- NPI prices soften as stainless steel demand remains weak.
- Inventory overhang restricts any near-term stainless price recovery.
SteelDaily: China’s stainless steel long products market continued to soften amid weak downstream consumption in fasteners, machinery, and fabrication sectors.
Despite a slight improvement in sentiment, actual order volumes remained muted, keeping price movement limited. Mills undergoing scheduled maintenance in November helped marginally reduce supply pressure.
Producers maintained cautious operating rates, with several mills curbing output to manage oversupply. High inventories across major hubs further restricted any near-term recovery in prices of stainless long products.
Nickel pig iron (NPI) market
NPI prices softened as demand for stainless steel weakened. Indonesian NPI supply remained steady, pressuring domestic producers already facing higher ore costs. Some NPI plants lowered utilization to limit further margin erosion.
Ferrochrome market sentiment
Ferrochrome prices trended slightly lower as alloy demand from stainless steel mills remained subdued. Weaker stainless output and high inventories kept procurement conservative, while supply from major producers stayed stable. Mills were cautious with spot buying, anticipating further price adjustments.
Ferromolybdenum market
Ferromolybdenum prices also faced downward pressure, tracking softer molybdenum concentrate costs. Demand from high-grade stainless and specialty steel producers remained limited, and some smelters reported thinner margins due to falling raw material prices. Overall sentiment stayed weak, with no significant restocking interest.
Nickel ore & raw materials
Nickel ore arrivals from the Philippines remained sufficient despite seasonal disruptions. Port inventories continued to support stable spot pricing, though traders expect some tightening if weather-related delays intensify.
Outlook
The stainless long products market is expected to stay under pressure in the near term due to weak end-use demand and elevated inventory levels. NPI, ferrochrome, and ferromolybdenum prices are likely to remain range-bound until stainless steel production improves materially. Mills are expected to maintain cautious production discipline and cost management strategies.
Note: This article has been published in accordance with a content exchange agreement between SteelDaily and BigMint.
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