镍、不锈钢产业链周报-20250817

Report Information - Report Title: Nickel and Stainless Steel Industry Chain Weekly Report - Report Date: August 15, 2025 - Author: Xu Liang (Z0002220), Reviewed by Tang Yun (Z0002422) Industry Investment Rating - Not provided in the report Core Viewpoints Bullish Factors - Rising new energy demand, increased demand from some downstream precursor factories, and relatively stable transactions [3] - Macro support: Rising expectations of a Fed rate cut, a decline in the US dollar, and the release of domestic liquidity boosting demand expectations [3] Bearish Factors - High nickel ore inventory, an obvious situation of strong supply and weak demand, and a loosening of the bottom support [3] - Increasing supply from Indonesia and weak demand in the stainless steel and new energy sectors [3] Trading Advisory Viewpoint - Support at the lower end of the nickel range, with futures prices oscillating strongly [3] Market Data Nickel Futures - The closing price of the main contract of Shanghai nickel was 121,200 yuan/ton, down 930 yuan (-0.76%) from the previous week [4] - The trading volume was 102,257 lots, down 10,292 lots (-9.14%) from the previous week [4] - The open interest was 66,437 lots, down 10,756 lots (-13.9%) from the previous week [4] Stainless Steel Futures - The closing price of the main contract of stainless steel was 13,025 yuan/ton, down 200 yuan (-2%) from the previous week [4] - The trading volume was 160,562 lots, down 42,051 lots (-20.75%) from the previous week [4] - The open interest was 135,237 lots, down 23 lots (-0.02%) from the previous week [4] Spot Prices - The price of Jinchuan nickel was 124,400 yuan/ton, down 400 yuan (-0.32%) from the previous day [4] - The price of imported nickel was 122,700 yuan/ton, down 450 yuan (-0.37%) from the previous day [4] Inventory Data - Domestic social nickel inventory was 40,572 tons, an increase of 1,086 tons from the previous period [4] - LME nickel inventory was 211,140 tons, an increase of 42 tons from the previous period [6] - Stainless steel social inventory was 954 tons, a decrease of 12.2 tons from the previous period [6] - Nickel pig iron inventory was 33,415 tons, an increase of 182 tons from the previous period [6] Other Information - The report includes various charts and data on nickel and stainless steel, such as historical prices, production, and inventory [8][10][12]