大越期货沪镍、不锈钢早报-20260224

Group 1: Report Industry Investment Rating - Not provided Group 2: Report Core Views - For Shanghai Nickel 2603, it is expected to have high - level volatile adjustments and focus on intraday trading [2] - For Stainless Steel 2604, it will operate in a volatile manner with high - level adjustments [3] Group 3: Summary by Relevant Catalogs Nickel and Stainless Steel Price Overview - Futures: The price of Shanghai Nickel main contract dropped from 139,610 on February 12th to 135,190 on February 13th, a decrease of 4,420; the price of LME Nickel increased from 17,250 to 17,285 (on February 23rd), a rise of 35; the price of Stainless Steel main contract decreased from 13,970 to 13,860, a drop of 110 [7] - Spot: The price of SMM1 electrolytic nickel decreased from 145,350 on February 12th to 140,100 on February 13th, a decrease of 5,250; the price of cold - rolled coil 304*2B remained stable in multiple locations [7] Nickel Warehouse Receipts and Inventory - As of February 13th, the Shanghai Futures Exchange nickel inventory was 58,775 tons, with the futures inventory at 52,458 tons, an increase of 1,318 tons and 1,184 tons respectively compared to the previous period [9] - The LME nickel inventory on February 23rd was 287,706, an increase of 1,320 compared to February 12th; the Shanghai Nickel (warehouse receipts) increased by 431 to 52,458; the total inventory increased by 1,751 to 340,164 [10] Stainless Steel Warehouse Receipts and Inventory - On February 13th, the inventory in Wuxi was 562,400 tons, in Foshan was 326,600 tons, and the national inventory was 1,006,000 tons, a month - on - month increase of 41,000 tons. The 300 - series inventory was 647,400 tons, a month - on - month increase of 15,400 tons [14] - The stainless steel warehouse receipts increased by 4,885 to 60,138 from February 12th to February 13th [15] Nickel Ore and Nickel Iron Prices - The price of laterite nickel ore CIF (Ni1.5%) remained at 64.5 US dollars per wet ton, and Ni0.9% remained at 30 US dollars per wet ton on February 13th compared to February 12th [19] - The price of high - nickel (8 - 12) wet ton increased by 0.95 to 1,047.72 yuan per nickel point, while the low - nickel (below 2) wet ton remained at 3,600 yuan per ton [19] Stainless Steel Production Cost - The traditional production cost is 13,772, the scrap steel production cost is 13,421, and the low - nickel + pure nickel production cost is 17,840 [21] Nickel Import Cost Calculation - The converted import price is 135,800 yuan per ton [24]