有色周报：不锈钢-20250518

1. Report Industry Investment Rating - Not provided in the document 2. Core View of the Report - Macro利好推动短期反弹，但基本面未实质改善，高供应与需求疲软制约价格上行空间，预计震荡承压运行为主 [12] 3. Summary by Relevant Catalogs 3.1 View Summary - Macro利好推动短期反弹，但基本面未实质改善，高供应与需求疲软制约价格上行空间，预计震荡承压运行为主 [12] 3.2 Fundamental - Raw Materials Nickel Iron - In April this year, China's nickel iron production decreased slightly, while Indonesia's nickel iron production rebounded, with overall supply increasing. On May 16, the NPI price was 955 yuan per nickel, the same as last week's price [16] Scrap Stainless Steel - On May 16, the price of scrap stainless steel 304 was 9,450 yuan per ton, a 2.16% increase from last week's price [19] Chromium Iron - Chromium iron production continued to rebound. In April this year, chromium iron production was 698,200 tons, a month - on - month increase of 15.31% and a year - on - year decrease of 6.82%. On May 16, the price of high - carbon chromium iron was 8,200 yuan per 50 - base ton, a 1.20% decrease from last week [22] 3.3 Fundamental - Supply and Demand Supply - According to Mysteel data, the stainless steel production in April was 3.5025 million tons, a month - on - month decrease of 0.27%, and the planned production in May was 3.4899 million tons, a month - on - month decrease of 0.36%. From the current production plan data, the reduction occurred in the 300 - series [28] Demand - From the data, the apparent demand for stainless steel in March rebounded significantly compared to February [28] 3.4 Fundamental - Price - This week, the spot price of stainless steel rose slightly. On May 16, the spot price was 13,370 yuan per ton, a 1.13% increase from last week [43] 3.5 Fundamental - Inventory - As of May 16, 2025, Mysteel data showed that the stainless steel social inventory (78 samples) was about 1.0584 million tons, of which the 300 - series inventory was about 683,200 tons [36]