沪镍、不锈钢早报-20251128

Report Industry Investment Rating - Not provided Core Viewpoints - The overall view of Shanghai Nickel is bearish, with prices oscillating around the 20 - day moving average. The fundamentals show potential supply surplus, and various indicators such as inventory and position also lean towards the bearish side [2]. - The view of stainless steel is neutral, with prices having a wide - range oscillation around the 20 - day moving average. The cost is decreasing, and the inventory is slightly rising [4]. Summary by Related Catalogs Nickel and Stainless Steel Price Overview - On November 27, the price of Shanghai Nickel's main contract was 116,900 yuan, down 360 yuan from the previous day; the price of LME Nickel was 14,840 US dollars, down 5 US dollars. The price of stainless steel's main contract was 12,410 yuan, down 45 yuan [11]. - The price of SMM1 electrolytic nickel was 119,000 yuan, down 850 yuan; the price of cold - rolled 304*2B stainless steel remained unchanged in multiple regions [11]. Nickel Warehouse Receipts and Inventory - As of November 21, the Shanghai Futures Exchange's nickel inventory was 39,795 tons, with the futures inventory at 33,785 tons, decreasing by 778 tons and 1,242 tons respectively [13]. - On November 27, LME nickel inventory was 255,450 tons, an increase of 930 tons; Shanghai Nickel's warehouse receipts were 33,548 tons, a decrease of 396 tons; the total inventory was 288,998 tons, an increase of 534 tons [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. The inventory of the 300 - series was 658,800 tons, a month - on - month decrease of 12,000 tons [18]. - On November 27, stainless steel warehouse receipts were 63,473 tons, a decrease of 292 tons [19]. Nickel Ore and Ferronickel Prices - On November 27, the price of laterite nickel ore CIF with Ni1.5% was 57 US dollars per wet ton, and that with Ni0.9% was 29 US dollars per wet ton, both remaining unchanged [21]. - The high - nickel ferronickel price was 884 yuan per nickel point, a decrease of 1 yuan; the low - nickel ferronickel price was 3,200 yuan per ton, remaining unchanged [21]. Stainless Steel Production Cost - The traditional production cost of stainless steel was 12,469 yuan, the production cost using scrap steel was 12,766 yuan, and the production cost using low - nickel and pure nickel was 16,213 yuan [23]. Nickel Import Cost Calculation - The converted import price of nickel was 118,914 yuan per ton [25].