瑞达期货不锈钢产业日报-20250513

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report suggests a light - position long strategy. The raw material cost support has weakened. There is still supply pressure as steel mills adjust production. Demand has entered the traditional peak season, but the macro - market uncertainty makes downstream buyers cautious. Technically, the short - selling power has weakened, and attention should be paid to the 13150 pressure level [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the stainless - steel futures main contract is 12,890 yuan/ton, up 170 yuan. The 06 - 07 contract spread is - 40 yuan/ton, unchanged. The net long position of the top 20 futures holders is - 10,409 lots, a decrease of 1,590 lots. The main contract position is 53,827 lots, a decrease of 13,943 lots. The warehouse receipt quantity is 160,244 tons, an increase of 1,388 tons [2]. 3.2 Spot Market - The price of 304/2B coil (trimmed edge) in Wuxi is 13,800 yuan/ton, up 100 yuan. The market price of scrap stainless steel 304 in Wuxi is 9,600 yuan/ton, unchanged. The SS main contract basis is 405 yuan/ton, a decrease of 95 yuan [2]. 3.3 Upstream Situation - The monthly electrolytic nickel production is 29,430 tons, an increase of 1,120 tons. The monthly total nickel - iron production is 22,800 metal tons, a decrease of 500 metal tons. The monthly import volume of refined nickel and alloys is 8,559.43 tons, an increase of 661.27 tons. The monthly import volume of nickel - iron is 1.0133 million tons, an increase of 104,600 tons. The SMM1 nickel spot price is 127,225 yuan/ton, up 2,400 yuan. The average price of nickel - iron (7 - 10%) nationwide is 950 yuan/nickel point, unchanged. The monthly Chinese chrome - iron production is 757,800 tons, a decrease of 26,900 tons [2]. 3.4 Industry Situation - The monthly 300 - series stainless - steel production is 1.9018 million tons, an increase of 247,500 tons. The weekly total inventory of 300 - series stainless steel is 657,100 tons, an increase of 10,400 tons. The monthly stainless - steel export volume is 458,500 tons, a decrease of 29,500 tons [2]. 3.5 Downstream Situation - The cumulative monthly new housing construction area is 129.9646 million square meters, an increase of 63.8246 million square meters. The monthly excavator production is 33,200 units, an increase of 4,400 units. The monthly production of large and medium - sized tractors is 49,900 units, an increase of 19,700 units. The monthly production of small tractors is 13,000 units, an increase of 1,000 units [2]. 3.6 Industry News - The Sino - US economic and trade high - level talks have achieved substantial progress, with a significant reduction in bilateral tariff levels. The US has cancelled 91% of the additional tariffs, and China has cancelled 91% of the counter - tariffs. The US has suspended the implementation of 24% "reciprocal tariffs", and China has also suspended the implementation of 24% counter - tariffs. In April, China's CPI turned from a 0.4% decline last month to a 0.1% increase month - on - month, and decreased by 0.1% year - on - year. The core CPI turned from flat to a 0.2% increase month - on - month and increased by 0.5% year - on - year. The PPI decreased by 0.4% month - on - month and 2.7% year - on - year, with the year - on - year decline expanding by 0.2 percentage points. The central bank will implement a moderately loose monetary policy, promote the reasonable recovery of prices, and strengthen the bond market construction [2]. 3.7 Key Points to Note - There is no news today [2]