APAC (9th) Stainless Steel Industry Conference Concludes Successfully! Jointly Discussing Pricing Mechanisms and Exploring Industry Prospects

On November 7, the APAC (9th) Stainless Steel Industry Conference, hosted by SMM Information & Technology Co., Ltd. (SMM) and co-organized by Qingtuo Group, with special sponsorship from Shanghai Zhengning International Trade Co., Ltd., Xiamen C&D Inc., Xiamen ITG Holding Group Co., Ltd., and Shanghai Zhuoyueda International Logistics Co., Ltd., concluded successfully at the Marriott Hotel in Xiamen, Fujian.

The conference included a nickel industry pricing seminar, speeches by dozens of prominent international guest speakers, roundtable discussions, and awards for China's premium price submitters and traders in the nickel stainless steel industry. The event brought together leading associations closely related to the stainless steel industry, such as the World Stainless Association, Nickel Institute, International Molybdenum Association, Indonesian Nickel Miners Association (APNI), Indonesian Stainless Steel Development Association, WRI Indonesia, British Stainless Steel Association, and The Federation Of Malaysia Hardware, Machinery & Building Materials Dealers’ Association, along with over 400 guests from the global nickel-chromium-manganese stainless steel industry chain. They discussed topics such as the supply and demand dynamics, price trends, and market outlook for nickel, chromium, manganese, and stainless steel. The conference aimed to help industry peers better understand and assess the direction of the nickel-chromium-manganese stainless steel industry, discuss pricing mechanisms for nickel and stainless steel through communication and exchange, and explore global supply and demand cooperation opportunities and sustainable development prospects for the industry.

Opening Speech

SMM CEO Logan Lu

Awards

2024 Premium Refined Nickel Price Submitter Award

2024 Premium NPI Price Submitter Award

November 5

Roundtable Discussion: Sustainable Development of the Nickel Industry under the Promotion of International ESG Construction

Moderator: Muchtazar, M.S., Director of Sustainability at Nickel Industries

Guest Speakers: Dr. Max Menzel, Head of Sustainability and Technical Customer Service at Outokumpu

Almo Pradana, Head of Climate, Energy, Cities, and Oceans at WRI Indonesia

Yuji Tanamachi, President of IRUNIVERSE

Guest Speeches

Speech Topic: SMM Nickel Index Release Plan

Guest Speaker: SMM CEO Logan Lu

SMM is a third-party information platform serving the manufacturing industry

SMM is an independent third-party price assessment agency established in China in 1999.

SMM grows with China's commodity market and manufacturers

SMM consulting covers most metal types in China. With the rapid development of the Chinese market, metal scrap has become one of SMM key businesses.

SMM price benchmarks are designed for the manufacturing industry

Large-scale manufacturing, stable production, reduced transaction costs, and resistance to manipulation.

3.4 million+ registrations, 4,000+ daily new registrations, 400,000+ daily page views.

SMM global business layout: focusing on end-use markets, mineral resource markets, and China's economic and political centers

SMM Nickel Industry Index Release Plan

SMM Low-Carbon/ESG Nickel Prices

Global warming intensifies, driving global ESG legislation, making carbon reduction the most critical step

An overview of global ESG policies was provided.

Among non-ferrous metals, aluminum has the highest total emissions, but nickel has the highest unit emissions

Due to the large total production of steel and aluminum, their total carbon emissions are high. Especially aluminum, which has significantly higher carbon emissions per ton than steel, has been introduced as a low-carbon aluminum product in the non-ferrous metals industry, becoming a key focus for carbon reduction.

In terms of unit carbon emissions, nickel is significantly higher than other metals, making it an important project for future carbon reduction.

SMM uses the most common carbon emission coefficient method for calculations.

SMM covers all samples, with key production data based on daily tracking by analysts.

SMM sample of NPI smelters: SMM covers all samples, with key production data based on daily tracking and analysis.

SMM NPI carbon emission calculation formula: SMM carbon emission model strictly follows the scope boundaries specified by the GHG Protocol Corporate Accounting and Reporting Standard and complies with international standards ISO 14064. The reference data used mainly comes from the Intergovernmental Panel on Climate Change (IPCC).

