南华镍、不锈钢产业风险管理日报-20251016

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - The intraday trends of Shanghai nickel and stainless steel are mainly volatile, with a late - session rebound. The fundamentals have no significant changes recently. There are still expectations of interest rate cuts within the year at the macro - level, and there is a certain easing sentiment regarding Sino - US tariffs [3]. - The nickel ore quota in 2026 is expected to decline under regulatory restrictions, while the new energy sector is entering a peak season with high downstream procurement demand and rising prices. Nickel iron prices lack upward momentum and may run weakly, and stainless steel may see a slight downward shift in its center of gravity [3]. - There are both positive and negative factors in the market. Positive factors include the shortening of nickel ore quota license periods in Indonesia, the progress of nickel - integrated smelter construction, and favorable news for stainless steel exports. Negative factors include high pure nickel inventories, Sino - US tariff disturbances, and weak demand for nickel iron and stainless steel [6]. 3. Summaries by Related Catalogs Price and Volatility Forecast - Shanghai Nickel: The price range is predicted to be 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [2]. - Stainless Steel: The price range is predicted to be 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 8.87% and a historical percentile of 6.1% [2]. Risk Management Strategies - Shanghai Nickel - Inventory Management: When product sales prices fall and there is a risk of inventory impairment, sell Shanghai nickel futures (NI main contract) at a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) at a 50% hedging ratio [2]. - Procurement Management: When there is a future production procurement demand and concerns about rising raw material prices, buy Shanghai nickel forward contracts (far - month NI contracts) according to the production plan, sell put options, and buy out - of - the - money call options [2]. - Stainless Steel - Inventory Management: Similar to Shanghai nickel, sell stainless steel futures (SS main contract) at a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) at a 50% hedging ratio when facing inventory impairment risks [3]. - Procurement Management: Buy stainless steel forward contracts (far - month SS contracts) according to the production plan, sell put options, and buy out - of - the - money call options when worried about rising raw material prices [3]. Market Data - Nickel Disk Data - The latest values of Shanghai nickel main - continuous, continuous - one, continuous - two, and continuous - three show different degrees of increase compared to the previous period, with the LME nickel 3M also rising by 0.29%. Trading volume decreased by 19.84%, and open interest decreased by 3.57% [6]. - Stainless Steel Disk Data - The latest values of stainless steel main - continuous, continuous - one, continuous - two, and continuous - three also increased. Trading volume increased by 11.18%, and open interest increased by 4.01% [7]. - Inventory Data - Domestic social nickel inventory increased by 2,866 tons to 43,694 tons, LME nickel inventory increased by 3,498 tons to 246,756 tons, stainless steel social inventory decreased by 3.4 tons to 905.6 tons, and nickel pig iron inventory increased by 584 tons to 29,236 tons [7]. Positive and Negative Factors - Positive Factors: Indonesia shortens the nickel ore quota license period from three years to one year; the Indonesian forestry working group takes over part of the nickel mining area of PT Weda Bay; the construction of the nickel - integrated smelter jointly promoted by CATL and Antam continues; the WTO rules that the EU's additional tax on Indonesian stainless steel is illegal; the exemption of the Indian BIS certification is extended to the end of the year [6]. - Negative Factors: High pure nickel inventories; resurgence of Sino - US tariff disturbances; overall downward shift of the nickel iron center with weakened bottom support; stainless steel shows a situation of "peak season without prosperity" with demand recovery falling short of expectations [6].