DONG-YU STEEL

Stainless steel futures traded within a volatile range today, while spot prices remained broadly stable. Tsingshan reopened its order book, with agents reporting relatively healthy order intake. Supply disruptions around the Strait of Hormuz have pushed sulfur prices higher, while nickel prices are showing signs of recovery from relatively low valuations. These factors have provided renewed cost support and driven a moderate rebound in stainless steel prices. However, seasona

June 10, 2026 After several weeks of volatility, LME Nickel has once again slipped below the psychological level of USD 18,000 per metric ton, closing at USD 17,995/MT. While the move itself may appear modest, the message behind the price action deserves closer attention from stainless steel buyers, traders, and manufacturers alike. A Market Losing Its Risk Premium Over the past month, nickel prices received intermittent support from geopolitical concerns, supply disruptions,

A piece of news circulated across the stainless steel market this week: "Indonesian 304 stainless steel prices have increased by another USD 40/MT." For many buyers, the immediate question was straightforward: Is a new round of price increases beginning? Should we secure orders before the market moves even higher? At DONG-YU, however, we believe the real story may be very different from the headline. The most important development is not the USD 40 increase itself. It is what

Overnight metal markets mostly closed lower, with nickel continuing its pullback as LME nickel slipped to USD 18,955/MT while SHFE nickel also moved downward under profit-taking pressure. At first glance, the market appears weak. However, experienced stainless steel traders understand that the current market is no longer driven by nickel prices alone. The more important signal now lies in the growing divergence between regional inventories, raw material sentiment, and actual

The stainless steel market continued to fluctuate within a narrow but elevated range this morning, as nickel prices remained supported while downstream sentiment stayed cautious and selective. LME nickel temporarily hovered around USD 18,900–19,200/MT, while the SHFE nickel contract traded near RMB 145,000–147,000/MT. At the same time, SHFE stainless steel futures displayed mixed intraday movements, with broader weakness emerging after 10 AM, reflecting the market's ongoing u

Nickel prices remain range-bound, but the cost structure is shifting upward. Cost pressure is building beneath the surface Indonesian HPM pricing reform remains in transition No confirmed transactions under the new multi-element formula yet Ore price negotiations are still ongoing At the same time: Sulfur prices have surged to USD 1,100–1,200/ton (record high) Freight costs remain elevated MHP production costs are expected to rise further The market may look stable, but the

Date: April 2026 The stainless steel market continues to operate under a complex interplay of geopolitical uncertainty, policy-driven cost structures, and cautious downstream demand. While volatility remains, recent signals suggest a gradual shift from macro-driven pricing toward fundamentals. 1. Nickel Market: Divergence Between LME and SHFE Overnight, LME Nickel rose by USD 250 to USD 18,235/MT SHFE Nickel slightly declined by RMB 40 to RMB 140,920/MT This divergence reflec

Overnight, LME base metals closed broadly higher, reflecting improved macro sentiment. Nickel ore prices remain stable, while NPI (nickel pig iron) prices have edged up by RMB 5/mt. However, the real shift lies in Indonesia’s revision of the HPM pricing formula, a move with deeper structural implications. The updated mechanism significantly raises the correction factor for 1.6% grade nickel ore from 17% to 30%, while introducing additional elements such as cobalt, iron, and c

Indonesia's Tsingshan has announced another round of price increases: +15 USD/MT (Mar 26) → +30 USD/MT (Mar 30). The drivers are clear: 1. Tightening nickel ore policies in Indonesia 2. Escalating Middle East tensions pushing freight and energy costs higher Even if geopolitical tensions ease, structural supply disruptions — especially in energy and logistics, may persist in the short term. But here's the gap: Cost is rising. Demand is not. Buyers remain cautious, adopting a "

Markets pulled back yesterday. Dow −0.18% S&P −0.37% Nasdaq −0.84% Base metals showed mixed signals. Nickel dropped to USD 16,980/mt, with weak upward momentum. What's happening behind the numbers? Supply side remains complex: Indonesia's nickel ore imports surged in 2025 (+5M tons YoY) RKAB approvals still constrained Rainy season approaching → potential supply tightening At the same time: Nickel pig iron prices softened Ore prices remain stable Macro pressure is building Ge

March 9, 2026, A fatal landslide at Indonesia's Morowali Industrial Park (IMIP) has triggered a major disruption in the country's nickel processing industry, forcing four high-pressure acid leach (HPAL) plants linked to Chinese industry giants Tsingshan Holding Group and GEM Co. to suspend operations. The incident has temporarily removed roughly 30% of Indonesia's HPAL production capacity, raising concerns across the global battery materials supply chain. A Fatal Incident Tri

London Metal Exchange (LME) base metals showed mixed performance, while both domestic and international nickel ore prices remained stable, and nickel pig iron (NPI) prices held steady. On the supply side, the core driver continues to be Indonesia’s policy stance on nickel ore supply. The government's tightening approach toward mining quotas remains unchanged, and the likelihood of a meaningful increase in RKAB quotas during the first half of the year appears limited. As a res

Markets cooled overnight. Equities softened, energy retreated, and base metals corrected across the board. Nickel followed suit, with prices stepping back from recent highs. But a price pullback does not mean the fundamentals have turned. A Technical Pause, Not a Supply Reset While nickel prices corrected, physical supply constraints remain firmly in place. Indonesia has allowed miners without finalized 2026 approvals to operate at only 25% of their previously approved output

Recent global developments indicate a renewed phase of structural volatility. Political disruptions, financial sanctions, and severe inflationary pressures in certain regions have reshaped capital flows and risk appetite. Against this backdrop, the U.S. pivot toward interest rate cuts has become a key catalyst, accelerating hot money circulation and fueling speculative momentum across major commodities. For the stainless steel industry, the impact is now clearly visible upstr

Yesterday, all three major US stock indices fell, while futures prices were mixed. The Dow Jones Industrial Average fell 0.51%, the S&P 500 fell 0.35%, and the Nasdaq Composite fell 0.5%. US crude oil rose 1.58%; LME copper rose 0.45%; LME nickel rose $100 to $15,760/ton, with open interest at 285,153 lots, trading volume at 21,075 lots, and inventory at 255,186 tons; SHFE nickel futures fell 1,030 yuan to 126,440 yuan/ton, with open interest at 132,349 lots and inventory at

Yesterday, all three major US stock indices rose, and most futures also increased. The Dow Jones Industrial Average rose 0.44%, the S&P 500 rose 1.55%, and the Nasdaq Composite rose 2.69%. US crude oil rose 1.57%. LME copper rose 0.03%. LME nickel rose $110 to $14,730/ton, with open interest at 263,541 lots, trading volume at 8,995 lots, and inventory at 253,482 tons. SHFE nickel futures rose 800 yuan to 116,100 yuan/ton, with open interest at 146,357 lots, trading volume at