Speech Topic: Analysis of China's 2024 Nickel Market and New Production Plans

Guest Speaker: Xintong Han, SMM Senior Analyst

Global Primary Nickel Supply-Demand Relationship

SMM forecasts that from 2022 to 2027, the global primary nickel supply will have a compound annual growth rate of about 6.5%, while the demand will have a compound annual growth rate of about 5.7%. In 2024, the global primary nickel supply will have a slight surplus, and the supply surplus will gradually expand from 2024 to 2027.

Global Primary Nickel Downstream Demand

SMM forecasted the changes in the proportion of global primary nickel downstream demand, with stainless steel being the largest downstream sector for primary nickel, accounting for 71.6% of primary nickel demand in 2016.

In 2021, with the explosive growth of new energy, the primary nickel demand from batteries continued to increase, and the proportion of stainless steel in primary nickel downstream demand gradually decreased to about 68.2%.

As new energy enters a steady growth phase, stainless steel is still expected to remain the main consumption field for primary nickel.

In the battery industry, nickel, as an important raw material in batteries, is widely used in power batteries and energy storage batteries. Due to the rapid development of new energy and other industries, the demand potential for nickel in the battery field is huge. With the increasing proportion of LFP battery demand, the growth of nickel demand in the new energy sector remains but is lower than expected.

Speech Topic: Nickel Market ESG Standards and Evaluation Guidelines

Guest Speaker: Dr. Mark Mistry, Senior Manager of Public Policy, Nickel Institute

Speech Topic: How Indonesia Ensures a Healthy Raw Material Market through Policies and Nickel Price Index?

Guest Speaker: Meidy Katrin Lengkey, Secretary General, Indonesian Nickel Miners Association

Speech Topic: Global Nickel Market Analysis

Guest Speaker: Ricardo Ferreira, Director of Market Research and Statistics, INSG

Ricardo Ferreira, Director of Market Research and Statistics at INSG, shared insights on the "Global Nickel Market Outlook." He stated that the global primary nickel market is expected to remain in surplus in 2024 and 2025, with Indonesia and China being the main drivers, while other regions continue to reduce production. Stainless steel remains the most important first-use sector for nickel, but batteries are gaining market share. ESG and other national policies (subsidies, tariffs) could have significant impacts, and nickel has been classified as a critical or strategic raw material by several countries.

In 2021, demand recovered from the COVID-19 pandemic, leading to a supply deficit. In 2022, demand was hit by economic slowdown, while production remained strong due to Indonesian NPI and Chinese nickel sulphate. In 2023, the market continued to be oversupplied, with a surplus in Chinese refined nickel as well. In 2024, the nickel market is expected to remain in an oversupply state, similar in scale to the previous year. In 2025, the supply surplus is expected to narrow.

Speech Topic: Demand for Sustainable Mineral Supply Chains and International Cooperation in Global Low-Carbon Transition

Guest Speaker: Baihe Gu, Associate Researcher/Associate Professor, Institute of Science and Technology Strategic Consulting, Chinese Academy of Sciences

He discussed the supply chain of critical minerals in the context of the global low-carbon transition, analyzing demand growth, challenges faced, and using Indonesia as a case study for international cooperation.

Case Study: Strategic Cooperation of Nickel Industries Limited in the Nickel Industry

Guest Speaker: Muchtazar, M.S., Director of Sustainability, Nickel Industries Limited

He first introduced Nickel Industries Limited, stating that NIC is a leading nickel processing enterprise currently collaborating with Tsingshan, the world's largest stainless steel producer, to produce some of the least capital-intensive and most profitable nickel products in the global market.

Since its IPO, NIC has positioned itself as a significant NPI producer globally and has recently expanded its business into the "first-class" nickel EV battery supply chain by converting part of its existing products into nickel matte and acquiring operational interests in the Huayue Nickel & Cobalt HPAL project.

Nickel Industries Limited also recently announced a final investment decision on the ENC HPAL project to scale up production and further expand into the EV battery supply chain.

The company's vision is to become a globally leading nickel company with an unparalleled platform for diversified, low-cost, and sustainable nickel products, based on global best practice mining standards.

Speech Topic: India's Steel Scrap Recycling and Stainless Steel Ecosystem

Guest Speaker: Pramod Shinde, Head of Communications, Material Recycling Association of India (MRAI)

Overview of India's Recycling Industry

India's rapid economic growth and infrastructure development drive demand for steel and stainless steel. Steel demand is expected to reach 240-260 million mt by 2035, and stainless steel demand is expected to reach 6.5-6.7 million mt by 2030.

