【SMM Steel】Tata Power Renewable Energy Delivers 198 MW Wind Energy Project for Tata Steel

[SMM Analysis] Stainless Steel Off-Season Demand Combined with Macro Turbulence: Prices and Costs Pulled Back in Tandem, Narrowing Steel Mill Profits This week, stainless steel prices and production costs pulled back in tandem, slightly narrowing steel mill profit margins. Using 304 cold-rolled coil as the calculation benchmark, the profit margin based on current raw material costs was 2.23%, while the profit margin based on inventory raw material costs was 1.31%. On the nickel-based raw material cost side, high-grade NPI prices continued to pull back this week. Dragged down by the decline in SHFE nickel prices during the week, coupled with the heightened cost advantage of stainless steel scrap, expected production schedules at stainless steel mills dropped, reinforcing a strong desire to bargain down prices. High-priced transactions encountered resistance, keeping high-grade NPI prices in the doldrums. As of this Friday, mainstream 10%-12% grade high-grade NPI rose by 0.5 yuan per nickel unit, closing at 1,144 yuan per nickel unit. In the stainless steel scrap market, prices remained largely stable this week. The pullback in high-grade NPI prices caused the raw material side to weaken, making it difficult to drive prices upward. However, a rebound in stainless steel futures and limited declines in finished product spot prices provided a counterbalancing force that supported prices. The industry has now entered the off-season for consumption, with steel mill production schedules and profits both sliding. Combined with rising uncertainty in the macro environment, bearish risks are gradually accumulating, and prices are expected to face downward pressure going forward. As of this Friday, mainstream 304 off-cuts in the Shanghai region gained 100 yuan/mt, with the latest quotation at approximately 10,450 yuan/mt. On the chrome-based raw material cost side, high-carbon ferrochrome prices edged down this week. Chrome ore port inventories remained at historically high levels, and prices gradually pulled back, weakening the cost support for high-carbon ferrochrome. Additionally, ferrochrome producers still had profit margins at present, and production declines……

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 12 Jun , 2026

[SMM Stainless Steel Scrap Market Weekly Review] Futures Bottom Out to Support Market, Bull-Bear Balance Keeps Scrap Narrowly Stable This week, prices of 304-grade stainless steel scrap off-cuts in east China remained stable, with a quotation range of 10,400-10,500 yuan/mt; the same specification of stainless steel scrap off-cuts in Foshan also remained stable, with a price range of 10,300-10,600 yuan/mt. From a raw material production cost analysis, the cost of producing stainless steel entirely using stainless steel scrap is approximately 14,580.48 yuan/mt, while the cost of using high-grade NPI reaches 15,113.2 yuan/mt, with a considerable cost spread still maintained between the two. Stainless steel scrap prices remained generally stable this week. The substitute raw material high-grade NPI was affected by expectations of production cuts at stainless steel mills in the off-season, with prices continuing to pull back; the overall sentiment on the raw material side was weak, making it difficult to drive an uptick in stainless steel scrap. However, SS futures bottomed out during the week, effectively repairing market pessimism; meanwhile, spot prices of stainless steel products only edged down, highlighting the resilience of the spot market. Under the hedging effect of multiple factors, stainless steel scrap prices remained firm. Overall, the market has entered the traditional consumption off-season for stainless steel. Expectations for production schedules at stainless steel mills have been continuously revised downward, smelting margins at steel mills have narrowed compared with earlier periods. Additionally, macro market uncertainty remains relatively high, and bearish risks are gradually accumulating. It is expected that stainless steel scrap prices may face some pullback risks going forward.……