新能源及有色金属日报：沪镍偏强运行，不锈钢持续上涨-20250813

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Views of the Report - Short - term nickel prices will mainly show a volatile market, influenced more by macro - emotions, with an unchanged pattern of oversupply and limited upside space. Stainless steel prices are expected to fluctuate within a range and run relatively strongly in the near future, as the continuous stimulus of recent macro - policy news has boosted the stainless steel market to some extent, alleviating the previous pessimistic sentiment [1][2][4] 3. Summary by Related Catalogs Nickel Variety Market Analysis - On August 12, 2025, the main contract 2509 of Shanghai nickel opened at 122,020 yuan/ton and closed at 122,440 yuan/ton, a change of 0.67% from the previous trading day's close. The trading volume was 96,355 lots, and the open interest was 73,889 lots. The main contract of Shanghai nickel rebounded strongly after a low - open in the night session, maintained a volatile trend after reaching a high and declined slightly. It maintained a strong volatile trend after the opening of the day session and closed with a positive line. The trading volume decreased compared with the previous trading day, and the open interest continued to decrease slightly. The nickel ore market remained calm with stable prices. Philippine mines had a strong intention to hold prices, and downstream iron plants' pressure on raw material procurement prices eased. In Indonesia, the domestic trade benchmark price in August (Phase I) increased by 0.2 - 0.3 US dollars, and the domestic trade premium in August (Phase I) was mainly +24, flat month - on - month. The sales price of Jinchuan Group in the Shanghai market was 124,800 yuan/ton, up 600 yuan/ton from the previous trading day, and the upward momentum slowed down slightly. Downstream buyers showed strong wait - and - see sentiment, and spot trading did not improve. The previous trading day's Shanghai nickel warrant volume was 20,693 (- 30.0) tons, and the LME nickel inventory was 211,746 (+450) tons [1] Strategy - Short - term nickel price strategy: mainly operate within the range for single - side trading; no strategies for inter - period, cross - variety, spot - futures, and options trading [2] Stainless Steel Variety Market Analysis - On August 12, 2025, the main contract 2509 of stainless steel opened at 13,150 yuan/ton and closed at 13,200 yuan/ton. The trading volume was 130,429 lots, and the open interest was 143,674 lots. The main contract of stainless steel opened slightly higher in the night session and maintained a volatile trend, continued the trend after the opening of the day session, and closed with a positive line. The trading volume decreased significantly compared with the previous trading day, and the open interest increased slightly. The market supply of stainless steel was in short supply, traders had a clear intention to hold prices, and with the continuous stimulus of macro - policy news, the spot price of stainless steel further increased. However, downstream buyers had a low acceptance of high - priced goods, resulting in intense market gaming and poor trading volume. The stainless steel price in Wuxi market was 13,250 yuan/ton, and that in Foshan market was also 13,250 yuan/ton. The 304/2B premium or discount was 90 to 290 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 2.50 yuan/nickel point to 921.5 yuan/nickel point [2] Strategy - Stainless steel price strategy: neutral for single - side trading; no strategies for inter - period, cross - variety, spot - futures, and options trading [4]