Group 1: Report Information - Report title: Nickel Stainless Steel Industry Chain Weekly Report [2] - Report date: January 16, 2026 [2] - Research author: Chen Naixuan Z0023138 [3] - Reviewer: Tang Yun Z0002422 [3] Group 2: Core Views Bullish factors - Indonesia tightens nickel ore quotas, reducing potential supply gaps and providing cost - side support for prices [4] - Market funds flow into base metals, with sufficient commodity capital liquidity, boosting market sentiment [4] Bearish factors - Weak demand: limited boost from new energy vehicles, and downstream purchases on demand, resulting in insufficient consumption - side support [4] - High inventory and long - term oversupply situation remain unchanged, with high levels of LME and domestic visible inventories [4] Trading advisory view - Pay attention to the implementation of Indonesian policies, observe market fluctuations, and avoid blind position - building [4] Group 3: Market Data Nickel futures - The latest value of SHFE Nickel main contract is 146,750 yuan/ton, with a weekly increase of 2,550 yuan and a weekly increase rate of 1.77% [5] - The latest value of SHFE Nickel continuous contract 1 is 146,750 yuan/ton, with a weekly increase of 7,660 yuan and a weekly increase rate of 5.51% [5] - The latest value of SHFE Nickel continuous contract 2 is 147,020 yuan/ton, with a weekly increase of 7,800 yuan and a weekly increase rate of 5.60% [5] - The latest value of SHFE Nickel continuous contract 3 is 147,320 yuan/ton, with a weekly increase of 7,740 yuan and a weekly increase rate of 5.60% [5] - The latest value of LME Nickel 3M is 18,590 US dollars/ton, with a weekly increase of 890 US dollars and a weekly increase rate of 5.55% [5] Nickel trading volume and positions - The position volume is 101,617 lots, a decrease of 22,531 lots or 18.2% [5] - The trading volume is 1,738,133 lots, an increase of 654,931 lots or 60.46% [5] - The number of warehouse receipts is 41,972 tons, an increase of 3,116 tons or 8.02% [5] - The basis of the main contract is - 520 yuan/ton, an increase of 1,100 yuan or a decrease of 67.90% [5] Stainless steel futures - The latest value of stainless steel main contract is 14,415 yuan/ton, with a weekly increase of 560 yuan and a weekly increase rate of 4% [5] - The latest value of stainless steel continuous contract 1 is 14,410 yuan/ton, with a weekly increase of 635 yuan and a weekly increase rate of 4.61% [5] - The latest value of stainless steel continuous contract 2 is 14,415 yuan/ton, with a weekly increase of 555 yuan and a weekly increase rate of 4.00% [5] - The latest value of stainless steel continuous contract 3 is 14,440 yuan/ton, with a weekly increase of 525 yuan and a weekly increase rate of 3.77% [5] Stainless steel trading volume and positions - The trading volume is 489,832 lots, an increase of 233,153 lots or 90.83% [5] - The position volume is 145,444 lots, an increase of 16,708 lots or 12.98% [5] - The number of warehouse receipts is 46,118 tons, a decrease of 1,417 tons or 2.98% [5] - The basis of the main contract is 355 yuan/ton, an increase of 45 yuan or 14.52% [5] Nickel spot prices - The latest value of Jinchuan Nickel is 153,900 yuan/ton, with a daily increase of 3,350 yuan and a daily increase rate of 2.23% [5] - The latest value of imported nickel is 146,500 yuan/ton, with a daily increase of 4,100 yuan and a daily increase rate of 2.88% [5] - The latest value of 1 electrolytic nickel is 150,050 yuan/ton, with a daily increase of 3,600 yuan and a daily increase rate of 2.46% [5] - The latest value of nickel beans is 148,350 yuan/ton, with a daily increase of 4,100 yuan and a daily increase rate of 2.84% [5] - The latest value of electrowon nickel is 146,050 yuan/ton, with a daily increase of 4,050 yuan and a daily increase rate of 2.85% [5] Inventory data - The domestic social inventory of nickel is 61,046 tons, an increase of 2,126 tons [6] - The LME nickel inventory is 285,282 tons, an increase of 624 tons [6] - The stainless steel social inventory is 843.7 thousand tons, a decrease of 10.9 thousand tons [6] - The nickel pig iron inventory is 29,346 tons, a decrease of 879 tons [6] Group 4: Charts and Graphs - Stainless steel futures main contract closing price chart from February 24 to December 25 [7] - Nickel spot average price chart including nickel beans, 1 imported nickel, and SMM 1 electrolytic nickel [9] - Nickel internal and external market trend chart including SHFE Nickel futures main contract closing price and LME Nickel (3 - month) electronic - trading closing price [11] - China's refined nickel monthly production seasonal chart [12] - China's primary nickel monthly total supply (including imports) seasonal chart [12] - Domestic social inventory (nickel plate + nickel beans) seasonal chart [13] - LME nickel inventory seasonal chart [13] - Philippine laterite nickel ore 1.5% (FOB) average price chart [15] - China's port nickel ore inventory by port seasonal chart [15] - China's 8 - 12% nickel pig iron ex - factory price (national average) chart [16] - Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price chart [16] - China's nickel iron monthly production seasonal chart [17] - Indonesia's nickel pig iron monthly production seasonal chart [18] - Battery - grade nickel sulfate average price chart from February 24 to December 25 [20] - Battery - grade nickel sulfate premium chart [22] - Nickel bean production of nickel sulfate profit margin seasonal chart [23] - China's externally - purchased nickel sulfate production of electrowon nickel profit seasonal chart [23] - China's nickel sulfate monthly production (metal tons) chart [24] - Ternary precursor monthly production capacity seasonal chart [24] - China's 304 stainless steel cold - rolled coil profit margin seasonal chart [26] - Stainless steel monthly production seasonal chart [28] - Stainless steel inventory seasonal chart [29]
镍、不锈钢产业链周报-20260118
Dong Ya Qi Huo·2026-01-18 05:09