镍与不锈钢日评：不确定性减弱区间震荡-20250910

Report Title - Nickel and Stainless Steel Daily Review 20250910: Uncertainty Weakens, Range-bound Fluctuations [1] Report's Core View - On September 9, the main nickel contract fluctuated downward, while the stainless steel main contract fluctuated upward. The pure nickel fundamentals are relatively loose, and stainless steel's fundamentals are also loose but supported by the cost side. Both are expected to fluctuate within a range, and the operation suggestion is to wait and see [2] Summary by Related Content Nickel Market Price and Trading Volume - On September 9, the Shanghai nickel futures near - month contract closed at 120,520 yuan/ton, down 1,300 yuan; the trading volume of Shanghai nickel was 128,782 lots, an increase of 7,501 lots. The LME 3 - month nickel spot official price was 15,155 US dollars/ton, down 105 US dollars [2] Supply - Nickel ore prices remained flat. Last week, the arrival volume of nickel ore increased, and port inventories increased. Nickel iron mills' losses narrowed. In September, domestic and Indonesian nickel iron production increased, and nickel iron inventories decreased. Domestic electrolytic nickel production increased, and export profits decreased [2] Demand - Ternary battery production decreased. Stainless steel mills' production increased. Alloy and electroplating demand was stable [2] Inventory - SHFE nickel inventories decreased, LME nickel inventories increased, social inventories increased, and bonded area inventories decreased [2] Stainless Steel Market Price and Trading Volume - On September 9, the stainless steel futures near - month contract closed at 12,895 yuan/ton, up 10 yuan. The trading volume of the main stainless steel contract was 109,512 lots, an increase of 40,466 lots [2] Supply - In September, stainless steel production increased [2] Demand - Terminal demand was weak [2] Cost - High - nickel pig iron prices rose, and high - carbon ferrochrome prices rose [2] Inventory - After destocking, SHFE stainless steel inventories decreased. Last week, the 300 - series social inventory was 611,700 tons, a decrease of 11,000 tons [2] Industry News - On September 3, PT Gag Nikel officially resumed operations. The Indonesian government will change the three - year Work Plan and Budget (RKAB) regulation to a one - year regulation, which will take effect in October 2025 [2]