPI, providing floor support for prices, uncertainty over Indonesian policies kept the market in a wait-and-see stance. Under the weight of bearish fundamentals, short-term stainless steel scrap prices are expected to continue to be in the doldrums. As of this Friday, the mainstream 304 off-cuts price in the Shanghai region fell by 100 yuan/mt, with the latest quotation at approximately 10,400 yuan/mt. Chromium-based raw material cost side, high-carbon ferrochrome prices continued to edge down this week. High-carbon ferrochrome production remained high...

[SMM Stainless Steel Scrap Market Weekly Review] Futures Weakness Dragged Down Stainless Steel Scrap Prices; Off-Season Demand Slump Pressured Market This week, prices of 304 stainless steel scrap off-cuts in east China pulled back, with a quotation range of 10,350-10,450 yuan/mt; prices of the same specification stainless steel scrap in the Foshan area fell in tandem, with a price range of 10,200-10,500 yuan/mt. From the perspective of raw material production cost analysis, the current cost to produce stainless steel entirely using stainless steel scrap is about 14,520.18 yuan/mt, while the cost using high-grade NPI reaches 14,988.98 yuan/mt, with the two maintaining a favorable cost spread. Stainless steel scrap prices pulled back slightly this week. During the week, SS futures consolidated weakly, and the weak sentiment in the futures market transmitted to the spot market, driving stainless steel finished product spot prices to also pull back slightly; the decline in the substitute raw material high-grade NPI slowed down, reducing its drag on the market, but the overall atmosphere in the raw material market remained mediocre. Under the influence of the futures-spot linkage, stainless steel scrap prices edged down slightly in tandem. Overall, cost support is difficult to offset the bearish pressure from fundamentals. The market has now entered the traditional consumption off-season for stainless steel, with end-use demand lacking internal momentum, and the expected production schedules of stainless steel mills pulling back, directly leading to a simultaneous weakening of rigid demand for stainless steel scrap. Meanwhile, news about the supplementary quota for Indonesian nickel ore remains unresolved, and policy uncertainty in the industry chain has been rising, leaving the overall market sentiment cautious and wait-and-see. Although stainless steel scrap still maintains a decent economic advantage over high-grade NPI, providing bottom support for prices, under the dual pressures of weak futures and the off-season…

Walsin Lihwa has issued flat pricing for its July stainless steel wire rods, ending seven consecutive months of price increases, with 200, 300, and 400 series products all held unchanged, mirroring Yusco's decision to freeze prices for the month. A stronger US dollar has pressured metal markets, weighing on key raw materials such as nickel and stainless steel scrap. Offsetting factors include rising ferromolybdenum costs and peak summer electricity rates, which continue to add financial pressure on manufacturing operations. Balancing these conflicting cost dynamics against customer needs, Walsin Lihwa opted for a stable pricing approach to safeguard buyers' market competitiveness.

Today, the steel scrap purchase price adjustment for Henan Anyang Steel was updated. Please feel free to contact us if you have any needs!

Chinese Taiwan's Yusco has decided to issue flat pricing across all products for July, halting its recent streak of consecutive price increases, in a move to support distributors in securing international contracts amid relatively stable global market prices. Under the adjustment, prices for 304 and 430 grades, as well as the 316L surcharge, remain unchanged. The company continues to face high production costs driven by expensive raw materials such as high-nickel pig iron and international stainless steel scrap, compounded by a weakening New Taiwan Dollar and surging global freight rates. These pressures have offset a recent pullback in base metal prices that followed the US Federal Reserve's mid-month decision to hold interest rates steady, which strengthened the US dollar.

[SMM Daily Review: Steel Scrap and Refined Nickel Have Cost-Effectiveness Advantage; Ferronickel Purchasing Demand Weak] On June 29, SMM high-grade NPI upstream sentiment factor was 2.4, down 0.04 MoM, and high-grade NPI downstream sentiment factor was 1.77, down 0.02 MoM.

The SMM 10-12% high-grade NPI average price rose WoW by 0.87 yuan/nickel unit to 1,147 yuan/nickel unit (ex-factory, tax included), while the Indonesian NPI FOB index average price fell WoW by $0.06/nickel unit to $147/nickel unit.

This week, ferrous metals fell continuously. During the week, there were many disturbances from unverified market rumors, but overall macro sentiment was weak, and expectations of rate hikes outside China continued to weigh on commodity sentiment. Earlier, rumors of a strike at BHP caused a slight rebound in iron ore; in the latter half of the week, Tangshan issued a notice on the "Tangshan Industrial Source Emission Reduction Plan for H2 2026," and combined with post-holiday inventory accumulation of the five major steel products, market sentiment was weak, and ferrous metals fell again. In the spot market, the off-season characteristics for end-users became more evident, market demand continued to weaken. While spot prices remained relatively firm, the spot-futures price spread widened somewhat, and positions in both futures and spot markets were unwound. Transactions were concluded at prices below market levels, further dragging down market prices......