• India's real GDP is expected to grow from $3.5 trillion in 2023 to $5.5-6 trillion by 2030, with an average annual growth rate of about 6%, making it the fastest-growing major economy and the third-largest economy globally in terms of real GDP. Government policies and incentives continue to support manufacturing, infrastructure, engineering, real estate, and the transportation or automotive sectors.

• As part of the National Infrastructure Pipeline, the Indian government plans to invest $1.4 trillion in infrastructure projects from 2019-2025, including "Gatishakti," "Sagarmala," "Bharatmala," and Dedicated Freight Corridors (DFC). These large-scale infrastructure projects are expected to generate sustained steel demand and employment opportunities.

• India's relatively young working-age population, lower manufacturing costs, and growing digital talent continue to make India a hub for industrial activity, especially as countries seek alternatives to China in global procurement strategies.

• Economic activity and urbanization are expected to drive India's steel demand to about 240-260 million mt by 2035, with an average annual growth rate of 6%. Stainless steel demand is expected to reach 6.5-7 million mt by 2030.

Speech Topic: Calculation of Greenhouse Gas Emissions and Decarbonization Pathways in Indonesia's Nickel Industry

Guest Speaker: Almo Pradana, Head of Climate, Energy, Cities, and Oceans Research, WRI Indonesia

Indonesian stainless steel plays a key role in the global supply chain.

However, the nickel production process is emission-intensive, posing carbon risks to downstream enterprises.

In 2022, Indonesia's total stainless steel production reached 12.46 million mt/year, with exports to China accounting for about 65.8%.

Indonesia has a complete stainless steel supply chain, covering all sectors from upstream to downstream.

Indonesia's nickel deposits are mainly located in the biodiversity-rich eastern regions, with 47 operational pyrometallurgical smelters.

Central Sulawesi has 17 smelters, with nickel production around 632,000 mt and CO2 emissions around 59.2 million mt, with biodiesel accounting for about 64% of CO2 emissions.

North Maluku has 18 smelters, with nickel production around 639,000 mt and total CO2 emissions around 59 million mt.

South Sulawesi and Southeast Sulawesi have 8 smelters, with nickel production around 523,000 mt and total CO2 emissions around 41.2 million mt, with coal power accounting for about 63% of CO2 emissions.

November 6

Guest Speeches

Speech Topic: Stainless Steel Market Research

Guest Speaker: Menghua Jin, Senior Analyst of Nickel & Stainless Steel, SMM

1. Analysis and Medium and Long-Term Forecast of Downstream and End-Use Demand for Stainless Steel

Stainless Steel Industry Chain

He introduced the stainless steel industry chain.

Global Analysis of Downstream and End-Use Demand for Stainless Steel

SMM Analysis:

►Domestically, the application fields of stainless steel continue to expand, and products are becoming increasingly diverse. The market share of products in tableware and hardware is continuously increasing. However, the construction and decoration industry faces shrinking demand due to the real estate downturn. Future growth in stainless steel consumption will rely more on the expansion of emerging fields and the improvement of product quality. Additionally, downstream demand growth for stainless steel is expected to gradually slow in the future.

►Globally, stainless steel accounts for 12% of the construction and decoration sector worldwide, with 18.1% in the transportation sector in developed countries and 4.5% in developing countries. Future growth in stainless steel consumption will come from the energy sector, mainly due to advancements in manufacturing and the promotion of ESG (Environmental, Social, and Governance) initiatives.

China's Stainless Steel Imports and Exports

SMM Analysis:

►In terms of imports, stainless steel imports maintained a growth trend from 2016-2022, with a recent decline. The compound annual growth rate from 2016-2024E is over 12%. Indonesia, with its abundant nickel resources and supporting stainless steel production lines, remains the top import source, followed by mature markets like Japan, South Korea, and China Taiwan. Comparing the import shares of 2023 and 2024, Indonesia's share expanded to 80%. In the future, as Indonesia's stainless steel industry further matures, its share may expand further.

