新能源及有色金属日报：现货成交清淡，镍、不锈钢价格持续走弱-20250905

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Report's Core View - Short - term nickel prices will mainly show a volatile trend, are easily affected by macro - sentiment, and the supply surplus pattern remains unchanged with limited upside potential [3]. - Stainless steel prices show signs of stopping falling and rebounding due to eight - week consecutive inventory decline and rising material costs, and the demand situation during the consumption peak season needs to be monitored [3]. 3. Summary by Related Catalogs Nickel Variety - Market Analysis - Futures: On September 4, 2025, the Shanghai nickel main contract 2510 opened at 121,930 yuan/ton and closed at 120,850 yuan/ton, a change of - 0.53% from the previous trading day. The trading volume was 104,598 (- 20,952) lots, and the open interest was 82,558 (- 2,171) lots. The night - session opened with a slight increase, reaching a maximum of 122,390 yuan/ton and closing at 121,970 yuan/ton, but the day - session showed a continuous decline and low - level oscillation. The trading volume decreased by 20,900 lots compared to the previous day [1]. - Nickel Ore: The 1.4% nickel ore CIF at 50.5 was transacted during the day, with a rising price compared to the previous period. The offer price for 1.3% nickel ore from the Philippines to Indonesia was 43.44. The Philippine side had firm quotes and good shipping efficiency. The downstream nickel - iron price was stable, while domestic iron plants were still in loss and had cautious purchases. In Indonesia, the nickel - ore market supply was relatively loose, and the domestic trade benchmark price in September (first phase) decreased by 0.2 - 0.3 dollars. The domestic trade premium in September (first phase) remained at +24, with a premium range of +23 - 24 [2]. - Spot: Jinchuan Group's sales price in the Shanghai market was 122,800 yuan/ton, a decrease of 500 yuan/ton from the previous trading day. Spot transactions were dull, and the premium and discount were stable. Jinchuan and Huayou brands had slight downward adjustments. The premium of Jinchuan nickel changed by - 50 yuan/ton to 2,050 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to 350 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 21,739 (- 121) tons, and the LME nickel inventory was 215,310 (+ 1,080) tons [2]. - Strategy - Unilateral: Mainly conduct range operations. - Inter - period: None. - Cross - variety: None. - Futures - spot: None. - Options: None [3]. Stainless Steel Variety - Market Analysis - Futures: On September 4, 2025, the stainless - steel main contract 2510 opened at 12,930 yuan/ton and closed at 12,855 yuan/ton. The trading volume was 99,009 (+ 11,460) lots, and the open interest was 82,425 (- 4,171) lots. The night - session opened with a rapid decline, maintained a weak oscillation throughout the day, and finally closed at 12,855 yuan/ton, a decline of 0.58%. The trading volume on this day was 99,000 lots, an increase of 11,500 lots from the previous trading day, but the open interest had declined for nine consecutive trading days [3]. - Spot: The weakening of futures prices led to stronger market wait - and - see sentiment. Traders further offered discounts, but the transaction situation did not improve. Inquiries and transactions during the day were both dull. The stainless - steel price in the Wuxi market was 13,200 (- 50) yuan/ton, and in the Foshan market was 13,200 (- 50) yuan/ton. The premium and discount of 304/2B was 340 - 640 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron the previous day changed by 1.00 yuan/nickel point to 944.5 yuan/nickel point [3]. - Strategy - Unilateral: Neutral. - Inter - period: None. - Cross - variety: None. - Futures - spot: None. - Options: None [3][4].