沪镍、不锈钢早报-20251226

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - 沪镍: Short - term bullish, but price is far from the moving average, risk should be noted [2] - 不锈钢: Bullish, short - sellers should wait and see [4] 3. Summary by Relevant Catalogs 3.1 Price Overview - 沪镍: On December 25, the main contract of Shanghai nickel was 125,410, down 2,590 from the previous day; the spot price of SMM1 electrolytic nickel was 127,400, down 2,800 [9][10] - 不锈钢: On December 25, the main contract of stainless steel was 12,990, down 85 from the previous day; the average price of cold - rolled 304*2B stainless steel in major markets remained unchanged [9][10] 3.2 Inventory - 镍: As of December 25, LME nickel inventory was 255,696 (closed), Shanghai Futures Exchange nickel warehouse receipts were 37,827, a decrease of 601; total inventory was 293,523, a decrease of 601 [13] - 不锈钢: As of December 19, the national stainless steel inventory was 1.0421 million tons, a decrease of 21,400 tons; on December 25, the stainless steel warehouse receipts were 47,580, unchanged [17][18] 3.3 Raw Material Prices - 镍矿: On December 25, the price of red - soil nickel ore CIF with Ni1.5% was 55 US dollars/wet ton, unchanged; the price of red - soil nickel ore CIF with Ni0.9% was 29 US dollars/wet ton, unchanged [21] - 镍铁: On December 25, the price of high - nickel iron (8 - 12) was 900 yuan/nickel point, up 6 yuan; the price of low - nickel iron (below 2) was 3,250 yuan/ton, unchanged [21] 3.4 Production Cost - 不锈钢: The traditional production cost was 12,779, the scrap steel production cost was 13,142, and the low - nickel + pure nickel production cost was 16,792 [23] 3.5 Import Cost - 镍: The converted import price was 124,859 yuan/ton [26]