不锈钢产业日报 2025-12-11 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12500 | -55 01-02月合约价差:不锈钢(日,元/吨) | -125 | -5 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -16061 | -3269 主力合约持仓量:不锈钢(日,手) | 64258 | -7223 | | | 仓单数量:不锈钢(日,吨) | 61378 | -120 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13300 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9000 | 50 | | | SS主力合约基差(日,元/吨) | 415 | -55 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.29 | 0.12 | | | 进口数量:精炼镍及合金(月,吨) | | 9939.65 - ...

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货主力合约收盘价:不锈钢(日,元/吨) | 12555 | 55 01-02月合约价差:不锈钢(日,元/吨) | -120 | -5 | | 期货市场 | 期货前20名持仓:净买单量:不锈钢(日,手) | -12792 | 80 主力合约持仓量:不锈钢(日,手) | 71481 | -6683 | | | 仓单数量:不锈钢(日,吨) | 61498 | -58 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13300 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 8950 | 100 | | | SS主力合约基差(日,元/吨) | 415 | -55 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.29 | 0.12 | | | 进口数量:精炼镍及合金(月,吨) | | 9939.65 -18631.22 进口数量:镍铁(月,万吨) ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 般，因此全国不锈钢社会库存呈现窄幅增加态势。技术面，持仓持稳价格上涨，空头氛围下降。观点参考 ：预计不锈钢期价偏强调整，关注12600阻力。 研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 不锈钢产业日报 2025-12-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12500 | -10 01-02月合约价差:不锈钢(日,元/吨) | -115 | 0 -7521 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -12872 | 978 主力合约持仓量:不锈钢(日,手) | 78164 | ...

：预计不锈钢期价震荡调整，关注M300压力。 免责声明 不锈钢产业日报 2025-12-01 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12445 | 80 01-02月合约价差:不锈钢(日,元/吨) | -70 | 0 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -6126 | 1933 主力合约持仓量:不锈钢(日,手) | 108469 | -8957 | | | 仓单数量:不锈钢(日,吨) | 62998 | -121 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13200 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 8850 | 0 | | | SS主力合约基差(日,元/吨) | 375 | -80 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.29 | 0.12 | | | 进口数量:精炼 ...

不锈钢产业日报 2025-11-25 | 项目类别 | 数据指标 最新 环比 数据指标 | | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 12405 | 70 12-01月合约价差:不锈钢(日,元/吨) | -155 | -30 -15690 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -9124 | 2425 主力合约持仓量:不锈钢(日,手) | 147237 | | | | 仓单数量:不锈钢(日,吨) | 63890 | -492 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 13200 | -50 市场价:废不锈钢304:无锡(日,元/吨) | 8850 | 0 | | | SS主力合约基差(日,元/吨) | 510 | -45 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.29 | 0.12 | | | 进口数量:精炼镍及合金(月,吨) | | 9939.65 ...

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - The raw material cost of stainless steel has decreased due to the decline in ferronickel prices. The supply pressure is expected to increase as stainless - steel mills are likely to increase production schedules. However, the demand is weak with low market purchasing willingness, resulting in a slight increase in the national stainless - steel social inventory. Technically, with increasing positions and falling prices, the bearish sentiment is strong. It is expected that the stainless - steel futures price will oscillate weakly, and attention should be paid to the MA10 pressure [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the stainless - steel futures main contract is 12,335 yuan/ton, down 30 yuan; the 12 - 01 contract spread is - 105 yuan/ton, down 10 yuan. The net long position of the top 20 futures holders is - 15,655 lots, down 240 lots; the main contract position volume is 183,832 lots, up 6,511 lots. The warehouse receipt quantity is 68,310 tons, down 485 tons [2]. 3.2现货市场 - The price of 304/2B coil (trimmed edge) in Wuxi is 13,250 yuan/ton, down 100 yuan; the market price of scrap stainless steel 304 in Wuxi is 8,850 yuan/ton, unchanged. The basis of the SS main contract is 510 yuan/ton, up 30 yuan [2]. 3.3 Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly ferronickel output is 21,700 metal tons, down 300 metal tons. The monthly import volume of refined nickel and alloys is 28,570.87 tons, up 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, up 211,200 tons. The SMM1 nickel spot price is 117,600 yuan/ton, up 650 yuan; the average price of ferronickel (7 - 10%) nationwide is 900 yuan/nickel point, unchanged. The monthly Chinese ferrochrome output is 757,800 tons, down 26,900 tons [2]. 3.4 Industry Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, up 24,800 tons; the weekly total inventory of 300 - series stainless steel is 591,200 tons, up 20,400 tons. The monthly stainless - steel export volume is 458,500 tons, down 29,500 tons [2]. 3.5 Downstream Situation - The cumulative monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters. The monthly output of excavators is 31,600 units, up 4,000 units. The monthly output of large and medium - sized tractors is 26,200 units, down 500 units; the monthly output of small tractors is 10,000 units, up 1,000 units [2]. 3.6 Industry News - In the week ending October 18, the number of initial jobless claims in the US was 232,000, and the number of continuing jobless claims rose slightly to 1.957 million from 1.947 million in the previous week. Li Qiang met with Russian President Vladimir Putin, expressing China's determination to develop mutually beneficial cooperation with Russia. In the raw material segment, the rainy season is approaching in the Philippines, and the nickel ore grade is decreasing, leading to tight raw material inventories in domestic ferronickel plants. However, Indonesia's ferronickel production remains high, and the amount flowing back to China is expected to increase [2].