镍、不锈钢产业链周报-20251024

Report Information - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: October 24, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) [2] Investment Rating - Not provided in the given content Core Viewpoints - Positive Factors: Macro interest rate cut expectations have a positive supporting effect on market sentiment, and there are signs of marginal improvement in demand on the demand side, such as the demand for sulfate [3]. - Negative Factors: Refined nickel inventories continue to increase, resulting in significant supply pressure, and the inventories in the stainless steel industry chain are rising while terminal demand is relatively sluggish [3]. - Trading Advisory Viewpoint: The market as a whole tends to operate in a wide - range oscillation [3]. Market Data Summary Nickel Futures - Prices: The latest value of the main contract of Shanghai Nickel is 121,380 yuan/ton, with a weekly increase of 670 yuan and a weekly increase rate of 0.56%. The LME nickel 3M is 15,335 dollars/ton, with a change of 228 dollars and a rate of - 0.16% [4]. - Trading Volume and Open Interest: The trading volume is 93,921 lots, with a weekly increase of 25,077 lots and a weekly increase rate of 36.43%. The open interest is 127,005 lots, with a weekly increase of 68,347 lots and a weekly increase rate of 116.5% [4]. - Warehouse Receipts: The number of warehouse receipts is 26,881 tons, with a weekly decrease of 161 tons and a weekly decrease rate of 0.60% [4]. Stainless Steel Futures - Prices: The latest value of the main contract of stainless steel is 12,765 yuan/ton, with a weekly increase of 170 yuan and a weekly increase rate of 1%. - Trading Volume and Open Interest: The trading volume is 151,385 lots, with a weekly increase of 26,605 lots and a weekly increase rate of 21.32%. The open interest is 166,411 lots, with a weekly decrease of 31,783 lots and a weekly decrease rate of - 16.04% [5]. - Warehouse Receipts: The number of warehouse receipts is 74,376 tons, with a weekly decrease of 8,372 tons and a weekly decrease rate of - 10.12% [5]. Spot Prices of Nickel - The latest price of Jinchuan Nickel is 123,350 yuan/ton, with a daily decrease of 400 yuan and a decrease rate of - 0.32%. The price of imported nickel is 121,250 yuan/ton, with a daily decrease of 450 yuan and a decrease rate of - 0.37% [5]. Inventory Data - Nickel Inventory: The domestic social inventory of nickel is 47,708 tons, with no change. The LME nickel inventory is 250,854 tons, with a decrease of 24 tons [7]. - Stainless Steel Inventory: The stainless steel social inventory is 952.6 thousand tons, with an increase of 47 thousand tons [7]. - Nickel Pig Iron Inventory: The nickel pig iron inventory is 29,062 tons, with a decrease of 174 tons [7]. Industry Chain Data Upstream Nickel Ore - Nickel Ore Price: The average price of Philippine laterite nickel ore with 1.5% (FOB) is presented in the report, showing historical price trends [15]. - Nickel Ore Inventory: The inventory of nickel ore at Chinese ports shows seasonal changes [15]. Nickel Iron - Nickel Iron Price: The average ex - factory price of 8 - 12% nickel pig iron in China and the average price of Ni≥14% Indonesian high - nickel pig iron (arrival port, tax - included) are presented [16]. - Nickel Iron Production: The monthly production of nickel iron in China and Indonesia shows seasonal characteristics [17][18]. Downstream Sulfuric Acid Nickel - Sulfuric Acid Nickel Price: The average price of battery - grade sulfuric acid nickel is presented, showing price trends from February 2024 to August 2025 [20]. - Sulfuric Acid Nickel Premium: The premium of battery - grade sulfuric acid nickel over primary nickel (plate) is shown [22]. - Profit Margins: The profit margins of producing sulfuric acid nickel from nickel beans and producing electrowon nickel from externally purchased sulfuric acid nickel show seasonal changes [23]. - Production Volume: The monthly production volume of sulfuric acid nickel in China shows historical data [24]. Stainless Steel - Profit Margin: The profit margin of Chinese 304 stainless steel cold - rolled coils shows seasonal characteristics [26]. - Production Volume: The monthly production volume of stainless steel shows seasonal changes [28]. - Inventory: The stainless steel inventory shows seasonal changes [29].