Molybdenum price has a solid support in the medium and long term, and the expected contraction of supply end is good for stainless steel.-Zhejiang Benji Stainless Steel Co., Ltd

First, the raw material report: 1. Nickel: On September 1, the closing price of nickel in London was $15,439, up by $18, with a width of 0.12%; The latest price of Shanghai Nickel 2510 is 123,400 yuan, up by 630 yuan, or 0.51%; Shanghai high carbon ferrochromium FeCr55C1000(50 basis) 8450 yuan /50 basis tons. The reference price of Luoyang ferromolybdenum FeMo60 is 290500 yuan/ton, up 1100 yuan. 2. The latest price of stainless steel 2510 is 13,005 yuan, up by 130 yuan, or 1.01%; The position was 98,416 lots and the turnover was 61,725 lots. 3, Fujian Qingtuo renewable resources Yongchang freight yard waste stainless steel purchase price (yuan/ton): 1) 304 new material and laser plate: 9700 yuan/ton, 304 new punching plate and thick plate tube: 9600 yuan/ton, 304 industrial material and plate tube: 9200 yuan/ton, and 304 oil punch with large nut core: 9150 yuan/ton; 2), 316 new material, laser plate, edge wire 19200, 316 industrial material, plate short and thick tube 18900; 3), 2205 black material 18300, white material 19000; 2507 black material 19500, white material 21000; 2520 black material 21300, white material 23200. Delivery place: A113, No.15 Road, Binhai No.1 Road, Longwan District, Wenzhou City (including tax invoicing and additional tax points) Second, Wuxi stainless steel coil reference price 1, TISCO hot rolling guide price: 300 hot rolling series: 15,200 yuan/ton for 304/NO.1; 15,550 yuan/ton of 321/ NO.1; 27100 yuan/ton for 316L/NO.1 Medium plate (trimmed, thickness: 14-20mm, width: 1500mm)304 material-16,350 yuan/ton, 321 material 18,300 yuan/ton, 316L material 28,800 yuan/ton. 2, Dongte Hot Rolling Wuxi Guide Price: S30408 is made of 12,650 yuan/ton for 4-12mm and 12,650 yuan/ton for 14mm; 12,650 yuan/ton for 16mm; S31603 25,050 yuan/ton made of 4-10mm and 25,250 yuan/ton made of 12mm; S22053 27250 yuan/ton made of 4-10mm and 27950 yuan/ton made of 12mm, 32400 yuan/ton for 3mm, 32100 yuan/ton for 4-12mm and 32800 yuan/ton for 14mm for 310S hot rolled flat plate. 3. Qingshan hot rolling: 304 material is 12,700 yuan/ton; 25,350 yuan/ton for 316L material with 3mm, 25,050 yuan/ton for 316L material with 4-10mm; Dingxin 2205 hot-rolled hot-rolled flat plate is 27850 yuan/ton for 3mm and 27650 yuan/ton for 4-10mm, Dingxin 310S is made of 32,300 yuan/ton of 3mm and 32,000 yuan/ton of 4-10mm. 4. Zhang Pu guide price: 12,800 yuan/ton for 304 material and 15,500 yuan/ton for 321 hot rolling; 316L hot rolling 25400 yuan/ton. III. Reference price of stainless steel tubes and rods 1. [The price of Qingshan round steel is 65-130 in April] S30400 material is 12750 yuan/ton, 316L material is 24450 yuan/ton, TP321 material is 15450 yuan/ton, 321 material is 14250 yuan/ton, and S22053 material is 26100 yuan/ton, for 310S. 2. 【 Zhejiang Friendship New Material Continuous Casting Slab 】 1) 17,150 yuan/ton of 347H continuous casting billet made of 160-360. 2) 26,000 yuan/ton for continuous casting billet made of 2205, 160-360 and 26,300 yuan/ton for bar made of 65-105; 3) 31,300 yuan/ton for continuous casting billet made of 2507 ￠160-360, and x yuan/ton made of 65-105 (negotiable); 4) 33,900 yuan/ton of continuous casting billet made of 32,760 ~ 160-360 5) 30700 yuan/ton for continuous casting billet made of 310S ~ 160-360 and 30800 yuan/ton for bar made of 65-130. 6) X Yuan/ton of 904L material (160-360) (negotiable). 3. 