Stainless Steel Futures Cease Declines and Strengthen, but Spot Market Struggles to Shake Off Weakness; Stainless Steel Scrap Market Remains Mediocre [SMM Stainless Steel Scrap Market Weekly Review]

Published: Oct 24, 2025 15:01

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This week, the price of 304 stainless steel scrap off-cuts in east China held steady at 9,500-9,600 yuan/mt; in Foshan, the price of 304 stainless steel scrap off-cuts also remained stable at 9,250-9,550 yuan/mt. Currently, calculated by raw material, the production cost of stainless steel using entirely stainless steel scrap is approximately 13,298.68 yuan/mt, while the cost using entirely high-grade NPI is approximately 13,431.92 yuan/mt. This week, a steel mill in south China has not adjusted its tender price for stainless steel scrap procurement.

This week, although SS futures rebounded from previous lows and showed a strengthening trend, the spot price of stainless steel finished products did not receive a significant boost and remained in the doldrums. Meanwhile, prices for high-grade NPI and high-carbon ferrochrome declined further, while the price of stainless steel scrap temporarily held steady during the week. As the traditional September-October peak season for consumption draws to a close, overall expectations for the stainless steel market have turned pessimistic. The phenomenon of cost-price inversion at stainless steel mills persists, and the tight situation regarding tax invoices for stainless steel scrap has not eased. Although the economic advantage of stainless steel scrap over high-grade NPI remains significant, against the backdrop of continuously weakening NPI prices, the price of stainless steel scrap is expected to remain in the doldrums in the short term.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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