►In terms of exports, with the expansion of domestic stainless steel capacity and the increasing variety of downstream stainless steel products, international market demand for China's stainless steel remains on an upward trend. Meanwhile, anti-dumping policies on Chinese stainless steel in some countries have limited significant growth in export volumes. The compound annual growth rate from 2016-2024E is about 6%. In 2024, due to factors such as strikes and profit margins narrowing in Europe and the US, demand for Chinese stainless steel is expected to recover in the short term, with export volumes increasing compared to 2023. The share of exports to other countries expanded to about 44%, with the US rising to the top ten export destinations, accounting for about 4% of the total.

2. Global Stainless Steel Supply and Its Major Raw Material Supply and Demand Analysis

China's Stainless Steel Supply Analysis

He elaborated on the regional capacity and production distribution of China's stainless steel in 2024 and the production by series during 2017-2027E.

Speech Topic: Latest Import Data and Medium and Long-Term Analysis of the Chromium Industry

Guest Speaker: Junhong Zhang, General Manager, Shanghai Liying International Trade Co., Ltd.

Overview of the Ferrochrome Industry

►Introduced the comparison of global high-carbon ferrochrome production from 2022-2023.

ICDA: Global high-carbon ferrochrome production in 2023 was 15.7553 million mt, up 1.0896 million mt YoY.

►New high-carbon ferrochrome capacity in 2024:

Zimbabwe: 70,000 mt/year; Tsingshan - Indonesia: 450,000 mt/year; China: 1.95 million mt/year.

When introducing the regional production comparison of high-carbon ferrochrome from January to October 2023-2024 and the production comparison of high-carbon ferrochrome in Inner Mongolia from 2023-2024, it was mentioned that the production of high-carbon ferrochrome in Inner Mongolia from January to October 2024 was 5.1125 million mt, up 1.4142 million mt YoY, accounting for 68.21% of the national total.

When introducing the comparison of China's high-carbon ferrochrome import volume from 2023-2024, it was stated that China's high-carbon ferrochrome import volume from January to September 2024 was 2.8356 million mt, up 419,800 mt YoY, with a YoY increase of 17.37%.

From January to September 2024, South Africa's high-carbon ferrochrome export volume was 2.8602 million mt, down 188,100 mt YoY.

It also introduced the trends of China's ferrochrome and imported ferrochrome.

Overview of the Chrome Ore Industry

In 2023, global chrome ore production was 40.1377 million mt, up 6.1545 million mt YoY from 2022.

Global chrome reserves are 12 billion mt.

From January to September 2024, China's chrome ore import volume was 15.6849 million mt, up 2.638 million mt YoY, with a YoY increase of 20.22%.

When introducing the comparison of chrome ore export volumes from major countries such as South Africa, Turkey, and Zimbabwe from 2023-2024, it was mentioned that South Africa's chrome ore export volume from January to September 2024 was 15.4763 million mt, up 2.6299 million mt YoY.

It also introduced the comparison of China's port chrome ore inventory from 2023-2024, the comparison of 40-42% South African fines prices at Tianjin Port in 2024, the comparison of Indonesia's chrome ore import volume from 2023-2024, chrome ore pricing factors, and chrome ore trends.

Overview of the Stainless Steel Industry

World Stainless Association: In 2023, global crude stainless steel production was 58.444 million mt, up 2.589 million mt YoY, with a YoY increase of 4.6%.

In 2024, China's stainless steel production is expected to increase by about 1.62 million mt, and Indonesia's stainless steel production is expected to increase by about 710,000 mt.

It introduced the comparison of crude stainless steel production from 27 Chinese stainless steel mills from 2023-2024 and the comparison of crude stainless steel production from Indonesian stainless steel mills from 2023-2024.

Brief Analysis of China's Stainless Steel Import and Export Data

► China's Stainless Steel Import Data

According to China Customs statistics, in September 2024, China's stainless steel import volume was 119,800 mt, up 20.39% MoM; down 48.23% YoY. The cumulative import volume from January to September was 1.4468 million mt, up 4.4% YoY.

► China's Stainless Steel Export Data

According to China Customs statistics, in September 2024, China's stainless steel export volume was 458,500 mt, down 6.03% MoM; up 33.68% YoY. The cumulative export volume from January to September was 3.7214 million mt, up 19.74% YoY.

