Report Overview - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: June 9, 2025 - Author: Xu Liang - Reviewer: Tang Yun 1. Investment Rating - The report does not mention the industry investment rating. 2. Core Views Bullish Factors - Weekly decline in Shanghai nickel and LME nickel inventories, with domestic inventories falling below 40,000 tons, supporting prices [3] - Firm nickel ore prices, stable and rising prices of nickel iron and intermediate products, providing cost support [3] Bearish Factors - High production of refined nickel, rising global inventories, and a continued pattern of strong supply and weak demand [3] - Overall weak spot demand, short restocking followed by a slowdown in trading, and insufficient demand improvement [3] Trading Advisory Views - The supply - demand contradiction has not deepened, inventory depletion is unsustainable, and the short - term will maintain a range - bound pattern [3] 3. Summary by Directory 3.1 Market Data - Nickel Futures: The latest price of the Shanghai nickel main contract is 122,200 yuan/ton, up 950 yuan (0.78%) from the previous week; LME nickel 3M is 15,490 US dollars/ton, down 20 US dollars (2.12%). The trading volume increased by 34.25% to 98,620 lots, and the open interest decreased by 12.1% to 80,736 lots. The warehouse receipt quantity decreased by 4.08% to 21,157 tons [4] - Stainless Steel Futures: The latest price of the stainless steel main contract is 12,680 yuan/ton, up 50 yuan (0%). The trading volume increased by 0.67% to 75,548 lots, and the open interest decreased by 26.21% to 62,862 lots. The warehouse receipt quantity decreased by 5.42% to 122,945 tons [4] - Nickel Spot: The prices of various types of nickel, including Jinchuan nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel, all showed slight increases [4] - Inventory Data: Domestic social nickel inventory is 41,553 tons, down 836 tons; LME nickel inventory is 200,106 tons, down 618 tons; stainless steel social inventory is 967.5 tons, down 6.4 tons; nickel pig iron inventory is 31,462 tons, up 1,907.5 tons [4][6] 3.2 Charts and Data Analysis - Nickel Market: The report includes charts on the price trends of Shanghai nickel and LME nickel, domestic social nickel inventory, LME nickel inventory, Philippine laterite nickel ore prices, and Chinese port nickel ore inventory [8][11][14][15] - Nickel Iron: Charts show the price trends of Indonesian high - nickel pig iron and Chinese nickel iron production [17][18][20] - Downstream Sulfuric Acid Nickel: Charts present the price premium of battery - grade nickel sulfate over primary nickel, production profit margins, and production volume [22][23][26] - Stainless Steel: Charts display the profit margin of Chinese 304 stainless steel cold - rolled coils, production volume, and inventory [28][29][31]
镍、不锈钢产业链周报-20250609
Dong Ya Qi Huo·2025-06-09 02:35