新能源及有色金属日报：交投清淡，价格维持震荡走势-20250910

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the content. 2. Report Core Views - 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 the decline and rebounding due to nine - week consecutive inventory drops and rising material costs. The demand situation during the consumption peak season needs to be monitored [5]. 3. Summary by Related Catalogs Nickel Variety - Market Analysis - On September 9, 2025, the Shanghai nickel main contract 2510 opened at 121,490 yuan/ton, closed at 120,700 yuan/ton, a - 0.67% change from the previous trading day. The trading volume was 100,281 (+7,501) lots, and the open interest was 80,837 (3,364) lots [1]. - In the futures market, the Shanghai nickel main contract was affected by the decline in LME nickel prices at night and the lower - than - expected domestic August CPI data during the day. Although there were some bargain - hunting purchases in the afternoon, the rebound was limited due to high inventory and capacity release expectations [1]. - In the nickel ore market, the market is mainly in a wait - and - see mode with stable prices. In the Philippines, mine quotes are firm but slightly delayed due to rainfall. A major steel mill in South China has a new tender price of 955 yuan/nickel (including tax at the hold). In Indonesia, the supply remains loose, and the September (first phase) premium is - 24, with a premium range of +23 - 24 [1]. - In the spot market, Jinchuan Group's Shanghai market sales price is 123,200 yuan/ton, a 500 - yuan/ton decrease from the previous trading day. The spot trading is generally average, and the premiums of refined nickel brands are slightly adjusted [2]. - Strategy - For nickel, the short - term trading strategy is mainly range - bound operation for the single - side, and there are no strategies for inter - period, cross - variety, spot - futures, and options [3]. Stainless Steel Variety - Market Analysis - On September 9, 2025, the stainless steel main contract 2511 opened at 12,930 yuan/ton and closed at 12,950 yuan/ton. The trading volume was 109,512 (+16,944) lots, and the open interest was 123,179 (-4,171) lots [3]. - In the futures market, the stainless steel main contract was weak at night and showed a volatile trend. During the day, it was driven by the strong trend of the black series and slightly rose to 12,980 yuan/ton, with little fluctuation until the close [3]. - In the spot market, affected by the futures market and rising raw material costs, the spot quotes increased. The supply of hot - rolled products is tight, and the inquiry and transaction situation has slightly improved. The stainless steel prices in Wuxi and Foshan markets are 13,200 (+50) yuan/ton, and the 304/2B premium is 255 - 555 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron is 950.5 yuan/nickel point, a 5.00 - yuan/nickel point change from the previous day [3]. - Strategy - For stainless steel, the single - side strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options [5].