► China's Net Export Data

According to China Customs statistics, in September 2024, China's net export volume of stainless steel was 338,700 mt, down 12.8% MoM; up 203.74% YoY. From January to September, the cumulative net export volume was 2.2746 million mt, up 32.08% YoY.

It discussed the tender prices of high-carbon ferrochrome by stainless steel mills in 2024, the comparison of the supply increment of high-carbon ferrochrome in China's stainless steel industry in September 2024, and other related topics.

Speech Topic: Nickel Transformation: Supply Risks, Demand Trends, and Fundamental Price Drivers

Guest Speaker: Denis Sharypin, Director of Strategic Marketing, Norilsk Nickel

Denis Sharypin, Director of Strategic Marketing at Norilsk Nickel, shared the topic "Nickel Transformation: Supply Risks, Demand Trends, and Fundamental Price Drivers." He stated that the nickel market surplus is expected to decrease from 2024-2025, and potential supply risks may balance the market. In terms of demand, stainless steel has been the main driver of demand growth since 2023. In terms of supply, FeNi and compound production will slow down in 2024, while Class 1 nickel production will increase.

Stainless Steel Industry: Growth in China and Indonesia, while production stagnates in other regions

From 2024 to 2025, stainless steel production in China and Indonesia is expected to continue growing. From 2019 to 2025, the average growth rate of stainless steel production in China and Indonesia is expected to be 7%.

In 2025, stainless steel production in other countries is expected to decrease by -7% compared to 2019.

Nickel Demand in the Alloy, Superalloy, and Specialty Steel Industries: Expected to Maintain Robust Growth in 2025

The following chart shows the forecast for nickel demand in the alloy, superalloy, and specialty steel industries. Nickel usage in alloys and specialty steels in China is expected to achieve double-digit growth from 2023-2025.

Speech Topic: International Chrome Industry Development and Market Outlook

Guest Speaker: Vivek Nishant Nath, Head of Sales and Marketing, Odisha Mining Corporation

Ferrochrome

Approximately 77% of ferrochrome is used in stainless steel, so its growth will drive demand.

• Ferrochrome is produced through the carbothermic reduction of chromite;

• Producing 1 mt of ferrochrome requires about 2.5 mt of chromite and 3,450-4,500 kWh of electricity;

• 96% of ferrochrome is used in the steel industry to produce stainless steel (77%), engineering steel, and alloy steel (19%). Therefore, the ferrochrome industry heavily relies on the stainless steel industry;

• Producing 1 mt of stainless steel requires 0.17-0.23 mt of chrome.

Global stainless steel production increased by 4.3%; about 60% is used in consumer goods and processing industries.

It introduced global stainless steel production.

High-carbon ferrochrome occupies the major consumption share; demand is expected to increase by about 4 million mt per year by 2030.

• High-Carbon Ferrochrome (HC FeCr): This category includes high-carbon ferrochrome/chrome alloys with a chromium content of 54% to 70% and a maximum carbon content of 10%.

• Medium-Carbon Ferrochrome (MC FeCr): Medium-carbon ferrochrome has a chromium content of 46% to 54% and a maximum carbon content of 2%.

• Low-Carbon Ferrochrome (LC FeCr): Low-carbon ferrochrome has a chromium content of 36% to 45% and a carbon content range of 0.03% to 0.15%.

Nickel demand in India is expected to grow by about 7%, and the shortage of chrome production required for ferrochrome production has led to an increase in chrome prices.

It elaborated on the outlook for stainless steel demand in India and the demand for chrome ore based on ferrochrome consumption trends.

JSL dominates the sheets & plates product segment, while other producers are active in the long products segment.

• Integration needed: Small and medium-sized enterprises contribute 1.2-1.4 million mt of capacity, but utilisation rates remain below average, leading to business closures. There are about 60 smelting plants and over 500 patta manufacturing plants nationwide, forming a diversified industry.

• New product innovation: 200 series grade, with lower nickel content, has corrosion resistance and cost-effectiveness due to the addition of manganese and nitrogen.

Kazakhstan and South Africa have the largest chrome reserves (>75%), while Odisha dominates in India (>95%).

• Global chromite reserves are 565 million mt;

• India's chromite resources are 344 million mt, of which 102 million mt are classified as reserves;

• Only 65% of the reserves are suitable for metallurgical use;

• The Sukinda Valley in Odisha contributes over 99% of India's total chromite production.

