TISCO Stainless Steel reported a first-quarter profit of CNY 53 million, down by CNY 152 million from the same period in the previous year due to narrowing price spreads. Steel output reached 3.28 million tons, including 1.38 million tons of stainless steel. High iron ore prices squeezed carbon steel margins, while raw material cost hikes yielded mixed results for stainless steel products, improving 300-series profitability but pinching 400-series returns.

To control costs, the company is transiting to inquiry-based pricing for nickel, which relied on Indonesian nickel pig iron for over 80% of its 2025 supply. Domestic long-term contracts secure its chrome and coking coal.

Operationally, TISCO took over management of a 73.97% stake in Ningbo Baoxin. New state regulations banning pure capacity quota trading will restrict transfers to formal mergers, prompting TISCO to consider future acquisitions to expand capacity.