Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-03-26 09:11Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The report predicts that stainless steel futures prices will undergo high - level adjustments, and investors should pay attention to the MA5 support. Factors such as raw material supply, production, and market demand are considered. The raw material supply is expected to shrink, the cost - end support for production is rising, and the demand is in the traditional off - season, with export facing pressure. However, the inventory pressure is controllable, and the market is gradually entering the de - stocking cycle [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the stainless steel futures main contract is 14,390 yuan/ton, a decrease of 100 yuan compared to the previous period. The 05 - 06 month contract spread is 50 yuan/ton, a decrease of 5 yuan. The net long position of the top 20 futures holders is - 5,671 lots, a decrease of 970 lots. The main contract position is 120,397 lots, a decrease of 6,358 lots. The warehouse receipt quantity is 45,736 tons, an increase of 2,139 tons [2]. 3.2 Spot Market - The price of 304/2B rolled cut - edge stainless steel in Wuxi is 15,000 yuan/ton, an increase of 50 yuan. The market price of scrap stainless steel 304 in Wuxi is 9,850 yuan/ton, unchanged. The basis of stainless steel is 80 yuan/ton, a decrease of 150 yuan [2]. 3.3 Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, an increase of 1,120 tons. The total monthly nickel - iron output is 21,400 metal tons, unchanged. The monthly import volume of refined nickel and alloys is 17,308.15 tons, a decrease of 5,231.79 tons. The monthly import volume of nickel - iron is 831,700 tons, a decrease of 78,200 tons. The SMM1 nickel spot price is 139,350 yuan/ton, an increase of 1,550 yuan. The average price of nickel - iron (7 - 10%) nationwide is 1,100 yuan/nickel point, unchanged. The monthly output of Chinese ferrochrome is 757,800 tons, a decrease of 26,900 tons [2]. 3.4 Industry Situation - The monthly output of 300 - series stainless steel is 1.3194 million tons, a decrease of 538,700 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]. 3.5 Downstream Situation - The cumulative monthly new housing construction area is 50.839 million square meters, a decrease of 536.86 million square meters. The monthly output of excavators is 37,300 units, an increase of 3,700 units. The monthly output of large and medium - sized tractors is 32,100 units, an increase of 9,500 units. The monthly output of small tractors is 10,000 units, an increase of 1,000 units [2]. 3.6 Industry News - The negotiation between the US and Iran is uncertain. Iran has rejected the US cease - fire proposal, but the White House says the negotiation is ongoing and productive. Iran is prepared for further escalation of the situation. Non - belligerent ships can pass through the Strait of Hormuz after coordination. Cosco Shipping Lines has resumed new bookings for general containers to some Middle - East countries but will not pass through the Strait of Hormuz directly. As of the end of February, the total installed power generation capacity in China is 3.95 billion kilowatts, with solar power and wind power showing significant year - on - year growth. A Fed governor suggests the Fed should cut interest rates to a neutral level this year and raises the inflation forecast. The ECB President says the ECB will act if inflation is triggered by the Middle - East situation [2].