瑞达期货不锈钢产业日报-20251127

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - It is expected that the futures price of stainless steel will fluctuate and adjust, facing pressure from the MA20 line. The raw - material cost has decreased, the supply pressure has increased, the demand is weak, the social inventory has shown a narrow increase, and the short - selling sentiment has weakened [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the futures main contract of stainless steel is 12,410 yuan/ton, down 45 yuan; the 01 - 02 contract spread is - 70 yuan/ton, down 15 yuan; the net long position of the top 20 futures holders is - 7,631 lots, an increase of 1,495 lots; the main contract position is 122,062 lots, a decrease of 9,348 lots; the warehouse receipt quantity is 63,473 tons, a decrease of 292 tons [2] 现货市场 - The price of 304/2B rolled, trimmed in Wuxi is 13,200 yuan/ton, unchanged; the market price of scrap stainless steel 304 in Wuxi is 8,850 yuan/ton, unchanged; the SS main contract basis is 365 yuan/ton, down 25 yuan [2] Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons; the total monthly nickel - iron output is 22,900 metal tons, an increase of 1,200 metal tons; the monthly import volume of refined nickel and alloys is 9,939.65 tons, a decrease of 18,631.22 tons; the monthly import volume of nickel - iron is 905,100 tons, a decrease of 180,200 tons; the SMM1 nickel spot price is 119,000 yuan/ton, down 850 yuan; the average price of nickel - iron (7 - 10%) nationwide is 885 yuan/nickel point, unchanged; the monthly Chinese chromite output is 757,800 tons, a decrease of 26,900 tons [2] 产业情况 - The monthly output of 300 - series stainless steel is 1.8 million tons, an increase of 37,300 tons; the weekly total inventory of 300 - series stainless steel is 585,300 tons, a decrease of 5,900 tons; the monthly stainless steel export volume is 458,500 tons, a decrease of 29,500 tons [2] 下游情况 - The cumulative monthly new housing construction area is 490,613,900 square meters, an increase of 36,623,900 square meters; the monthly output of large and medium - sized tractors is 21,900 units, an increase of 4,300 units; the monthly output of excavators is 30,900 units, a decrease of 700 units; the monthly output of small tractors is 9,000 units, a decrease of 1,000 units [2] 行业消息 - The Fed released the Beige Book, showing that economic activity was basically flat in most of the 12 Fed districts, with 2 districts reporting a slight decline and 1 district reporting a slight increase. The overall outlook is basically unchanged, and some people point out an increased risk of economic slowdown in the next few months. Six departments jointly issued a plan to enhance the adaptability of consumer goods supply and demand and promote consumption, aiming to optimize the consumer goods supply structure by 2027. The number of initial jobless claims in the US last week decreased by 6,000 to 216,000, the lowest since mid - April [2]