Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-03-23 09:30Report Summary - Report Date: March 23, 2026 [1] - Report Type: Stainless Steel Industry Daily Report 1. Report Industry Investment Rating - No investment rating is provided in the report. 2. Core View - The report expects the stainless steel futures price to fluctuate and adjust, and suggests paying attention to the MA10 pressure. The raw material supply is likely to shrink, which will put pressure on ferronickel production. The production profit of stainless steel plants has improved, but the increase in ferronickel prices has raised the cost support. The demand is in the traditional off - season, and exports will face pressure due to policy adjustments. The current inventory level is basically the same as that of the same period last year, and the inventory pressure is controllable. With the resumption of work of downstream enterprises, it is gradually entering the de - stocking cycle. Technically, the position is stable, the price is adjusting, and both long and short positions are trading cautiously [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the stainless - steel futures main contract is 14,035 yuan/ton, a decrease of 30 yuan. The 05 - 06 contract spread is 75 yuan/ton, an increase of 5 yuan. The net long position of the top 20 futures holders is 176 lots, a decrease of 1,136 lots. The main contract position is 118,436 lots, a decrease of 2,888 lots. The warehouse receipt quantity is 41,725 tons, an increase of 827 tons [2]. 现货市场 - The price of 304/2B rolled cut - edge in Wuxi is 14,950 yuan/ton, unchanged. The market price of scrap stainless - steel 304 in Wuxi is 9,750 yuan/ton, a decrease of 150 yuan. The basis is 435 yuan/ton, an increase of 30 yuan [2]. Upstream Situation - The monthly production of electrolytic nickel is 29,430 tons, an increase of 1,120 tons. The total monthly production of ferronickel is 21,400 metal tons, unchanged. The monthly import volume of refined nickel and alloys is 23,861.23 tons, an increase of 11,020.74 tons. The monthly import volume of ferronickel is 996,100 tons, an increase of 100,700 tons. The SMM1 nickel spot price is 137,850 yuan/ton, a decrease of 50 yuan. The average price of ferronickel (7 - 10%) nationwide is 1,105 yuan/nickel point, unchanged. The monthly production of Chinese ferrochrome is 757,800 tons, a decrease of 26,900 tons [2]. Industry Situation - The monthly production of 300 - series stainless steel is 1.8581 million tons, an increase of 110,900 tons. The weekly inventory of 300 - series stainless steel is 624,200 tons, a decrease of 12,800 tons. The monthly export volume of stainless steel is 458,500 tons, a decrease of 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 587.6996 million square meters, an increase of 53.1326 million square meters. The monthly production of excavators is 37,300 units, an increase of 3,700 units. The monthly production of large and medium - sized tractors is 32,100 units, an increase of 9,500 units. The monthly production of small tractors is 10,000 units, an increase of 1,000 units [2]. Industry News - The governor of the People's Bank of China, Pan Gongsheng, stated that China will continue to implement a moderately loose monetary policy and use various tools to maintain sufficient liquidity. The Chinese Ministry of Finance will allocate 250 billion yuan to support the replacement of consumer goods with new ones and increase inclusive policies directly targeting consumers. Trump threatened Iran to open the Strait of Hormuz within 48 hours and destroy its power plants. Sources said the US is planning to seize Iran's "nuclear reserves", and an Israeli facility was "directly hit" by an Iranian missile [2].