【 Yongxing Bar-65-130 】 304 material is 16,000 yuan/ton, TP321 material is 18,300 yuan/ton, 316L material is 29,000 yuan/ton, 316LGB material is 31,600 yuan/ton, and S22053 material is 31,500 yuan/ton. 4. [Fukai Sales Price]: 1), 2205(F60) material ￠150-300 round steel X yuan/ton (discussion); 65-130 round steel X yuan/ton (by electricity); 2) 32300 yuan/ton for 310S continuous casting round (150-300) and 33300 yuan/ton for round steel (65-130); Round steel made of 309S ~ 65-130 is 26,500 yuan/ton; 3), S32750(F53) material ￠150-300 continuous casting circle 32500 yuan/ton; 65-130 round steel 35300 yuan/ton. S32760(F55) material ￠65-130 round steel 39300 yuan/ton. 4) 316l ~ 65-130 round steel is 28,000 yuan/ton; 316ti ~ 65-130 round steel 28,600 yuan/ton; National standard 316l ~ 65-130 round steel 32500 yuan/ton; German standard 316 material-65-130 round steel 29500 yuan/ton; 317L ~ 65-130 round steel 35700 yuan/ton; 5), 304 material ￠150-300 continuous casting round 15100 yuan/ton, ￠65-130 round steel 15500 yuan/ton; 321H round steel (65-130) is 18,200 yuan/ton; Round steel of 347H material ￠65-130 is 20400 yuan/ton; 6) No.7718 ~ 200-250 forging round 172,000 yuan/ton; 65-130 round steel 173,000 yuan/ton; 7), No.8810 ~ 200-250 forging round 64500 yuan/ton; 65-130 round steel 65,500 yuan/ton. 8), No.8926/1.4529 forged round steel is 91,000 yuan/ton, and 65-130 round steel is 79,000 yuan/ton; 9), NO8825 material ￠200-250 forging round 93500 yuan/ton, ￠65-130 round steel 96500 yuan/ton; 10), No.8028 ~ 200-250 forged round 81500 yuan/ton, ~ 65-130 round steel 82500 yuan/ton; 11), No.8120 ~ 200-250 forged round 85500 yuan/ton, ~ 65-130 round steel 87500 yuan/ton; 12), 630 material (17-4), 150-300 continuous casting round 16500 yuan/ton, 65-130 round steel 16500 yuan/ton; 631 material (17-7)-65-130 round steel 19,600 yuan/ton; 632 material (15-7mo) ~ 65-130 round steel 29900 yuan/ton; 13) The forged round made of NO6625 (200-250) is 188,000 yuan/ton; 65-130 round steel 182,000 yuan/ton; 14) The forged round made of NO6601 (200-250) is 119,000 yuan/ton; 120,000 yuan/ton for 65-130. 15) Forged round made of NO6600 ~ 200-250 is 132,000 yuan/ton; 134,000 yuan/ton for 65-130. 16), No.10276 ~ 200-250 forging round 207000 yuan/ton; 65-130 round steel 209,000 yuan/ton; 17), XM-19 ~ 65-130 round steel 34300 yuan/ton; 18), S31254 material-65-130 round steel 64000 yuan/ton. 19), 904L material ￠65-130 round steel 65000 yuan/ton. 20), XM-19 material ￠65-130 round steel 34800 yuan/ton, 15-5PH(XM-12) material ￠65-130 round steel 19200 yuan/ton. 21) Forged round made of NO3030 ~ 200-250 is 161,000 yuan/ton; 65-130 round steel 163,000 yuan/ton. 155,000 yuan/ton of NO4400 material ~ 200-250; 22) Forged round made of NO4400 ~ 200-250 is 148,000 yuan/ton; 65-130 round steel 150,000 yuan/ton. 23), 1.4460 material ￠65-130 round steel 24800 yuan/ton. 5. 【 Zhejiang Benji Pipe Reference Price 】 Stainless steel seamless pipe 30408 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-25.3 yuan/kg; Stainless steel seamless pipe S31603 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-39.7 yuan/kg; Stainless steel seamless pipe S32168 material, specification 25*2*6000 cold-drawn pipe pickling weighing delivery-29.3 yuan/kg; Stainless steel welded pipe 30408 material, specification 219-813*4-6 pickling and weighing delivery-19.1 yuan/kg; Stainless steel welded pipe S31603 material, specification 219-813*4-6 pickling and weighing delivery-33.5 yuan/kg; Stainless steel welded pipe 32168 material, specification 219-813*4-6 pickling and weighing delivery-25 yuan /kg. Fourth, statistical data: According to Mysteel research: On August 28th, 2025, the social stock of stainless steel 89 warehouse in the national mainstream market was 1,082,956 tons, which was 8,789 tons less than last week, with a decrease of 0.81%, including: The total inventory of cold-rolled stainless steel was 623,191 tons, an increase of 1,130 tons or 0.18% over last week. The total inventory of hot-rolled stainless steel is 459,765 tons, which is 9,919 tons less than last week, with a decrease of 2.11%. The total inventory of 200 series was 193,899 tons, an increase of 1,616 tons over last week, with an increase of 0.84%; The total inventory of 300 series is 654,529 tons, a decrease of 4,166 tons or 0.63% compared with last week; The total inventory of 400 series is 234,528 tons, a decrease of 6,239 tons or 0.81% compared with last week; The caliber inventory of Wuxi 50 warehouse is 606,487 tons, which is 8,096 tons less than last week, a decrease of 1.32%; The caliber inventory of Foshan 28 warehouse is 320,421 tons, an increase of 4,947 tons over last week, with an increase of 1.57%; 11 warehouses in Zibo, Jieyang, Shenyang and