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The raw material cost of stainless steel has decreased due to the decline in ferronickel prices, while the supply pressure is expected to increase as stainless steel mills are likely to increase production. However, the demand is weak, resulting in a slight increase in the national stainless - steel social inventory. Technically, the market shows a bearish atmosphere, and it is recommended to wait and see, with previous short positions exiting on dips and attention paid to the MA30 pressure [2] Summary by Directory Futures Market - The closing price of the stainless - steel futures main contract is 12,425 yuan/ton, down 40 yuan; the 12 - 01 month contract spread is - 60 yuan/ton, down 5 yuan. The net long position of the top 20 futures holders is - 11,058 lots, down 1,632 lots; the main contract position is 36,512 lots, down 1,909 lots. The warehouse receipt quantity is 71,436 tons, down 299 tons [2] Spot Market - The price of 304/2B coil (trimmed edge) in Wuxi is 13,350 yuan/ton, unchanged; the market price of scrap stainless steel 304 in Wuxi is 8,900 yuan/ton, unchanged. The SS main contract basis is 570 yuan/ton, up 15 yuan [2] Upstream Situation - The monthly electrolytic nickel output is 29,430 tons, up 1,120 tons; the total monthly ferronickel output is 21,700 metal tons, down 300 metal tons. The monthly import volume of refined nickel and alloys is 28,570.87 tons, up 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, up 211,200 tons. The SMM1 nickel spot price is 120,450 yuan/ton, down 850 yuan; the average price of ferronickel (7 - 10%) nationwide is 910 yuan/nickel point, down 10 yuan. The monthly Chinese chromite output is 757,800 tons, down 26,900 tons [2] Industry Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, up 24,800 tons; the weekly total inventory of 300 - series stainless steel is 570,800 tons, down 10,000 tons. The monthly stainless - steel export volume is 458,500 tons, down 29,500 tons [2] Downstream Situation - The cumulative monthly new housing construction area is 453.99 million square meters, up 55.9799 million square meters; the monthly output of excavators is 31,600 units, up 4,000 units. The monthly output of large and medium - sized tractors is - 500 units; the monthly output of small tractors is 26,200 units, up 1,000 units [2] Industry News - The US private - sector payroll positions decreased by an average of 11,250 per week in the four weeks ending October 25, with a total reduction of 45,000 in the month, the largest monthly decline since March 2023. The US small - business confidence index dropped to a six - month low in October. In the raw material end, the Philippines is entering the rainy season with lower nickel ore grades, causing a tight raw material inventory for domestic ferronickel plants, but the high - level production of Indonesian ferronickel and expected increase in its return to China lead to a significant decline in ferronickel prices [2]

Report Industry Investment Rating - Not provided Core Viewpoints - On the raw material side, the Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply; Indonesian ferronickel production remains high, and the amount flowing back to China is expected to increase. Recently, ferronickel prices have dropped significantly, leading to a decline in raw material costs [2]. - On the supply side, steel mills' production profits have been restored. With the end of the traditional consumption peak season and expectations of infrastructure and real - estate demand, stainless steel mills are expected to increase production, increasing supply pressure [2]. - On the demand side, the peak season for downstream demand is not prosperous. Market procurement willingness is low, and overall inquiries and transactions are average. Therefore, the national stainless steel social inventory shows a narrow increase [2]. - Technically, open interest increases while prices fall, indicating increased divergence between bulls and bears. There is a downward channel trend, and attention should be paid to the support at the 12,400 level. It is recommended to hold previous short positions or wait and see [2]. Summary by Relevant Catalogs Futures Market - The closing price of the stainless steel futures main contract is 12,590 yuan/ton, up 55 yuan; the spread between the December - January contracts is - 20 yuan/ton, up 20 yuan [2]. - The net long positions of the top 20 futures holders are - 9,539 lots, down 1,821 lots; the open interest of the main contract is 68,420 lots [2]. - The warehouse receipt quantity is 72,462 tons, down 838 tons [2]. 现货市场 - The price of 304/2B cut - edge coils in Wuxi is 13,350 yuan/ton, down 50 yuan; the market price of scrap stainless steel 304 in Wuxi is 8,950 yuan/ton, unchanged [2]. - The basis of the SS main contract is 430 yuan/ton, down 55 yuan [2]. Upstream Situation - The monthly electrolytic nickel production is 29,430 tons, up 1,120 tons; the total monthly ferronickel production is 21,700 metal tons, down 300 metal tons [2]. