Report Title - Nickel and Stainless Steel Daily Review 20250911: Difficult to Break Through the Oscillation Range [1] Core Views - On September 10th, the main nickel contract fluctuated at a low level, with the trading volume of 75,060 lots (-25,275) and the open interest of 81,612 lots (+775). LME nickel rose 0.43%. The spot market trading improved, and the basis premium narrowed. The nickel fundamentals are loose, and the weak trading and interest - rate cut expectations are mutually restrictive. It is expected that the nickel price will oscillate within a range [2]. - On September 10th, the main stainless - steel contract oscillated within a range, with the trading volume of 115,463 lots (+5,951) and the open interest of 123,168 lots (-11). The spot market trading was weak, and the basis premium widened. Although the fundamentals are loose, there is support from the cost side. It is expected that the stainless - steel price will oscillate within a range [2] Trading Strategies - For nickel, it is recommended to wait and see [2] - For stainless steel, it is recommended to wait and see [2] Market Data Summary Nickel Futures Market - Shanghai Futures Exchange: The closing prices of futures contracts such as the near - month, consecutive - one, consecutive - two, and consecutive - three contracts changed slightly on September 10th compared with the previous day. The trading volume of the active contract was 100,281 lots (-25,275), and the open interest was 80,837 lots (+775). The inventory decreased by 295 tons [2] - LME: The closing prices of LME 3 - month nickel (electronic and场内盘) changed. The trading volume was 4,969 lots (-1,596). The LME nickel inventory decreased significantly, with the registered and cancelled warrants both changing [2] Spot Market - The average prices of various nickel products such as SMM 1 electrolytic nickel, nickel beans, and 1 Jinchuan nickel decreased by 350 yuan/ton compared with the previous day. The prices of nickel ore from the Philippines remained stable [2] Inventory - SMM China port nickel ore total inventory increased by 480,000 wet tons compared with the previous week. SMM Shanghai bonded - area nickel inventory decreased by 400 tons. SMM pure nickel social inventory changed [2] Stainless Steel Futures Market - The closing prices of stainless - steel futures contracts (near - month, consecutive - one, consecutive - two, consecutive - three) changed. The trading volume of the active contract was 115,463 lots (+5,951), and the open interest was 123,168 lots (-11). The inventory decreased by 246 tons [2] Spot Market - The average prices of 304/2B, 304/No.1, 316L/2B, and 316L/No.1 stainless - steel coils in Wuxi and Foshan remained mostly stable. The prices of waste stainless - steel also remained unchanged [2] Inventory - The stainless - steel inventory in the Shanghai Futures Exchange decreased. The 300 - series social inventory was 61,170 tons (-11,000 tons) last week [2] Industry News - The Energy and Mineral Resources Ministry (ESDM) granted an operating license to PT Gag Nikel in Raja Ampat Island, Papua, Indonesia. The license has passed the evaluation process of relevant departments. PT Gag Nikel is a subsidiary of PT Aneka Tambang Tbk (ANTM) [2]

消息面 钢厂生产利润较此前改善明显，因钢价上涨以及原料成本涨幅较弱，预计8月钢厂产量有所增加。 巴西钢铁经销商协会（INDA）称，8月份巴西钢铁销量环比下降2.5%。 2025年8月21日，无锡市场不锈钢库存总量61.46万吨，增加4441吨，增幅0.73%。 机构观点 新湖期货： 目前不锈钢下游需求仍偏弱，虽然国内不锈钢企业6、7月已减产，但库存仍居高不下，本周库存小幅增 加。近期不锈钢价格回升已带动钢厂利润回升，后续减产力度存疑。不锈钢价格并不具备持续上涨的基 本面基础，但"反内卷"仍对市场有扰动，预计后续不锈钢价格或呈区间震荡运行。 五矿期货： 下游采购态度趋于谨慎，多以刚需补库为主，主动备货意愿不足，市场交投氛围清淡，"以价换量"效果 有限。短期来看，虽低价资源仍对现货价格形成一定冲击，但钢厂方面存有挺价意向，叠加刚需托底作 用，预计不锈钢价格将继续呈现震荡格局。 ...