Xi an have a caliber inventory of 156,048 tons, a decrease of 5,640 tons or 3.49% compared with last week. V. Market analysis 1. Recently, the ferromolybdenum market showed a rapid upward trend, and the price hit a new high or even a historical high in the year. This strong rise was quickly transmitted to the downstream special steel industry, and many mainstream special steel enterprises announced an increase in the price of molybdenum-containing steel. The core reason for the rise of ferromolybdenum is that the market is in a "tight supply and strong demand" 1) From the supply point of view: domestic molybdenum concentrate supply is tight, the price of molybdenum concentrate rises, and the production cost of ferromolybdenum is pushed up due to many reasons, such as environmental protection and limited production and equipment maintenance in the main producing areas in China, the sudden shutdown of a copper-molybdenum mine in Inner Mongolia in late July, and the contraction of overseas copper-molybdenum associated ore supply. 2) From the demand point of view: the upgrading of manufacturing industry promotes the demand for high-end molybdenum-containing steel (shipbuilding, wind power and military industry). From January to July, the tender volume of ferromolybdenum was 88,000 tons, up by 11.23% year-on-year, and the tender volume of ferromolybdenum in steel mills was stable at a high level; 3) From the perspective of market sentiment and game, the downstream steel mills are running at low inventory, and there is a rigid demand for replenishment, while the upstream steel mills are reluctant to sell. At the end of July, the three major steel mills jointly suspended procurement to resist high prices, but the tender volume of steel mills rebounded rapidly in August, indicating that the boycott was not sustained. Future trend outlook of ferromolybdenum: In the short term, the market expects that molybdenum price will maintain a high and strong fluctuation pattern. The supply-side disturbance factors (such as mine maintenance and environmental protection policies) are difficult to quickly alleviate, while the demand in new energy and other fields is still rigid, and it is not excluded that the price may still rise further. In the medium and long term, it is difficult to change the pattern of global molybdenum supply maintaining rigidity quickly. At the same time, the return of manufacturing industry in Europe and America, the transformation and upgrading of manufacturing industry in China and the strong demand of global military industry are expected to continue to support the demand for molybdenum to maintain a high prosperity. Therefore, in the medium and long term, molybdenum prices still have solid fundamental support. 2. Nickel: Since last week, demonstrations have continued in many places in Indonesia. However, according to industry sources, the production and operation from mines to smelters have not been affected. The nickel industrial chain is operating normally, and the production and logistics remain stable as of today (September 1, 2025). The short-term nickel price is expected to hit 125,000 yuan/ton, driven by the expected interest rate cut, destocking and demand recovery. 3, stainless steel: the market feedback transaction continued to be light, the terminal procurement wait-and-see mood was strong, and merchants mostly promoted shipments through small profits. The expectation that the policy of environmental protection and production restriction will be implemented in the later period is gradually enhanced, and the markets expectation of supply-side contraction is heating up. At present, the short-term short-term trend of the steel market has been significantly reduced, and the price resilience is gradually emerging. Molybdenum stainless steel is easy to rise and difficult to fall under the influence of ferromolybdenum, and there is no possibility of a sharp decline in the near future. In the short term, the stainless steel market will show a differentiated market of "positive driving rebound, no positive and weak wait and see".

Zhejiang Benji Stainless Steel Co., Ltd.,