大越期货沪镍、不锈钢早报-20260325

Report Overview - The report is an early morning report on Shanghai Nickel and stainless steel on March 25, 2026, provided by Dayue Futures' Investment Consulting Department [1] Industry Investment Rating - Not provided in the report Core Viewpoints - For Shanghai Nickel 2605, it is expected to operate in a weak and volatile manner [2] - For stainless steel 2605, it is expected to have a wide - range fluctuation around the 20 - day moving average [4] Summary by Directory 1. Nickel and Stainless Steel Price Overview - Futures Prices: On March 24, the Shanghai Nickel main contract was 133,480 yuan, up 500 yuan from the previous day; the LME Nickel was 16,980, down 220; the stainless steel main contract was 14,290, up 255 yuan. The nickel index was 133,850, down 900; the cold - rolled coil index was 13,799, down 75 [10] - Spot Prices: SMM 1 electrolytic nickel was 136,150 yuan on March 24, down 1700 yuan; 1 Jinchuan nickel was 139,300 yuan, down 1850 yuan; 1 imported nickel was 132,900 yuan, down 1550 yuan; nickel beans were 135,500 yuan, down 1550 yuan. Cold - rolled coil 304*2B prices in Wuxi, Foshan, Hangzhou, and Shanghai remained unchanged [10] 2. Nickel Warehouse Receipts and Inventory - LME and SHFE Inventory: As of March 24, LME nickel inventory was 282,888, an increase of 96; SHFE nickel warehouse receipts were 58,006, an increase of 374; the total inventory was 340,894, an increase of 470 [13] - Previous Inventory Data: As of March 20, SHFE nickel inventory was 63,661 tons, with futures inventory at 56,690 tons, a decrease of 20 tons and an increase of 228 tons respectively [12] 3. Stainless Steel Warehouse Receipts and Inventory - Futures Inventory: On March 24, stainless steel warehouse receipts were 43,599, an increase of 1934 from the previous day [18] - Regional Inventory: On March 20, the inventory in Wuxi was 598,700 tons, in Foshan was 380,600 tons, and the national inventory was 1,127,400 tons, a decrease of 15,000 tons month - on - month. The inventory of 300 - series stainless steel was 693,700 tons, a decrease of 13,400 tons month - on - month [17] 4. Nickel Ore and Ferronickel Prices - Nickel Ore Prices: On March 24, the price of red - soil nickel ore CIF (Ni1.5%) was 80 US dollars per wet ton, and (Ni0.9%) was 34.5 US dollars per wet ton, both unchanged from the previous day. The sea freight from the Philippines to Lianyungang and Tianjin Port also remained unchanged [21] - Ferronickel Prices: The price of high - nickel ferronickel (8 - 12) was 1086.21 yuan per nickel point, down 0.28 yuan; the price of low - nickel ferronickel (below 2) was 3650 yuan per ton, down 25 yuan [21] 5. Stainless Steel Production Cost - Cost Types: The traditional production cost of stainless steel was 14,115 yuan, the scrap steel production cost was 14,071 yuan, and the low - nickel + pure nickel production cost was 17,707 yuan [23] 6. Nickel Import Cost - The calculated import price of nickel was 132,602 yuan per ton [26]