沪镍、不锈钢早报-20251225

1. Report Industry Investment Rating - Not provided in the given report 2. Core Views 2.1沪镍 - Short - term strong operation, but price is far from the moving average, need to pay attention to risks [2] 2.2不锈钢 - Strong operation, short - sellers should wait and see [4] 3. Summary by Relevant Catalogs 3.1 Nickel and Stainless Steel Price Overview - On December 24th, the price of SHFE nickel main contract was 128,000, up 4,560 from the previous day; LME nickel was 15,660, up 20; stainless steel main contract was 13,075, up 170. Among spot prices, SMM1 electrolytic nickel was 130,200, up 4,950 [9] 3.2 Nickel Warehouse Receipts and Inventory - As of December 24th, LME nickel inventory was 255,696, an increase of 1,092; SHFE nickel warehouse receipts were 38,428, a decrease of 193; total inventory was 294,124, an increase of 899 [12] 3.3 Stainless Steel Warehouse Receipts and Inventory - On December 19th, Wuxi inventory was 581,200 tons, Foshan inventory was 307,700 tons, and national inventory was 1,042,100 tons, a decrease of 21,400 tons month - on - month. On December 24th, stainless steel warehouse receipts were 47,580, a decrease of 125 [16][17] 3.4 Nickel Ore and Ferronickel Prices - On December 24th, the price of laterite nickel ore CIF was stable, with Ni1.5% at 55 dollars/wet ton and Ni0.9% at 29 dollars/wet ton. High - nickel ferronickel was 894 yuan/nickel point, up 4 [21] 3.5 Stainless Steel Production Cost - Traditional cost was 12,786, scrap steel production cost was 13,157, and low - nickel + pure nickel cost was 17,060 [23] 3.6 Nickel Import Cost Calculation - The converted import price was 124,999 yuan/ton [25]