大越期货沪镍、不锈钢早报-20260212

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - For Shanghai Nickel 2603, control positions before the holiday, trade mainly within the day as the price moves around the 20 - day moving average [2] - For Stainless Steel 2603, control positions before the holiday and focus on intraday trading [4] Group 3: Summary by Related Catalogs Nickel and Stainless Steel Price Overview - On February 11, the price of Shanghai Nickel's main contract was 139,360, up 6,010 from February 10; LME Nickel was 18,065, up 515; the price of Stainless Steel's main contract was 14,145, up 320. Among spot prices, SMM1 electrolytic nickel was 142,600, up 3,650, and cold - rolled 304*2B stainless steel prices in most regions remained unchanged [8] Nickel Warehouse Receipts and Inventory - As of February 6, the Shanghai Futures Exchange nickel inventory was 57,457 tons, with futures inventory at 51,274 tons, an increase of 2,061 tons and 4,398 tons respectively. On February 11, LME nickel inventory was 285,750 tons (unchanged), Shanghai Nickel's warehouse receipts were 52,027 tons, a decrease of 12 tons [10][11] Stainless Steel Warehouse Receipts and Inventory - On February 6, the inventory in Wuxi was 546,200 tons, in Foshan was 305,200 tons, and the national inventory was 965,000 tons, a month - on - month increase of 12,300 tons. The 300 - series inventory was 632,000 tons, a month - on - month increase of 15,300 tons. On February 11, stainless steel warehouse receipts were 54,491 tons, an increase of 421 tons [15][16] Nickel Ore and Ferronickel Prices - On February 11, the price of red clay nickel ore CIF (Ni1.5%) was 64.5 dollars/wet ton, unchanged; the price of high - nickel ferronickel (8 - 12) was 1,037.61 yuan/nickel point, up 2.09 yuan [19] Stainless Steel Production Cost - Traditional production cost was 13,718 yuan, scrap steel production cost was 13,431 yuan, and low - nickel + pure nickel production cost was 18,012 yuan [21] Nickel Import Cost Calculation - The converted import price was 142,060 yuan/ton [24]