沪镍、不锈钢早报-20251127

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views of the Report - For Shanghai Nickel 2601, it will fluctuate around the 20 - day moving average. The overall situation is bearish considering fundamentals, inventory, and other factors, although the basis is bullish [2]. - For Stainless Steel 2601, it will have a wide - range fluctuation around the 20 - day moving average. The overall situation is neutral, with the basis being bullish and the inventory and some other factors being neutral or bearish [4]. Group 3: Summary by Relevant Catalogs Nickel and Stainless Steel Price Overview - On November 26, the price of Shanghai Nickel's main contract was 117,260, up 1,100 from the previous day; the price of LME Nickel was 14,845, down 75; the price of Stainless Steel's main contract was 12,455, up 50. Among the spot prices, SMM1 electrolytic nickel was 119,850, up 1,300; 1 Jinchuan nickel was 122,050, up 1,400; 1 imported nickel was 117,800, up 1,100; nickel beans were 119,850, up 1,200. Cold - rolled 304*2B stainless steel prices in different regions were mostly stable or slightly increased [11]. Nickel Warehouse Receipts and Inventory - As of November 21, the Shanghai Futures Exchange's nickel inventory was 39,795 tons, with futures inventory at 33,785 tons, decreasing by 778 tons and 1,242 tons respectively. On November 26, LME nickel inventory was 254,520, up 1,038; Shanghai Nickel's warehouse receipts were 33,944, up 294; the total inventory was 288,464, up 1,332 [13][14]. Stainless Steel Warehouse Receipts and Inventory - On November 21, the inventory in Wuxi was 574,000 tons, in Foshan was 353,400 tons, and the national inventory was 1,071,700 tons, a month - on - month increase of 12,000 tons. Among them, the 300 - series inventory was 658,800 tons, a month - on - month decrease of 12,000 tons. On November 26, the stainless - steel warehouse receipts were 63,765, down 125 [18][19]. Nickel Ore and Ferronickel Prices - On November 26, the price of red - clay nickel ore CIF (Ni1.5%) was 57 US dollars per wet ton, unchanged; the price of red - clay nickel ore CIF (Ni0.9%) was 29 US dollars per wet ton, unchanged. The high - nickel ferronickel (8 - 12) was 885 yuan per nickel point, down 2.5; the low - nickel ferronickel (below 2) was 3,200 yuan per ton, unchanged [21]. Stainless Steel Production Cost - The traditional production cost was 12,476, the scrap - steel production cost was 12,769, and the low - nickel + pure - nickel production cost was 16,274 [23]. Nickel Import Cost Calculation - The converted import price was 118,983 yuan per ton [26].