不锈钢：海外宏观压制，现实成本支撑：镍：宏观与矿端矛盾分歧，短线多空博弈加剧

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Viewpoints The report focuses on the nickel and stainless - steel markets. For nickel, there are contradictions between the macro - environment and the mining end, leading to intensified short - term long - short games. For stainless steel, overseas macro factors exert pressure while the current cost provides support [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: The closing price of the Shanghai Nickel main contract was 132,980, down 180 from the previous day; the closing price of the stainless - steel main contract was 14,035, down 30 from the previous day. The trading volume of the Shanghai Nickel main contract was 463,882, a decrease of 73,519 from the previous day, and that of the stainless - steel main contract was 232,842, a decrease of 93,283 from the previous day [1]. - Industrial Chain Data: The price of 1 imported nickel was 134,450, down 50 from the previous day; the price of 8 - 12% high - nickel pig iron (ex - factory price) was 1,084, unchanged from the previous day. The price of 304/2B coil - rough edge (Wuxi) was 14,300, unchanged from the previous day; the price of 304/2B coil - trimmed edge (Wuxi) was 14,950, unchanged from the previous day [1]. 3.2 Macro and Industry News - Policy and Regulation: The Indonesian Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore products in early 2026, considering cobalt as an independent commodity and levying royalties. The ESDM aims to complete the approval of the 2026 mining and coal production work plan and budget (RKAB) by the end of March 2026 [1][7]. - Company Operations: Solway Investment Group plans to restart its nickel mine in Guatemala in a few months. PT Weda Bay Nickel received a preliminary notice to submit an RKAB with an annual production and sales volume of 12 million tons, a 70% reduction from 2025. Sherritt International Corporation scaled down its operations in Cuba due to fuel supply limitations [2][4][5]. - Accidents: A landslide occurred in the tailings area of the Morowali Industrial Park in Indonesia on February 18, 2026, resulting in one death and the suspension of operations in the affected area [5]. 3.3 Trend Intensity The trend intensity of nickel is 0, and that of stainless steel is also 0, indicating a neutral outlook for both [8].