Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-20 09:05Report Information - Report Name: Stainless Steel Industry Daily Report 2025-08-20 [1] - Researcher: Wang Fuhui [2] - Futures Practitioner Qualification Number: F03123381 [2] - Futures Investment Consulting Practitioner Certificate Number: Z0019878 [2] Investment Rating - No investment rating provided in the report. Core Viewpoints - The raw material cost support has weakened as the price of ferronickel has dropped significantly recently. The production profit of steel mills has improved notably due to the increase in steel prices and the weaker increase in raw material costs. Steel mill output is expected to increase in August. At the demand end, as the traditional off - season for downstream consumption nears its end, there is an optimistic expectation for the peak seasons of "Golden September and Silver October". Coupled with favorable domestic fiscal investment policies, anti - involution measures are expected to improve the supply - demand pattern, leading to a recovery in market purchasing willingness and the release of previously积压 orders. Meanwhile, holders have a high willingness to sell, the domestic market maintains a de - stocking trend, and the spot premium remains stable. Technically, with the decline in positions and prices, the bullish sentiment has weakened. It is recommended to wait and see for now. [2] Summary by Directory Futures Market - The closing price of the stainless steel futures main contract is 12,820 yuan/ton, down 65 yuan. The spread between the 09 - 10 contracts is - 65 yuan/ton, up 5 yuan. - The net long position of the top 20 futures holders is - 10,184 lots, an increase of 4,045 lots. The position of the main contract is 135,764 lots. - The warehouse receipt quantity is 119,769 tons, a decrease of 2,334 tons. [2] 现货市场 - The price of 304/2B coil (trimmed edge) in Wuxi is 13,700 yuan/ton, down 100 yuan. The market price of scrap stainless steel 304 in Wuxi is 9,650 yuan/ton, unchanged. - The basis of the SS main contract is 400 yuan/ton, up 40 yuan. [2] Upstream Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120 tons. The total monthly output of ferronickel is 22,200 metal tons, a decrease of 400 metal tons. - The monthly import volume of refined nickel and alloys is 17,215.27 tons, a decrease of 472.3 tons. The monthly import volume of ferronickel is 1.0414 million tons, an increase of 193,200 tons. - The spot price of SMM1 nickel is 120,900 yuan/ton, down 750 yuan. The average price of ferronickel (7 - 10%) nationwide is 930 yuan/nickel point, unchanged. - The monthly output of Chinese ferrochrome is 757,800 tons, a decrease of 26,900 tons. [2] Industry Situation - The monthly output of 300 - series stainless steel is 1.6981 million tons, a decrease of 45,900 tons. The total weekly inventory of 300 - series stainless steel is 582,700 tons, a decrease of 10,200 tons. - The monthly export volume of stainless steel is 458,500 tons, a decrease of 29,500 tons. [2] Downstream Situation - The cumulative monthly value of new housing construction area is 352.06 million square meters, an increase of 48.4168 million square meters. The monthly output of excavators is 26,800 units, an increase of 1,000 units. - The monthly output of large and medium - sized tractors is 21,700 units, a decrease of 2,900 units. The monthly output of small tractors is 10,000 units, a decrease of 1,000 units. - In August, the LPR quotes remained unchanged: the 5 - year LPR was 3.5%, and the 1 - year LPR was 3%. [2] Industry News - At the raw material end, the Indonesian government's PNBP policy issuance restrictions have increased the cost of nickel resource supply. However, the ferronickel production capacity in Indonesia has accelerated its release, and the output has rebounded significantly. - The Ministry of Industry and Information Technology and other departments have further regulated the competition order in the photovoltaic industry and curbed low - price disorderly competition. - On August 18, Wang Yi, a member of the Political Bureau of the CPC Central Committee and Foreign Minister, held talks with Indian Foreign Minister Subrahmanyam Jaishankar in New Delhi. They had positive, constructive, and forward - looking discussions on bilateral, regional, and international issues of common concern and reached 10 achievements. [2] Key Points to Focus On - No key news today. [2]