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, up 4,144.03 tons; the monthly import volume of ferronickel is 1.0853 million tons, up 211,200 tons [2]. - The SMM1 nickel spot price is 120,500 yuan/ton, down 450 yuan; the average price of ferronickel (7 - 10%) nationwide is 920 yuan/nickel point, down 5 yuan [2]. - The monthly Chinese chromite production is 757,800 tons, down 26,900 tons [2]. Industry Situation - The monthly production of 300 - series stainless steel is 1.7627 million tons, up 24,800 tons; the weekly total inventory of 300 - series stainless steel is 580,800 tons, up 4,100 tons [2]. - The monthly stainless steel export volume is 458,500 tons, down 29,500 tons [2]. Downstream Situation - The cumulative monthly new housing construction area is 45.399 million square meters, up 5.59799 million square meters; the monthly output of excavators is 31,600 units, up 4,000 units [2]. - The monthly output of large and medium - sized tractors is 26,200 units, down 500 units; the monthly output of small tractors is 10,000 units, up 1,000 units [2]. Industry News - In October, the US ADP employment increased by 42,000, the largest increase since July 2025, higher than the market expectation of 28,000. The US ISM non - manufacturing PMI in October was 52.4, the highest since February 2025 [2]. - The State Council will adjust the additional tariff measures on US - originated imported goods from 13:01 on November 10, 2025. The 24% additional tariff rate on US goods will be suspended for one year, and the 10% additional tariff rate will be retained [2]. - According to the preliminary statistics of the Passenger Car Association, in October, the retail sales of new - energy passenger vehicles nationwide were 1.4 million, a year - on - year increase of 17% and a month - on - month increase of 8%. The penetration rate of new - energy retail sales in the passenger car market was 58.7% [2]. - Li Qiang, Premier of the State Council, attended the opening ceremony of the 8th China International Import Expo and delivered a keynote speech, stating that China will focus on high - quality development and promote high - level opening - up [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - On the raw material side, the Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply; the growth of nickel - iron production in Indonesia has slowed down, and domestic production has gradually declined. Recently, the price of nickel - iron has rebounded from a low level, strengthening the support of raw material costs [2]. - On the supply side, the production profit of steel mills has shrunk, but with the arrival of the traditional consumption peak season, the demand from infrastructure and real estate is gradually increasing, and the production schedule of stainless - steel mills has still increased [2]. - On the demand side, infrastructure construction in October is expected to speed up. Coupled with the positive fiscal investment policies in China, anti - involution measures are expected to improve the supply - demand pattern. The market procurement demand is resilient, and the domestic inventory continues to decline [2]. - Technically, the position has decreased and the price has adjusted. Both long and short positions are trading cautiously. Attention should be paid to the resistance at 12,900. It is recommended to wait and see for the time being [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the stainless - steel futures main contract is 12,750 yuan/ton, a decrease of 65 yuan; the price difference between the November - December contracts is 5 yuan/ton, an increase of 20 yuan [2]. - The net long position of the top 20 futures holders is - 14,766 lots, a decrease of 8,314 lots; the position of the main contract is 100,253 lots, a decrease of 14,871 lots [2]. - The warehouse receipt quantity is 73,896 tons, unchanged [2]. 3.2 Spot Market - The price of 304/2B rolled stainless steel (trimmed edge) in Wuxi is 13,550 yuan/ton, unchanged; the market price of scrap stainless steel 304 in Wuxi is 9,250 yuan/ton, unchanged [2]. - The basis of the SS main contract is 320 yuan/ton, a decrease of 85 yuan [2]. 3.3 Upstream Situation - The monthly electrolytic nickel production is 29,430 tons, an increase of 1,120 tons; the total monthly nickel - iron production is 21,700 metal tons, a decrease of 300 metal tons [2]. - The monthly import volume of refined nickel and alloys is 28,570.87 tons, an increase of 4,144.03 tons; the monthly import volume of nickel - iron is 1.0853 million tons, an increase of 211,200 tons [2]. - The spot price of SMM1 nickel is 122,150 yuan/ton, a decrease of 900 yuan; the average price of nickel - iron (7 - 10%) nationwide is 930 yuan/nickel point, unchanged [2]. - The monthly Chinese ferrochrome production is 757,800 tons, a decrease of 26,900 tons [2]. 3.4 Industry Situation - The monthly production of 300 - series stainless steel is 1.7627 million tons, an increase of 24,800 tons; the weekly total inventory of 300 - series stainless steel is 576,700 tons, a decrease of 6,900 tons [2]. - The monthly stainless - steel export volume is 458,500 tons, a decrease of 29,500 tons [2]. 