The East Asian market accounts for over 60% of India's total exports; trade surplus exceeds 700,000 mt/year.

• The high energy consumption characteristics of ferrochrome production and the rising electricity costs in India have led to a decline in capacity utilisation rates from a peak of 95.5% to 75%.

• This has also led to a decrease in export volume from a peak of 860,000 mt in FY2019 to 750,000 mt in FY2023.

• Compared to total production, India's ferrochrome import volume is very low.

• India is a net exporter of ferrochrome, with export volume accounting for nearly 50% of domestic production in FY2022.

Manganese

Manganese ore consumption is driven by the ferroalloy industry for steel production.

India's demand for manganese ore is rising, but production growth is very limited; product quality is also constrained.

Due to the limited production of medium-grade manganese ore in India, which is needed for ferroalloy and steel applications, there is a reliance on manganese ore imports.

Nickel

Driving the nickel market: Stainless steel and battery manufacturing account for 80% of demand; China accounts for about 60% of global consumption.

• In 2023, nickel consumption surged, with an estimated increase of 4%, mainly driven by growth in battery technology, alloy, and specialty steel applications. The global nickel market is largely dominated by stainless steel production, and the demand for nickel in new EV battery technologies is increasing.

Speech Topic: Stainless Steel Recycling, Building a Green Stainless Steel Supply Chain

Guest Speaker: Dr. Max Menzel, Head of Sustainability and Technical Customer Service, Outokumpu Stainless Steel

Global trends are increasing the demand for low-emission stainless steel.

Climate change and limited resources: Energy investment, resource efficiency.

Sustainable urbanization: Infrastructure, transportation, trains, and bridges, mobility.

Population growth: Healthcare, clean water, appliances.

Low-emission steel is crucial for accelerating the green transition across industries.

The steel industry accounts for 10% of global greenhouse gas emissions. Outokumpu has set scientific and ambitious climate targets to help achieve the 1.5°C temperature control goal.

The future of low-carbon solutions—from renewable energy to hydrogen or EVs—depends on sustainable stainless steel.

Speech Topic: Analysis of Molybdenum Use and Market in High-Strength Stainless Steel

Guest Speaker: Fabio Ries, China Advisor of the International Molybdenum Association

Challenges of the Earth

Global challenges are increasing

1. Politics, international relations, war

2. Economy, trade: international energy security/global supply chain security/supply chain "restructuring"

3. Society: liquidity/migration, globalization, inclusiveness, human rights awareness; aging population

4. Climate and environment: extreme weather, natural disasters, pollution

Pursuit of quality of life: safety, sustainability, environmental protection; life cycle, traceability, ESG; carbon neutrality policies; energy transition, resource conservation, energy efficiency, energy saving and emission reduction.

He analyzed the challenges faced globally and their impact on the prospects for molybdenum.

Market Outlook for Molybdenum and Molybdenum-Containing Materials

Forecast for the development of molybdenum end-use sectors from 2022-2032

Forecast for molybdenum consumption growth rate from 2021-2031

Minor metals: widely used, applied in many fields, but their proportion is small and very dispersed, with no significant usage scenario or industry.

Designers or users generally think of molybdenum only when they need to meet certain special performance requirements. Molybdenum is considered a relatively expensive material.

The biggest selling point of molybdenum is its technical performance, especially its corrosion resistance.

China is the largest producer and consumer of molybdenum, but molybdenum resources are abundant in many parts of the world.

In many rapidly growing industries, molybdenum and molybdenum-containing materials will play an important role:

1. Clean energy (wind power, PV power, energy storage...); 2. Traditional fossil energy: oil, natural gas; 3. Urban secondary water supply; 4. Defense, aviation, aerospace; 5. Construction (structures, curtain walls, roofs, accessories); 6. Infrastructure (structural components, rebar); 7. Shipbuilding, marine engineering...

Material Comparison: Relative Cost Over the Life Cycle

He introduced carbon steel, duplex stainless steel, and other materials.

Decline in Renewable Energy Generation Costs

In 2020, the levelized cost of electricity (LCOE) for renewable energy had already dropped to be equal to or lower than that of fossil fuels.

