Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint of the Report - The stainless steel market has shown a stable and upward trend recently due to the "anti-involution" policy expectations and the gradual improvement of the macro - environment. In the short term, the market should focus on the dynamic balance between policy implementation effects and fundamental changes [8] 3. Summary by Relevant Catalogs 3.1 Market Overview and Market Review - Overall Market Performance on the Day: Taking the 2509 stainless steel main contract as an example, on July 21, 2025, it opened at 12,740 points, reached a high of 12,960 points, a low of 12,735 points, and closed at 12,905 points, up 180 points or 1.41% from the previous day's closing price. The trading volume was 255,000 lots, an increase of 92,928 lots from the previous day, and the open interest was 123,000 lots, an increase of 14,992 lots. The registered warehouse receipts on the Shanghai Futures Exchange were 103,599 tons, unchanged from the previous trading day. The basis was 595 yuan/ton, with a basis rate of 4.41%. In the spot market, the prices of 304 stainless steel cold - rolled coil plate varied in different regions [2] - Futures Market Data: The closing prices of ss2508, ss2509, and ss2510 contracts were 12,915, 12,905, and 12,765 respectively, with increases of 1.37%, 1.41%, and 1.37%. Their trading volumes were 35,758 lots, 255,000 lots, and 54,367 lots, and the open interests were 26,706 lots, 123,000 lots, and 40,241 lots respectively. The daily position changes were - 5,195 lots, + 14,992 lots, and + 1,268 lots [5] 3.2 Analysis of Influencing Factors - Macro - level: The Ministry of Industry and Information Technology's plan to stabilize the growth of ten industries including non - ferrous metals is about to be implemented, and the China Iron and Steel Association requires strict control of increments and smooth exits in the steel industry. These policies have boosted the prices of stainless steel and nickel, and the nickel - iron price has stopped falling [6] - Supply and Demand: Upstream has reported production cut plans, but the nickel - iron spot market is still cold, and steel mills have weak willingness to replenish stocks. Social inventories have increased to 114.78 million tons, a month - on - month decrease of 1.69%, and the supply pressure has been relieved. The stainless steel market has shown a general upward trend, with the prices of 304 series products increasing by 50 - 200 yuan [6] 3.3 Conclusion and Outlook - The stainless steel market is expected to maintain a stable and upward trend in the short term, and attention should be paid to the dynamic balance between policy implementation and fundamental changes [8]
国金期货不锈钢期货日报-20250724
Guo Jin Qi Huo·2025-07-24 08:56