3.5 Downstream Situation - The cumulative monthly new housing construction area is 453.99 million square meters, an increase of 55.9799 million square meters [2]. - The monthly production of large and medium - sized tractors is 26,200 units, an increase of 4,000 units; the monthly production of excavators is 31,600 units, an increase of 1,000 units; the monthly production of small tractors is 10,000 units, an increase of 1,000 units [2]. 3.6 Industry News - Wang Yi had a phone call with US Secretary of State Rubio, hoping that both sides would work towards each other to prepare for high - level China - US interactions [2]. - From January to September, the profits of large - scale equipment manufacturing industries increased by 9.4% year - on - year, 6.2 percentage points higher than the average level of all large - scale industrial enterprises, driving the profit growth of all large - scale industrial enterprises by 3.4 percentage points; the leading role of high - tech manufacturing industries was obvious, with the profits of large - scale high - tech manufacturing industries increasing by 8.7% year - on - year, 2.7 percentage points faster than from January to August [2]. - According to IMF forecasts, by 2030, the ratio of the US government's total debt to GDP will soar by more than 20 percentage points from the current level, reaching 143.4%, breaking the post - pandemic historical record [2]. 3.7 Key Points of Attention - There is no news today [2]

Report Industry Investment Rating - No information provided Core Viewpoints - On the raw material side, the Indonesian government's PNBP policy restricts issuance, increasing the cost of nickel resource supply. The growth of nickel - iron production in Indonesia has slowed, and domestic production is gradually declining. Recently, the price of nickel - iron has rebounded from a low level, strengthening the support of raw material costs. On the supply side, although the production profit of steel mills has shrunk, with the arrival of the traditional consumption peak season, infrastructure and real - estate demand are gradually increasing, and the production schedule of stainless - steel mills is still increasing. On the demand side, infrastructure construction in October is expected to speed up, combined with favorable domestic fiscal investment policies. Anti - involution measures are expected to improve the supply - demand pattern, market procurement demand is resilient, and domestic inventories continue to decline. Technically, with a decrease in positions and a price increase, the short - selling sentiment has weakened. It is recommended to wait and see or hold previous long positions [2] Summary by Directory 1. Futures Market - The closing price of the stainless - steel futures main contract is 12,815 yuan/ton, with a change of 5. The 11 - 12 - month contract spread is - 15 yuan/ton, a change of - 29,055. The net long position of the top 20 futures holders is - 6,452 lots, an increase of 1,130. The position volume of the main contract is 115,124 lots. The warehouse receipt quantity is 73,896 tons, a decrease of 299 [2] 2. Spot Market - The price of 304/2B rolled cut - edge stainless steel in Wuxi is 13,550 yuan/ton, unchanged. The market price of scrap stainless steel 304 in Wuxi is 9,250 yuan/ton, unchanged. The basis of the SS main contract is 405 yuan/ton, a decrease of 5 [2] 3. Upstream Situation - The monthly output of electrolytic nickel is 29,430 tons, an increase of 1,120. The total monthly output of nickel - iron is 21,700 metal tons, a decrease of 300. The monthly import volume of refined nickel and alloys is 28,570.87 tons, an increase of 4,144.03. The monthly import volume of nickel - iron is 1.0853 million tons, an increase of 211,200. The SMM1 nickel spot price is 123,050 yuan/ton, an increase of 150. The average price of nickel - iron (7 - 10%) nationwide is 930 yuan/nickel point, a decrease of 5. The monthly output of Chinese ferrochrome is 757,800 tons, a decrease of 26,900 [2] 4. Industry Situation - The monthly output of 300 - series stainless steel is 1.7627 million tons, an increase of 24,800. The weekly total inventory of 300 - series stainless steel is 576,700 tons, a decrease of 6,900. The monthly export volume of stainless steel is 458,500 tons, a decrease of 29,500 [2] 5. Downstream Situation - The cumulative monthly new housing construction area is 45.399 million square meters, an increase of 5.59799 million. The monthly output of excavators is 27,600, an increase of 2,900. The monthly output of large and medium - sized tractors is 26,700, an increase of 6,900. The monthly output of small tractors is 9,000, a decrease of 1,000 [2] 6. Industry News - China and the US held economic and trade consultations in Kuala Lumpur, Malaysia, reaching a basic consensus on important economic and trade issues. The US September CPI data was released, and the market has fully digested the expectation of two 25 - basis - point interest rate cuts by the Fed in the remaining time of the year [2] 7. Key Points of Concern - There is no news today [2]