Renewable Energy

Application of Molybdenum in the Clean Energy Sector

The World Bank's (2020) energy report stated that by 2050, molybdenum consumption in the energy transition will cumulatively increase by 119%, or 800,000 MT.

The International Energy Agency's forecast for 2040 predicts a 290% increase in molybdenum consumption.

Speech Topic: Discussion on the Development Trends of Indonesian Stainless Steel

Guest Speaker: Yang Bo, Chief Analyst of the Metals Industry, Xiamen Xiangyu Group Co., Ltd.

Speech Topic: Application of Silica Sand in Stainless Steel and Prospects of the Indonesian Silica Sand Industry

Guest Speaker: M Krisna Sjarif, Chairman of the Board, PT Timah Investasi Mineral

Speech Topic: Global Stainless Steel Market Outlook

Guest Speaker: Kai Hasenclever, Head of Economics, Statistics, and Long Products, World Stainless Association

2. Macro Economy

He introduced the macro economy from the perspectives of global economic barometers, confidence indices, production indices, and GDP.

►Economic Overview

• Although concerns about an economic recession are unfounded, global growth will remain below 3%. Consumer spending growth will be basically stable, but the long-awaited industrial recovery may not be particularly strong.

• US economic growth will continue to fall back to trend levels—the impact of the presidential election results on overall economic growth in 2025 may not be significant.

• The outlook for inflation and the pace of policy rate cuts remain greater uncertainties in the 2025 economic outlook than the presidential election and broader geopolitical issues.

3. Stainless Steel Outlook

Comparison of Cold-Rolled Sheets & Plates Demand Index Growth by Region

He compared the growth of the cold-rolled sheets & plates demand index by region.

Forecast for Annual YoY Growth in Stainless Steel Demand

He introduced the forecast for annual YoY growth in stainless steel demand from Europe/Africa, the Americas, Asia (excluding China), and China.

Speech Topic: Application of Modern Stainless Steel in the Oil, Natural Gas, and Petrochemical Industries

Guest Speaker: Kukuh W. Soerowidjojo, Technical Director, Sinergi Duasatu Perkasa

Duplex Stainless Steel and Its Development History

He introduced the duplex microstructure, the development of duplex stainless steel, nominal chemical composition, mechanical properties of ASTM A789, localized corrosion, and other content.

Characteristics and Application Examples of Super Duplex Stainless Steel and Hyper Duplex Stainless Steel

UNS S33207 Hyper Duplex Stainless Steel

• High-strength material (100 ksi SMYS) in the annealed condition;

• Suitable for OCTG materials with isotropic properties;

• Good machinability, suitable for producing high-end threads for OCTG.

UNS S32707 Super Duplex Stainless Steel

• Super duplex stainless steel UNS S32707 was developed to resist highly corrosive environments, filling the gap between super duplex stainless steel UNS S32750 and special materials such as nickel-based alloys and titanium alloys. This material is suitable for heat exchanger tubes in high-temperature, high-chloride environments.

The CPT value of bent pipes in artificial seawater is 97.5°C.

Summary

• Hyper duplex stainless steel UNS S32707 is designed for heat exchanger applications, with higher corrosion resistance than super duplex stainless steel UNS S32750.

• Hyper duplex stainless steel UNS S33207 has high strength in the annealed condition.

• Super duplex stainless steel UNS S83071 is slightly superior to UNS S32750 in terms of PRE value and strength.

• Both hyper duplex stainless steel materials are superior to super duplex stainless steel UNS S32750 in terms of corrosion resistance and mechanical properties, filling the gap with special materials.

• UNS N08935 material is considered a low-nickel alloy in the nickel-based materials family, but its performance is close to high-nickel materials and has a high PRE value. Therefore, there is an opportunity for cost savings compared to other nickel-based alloys (such as Alloy 625 / UNS N06625).

• Due to its extremely high corrosion resistance, UNS N08935 material has a wide range of applications under harsh conditions.

Nickel Industry Price Seminar (FeNi, Indonesian Prices)

This seminar mainly discussed prices related to FeNi, including the relationship between FeNi grade and price, price situations in different regions, whether prices should be segmented, the impact of transactions and non-transactions on prices, etc. It also mentioned the production and operation status of FeNi plants, the difficulties they face, and profit distribution issues, as well as SMM's role in the pricing system and SMM's plan to release the SMM Nickel Index.