Core Viewpoint - The current market for nickel and stainless steel shows mixed signals, with nickel prices fluctuating and stainless steel prices remaining high despite limited demand [3][4][5]. Nickel Market Summary - As of 15:00 today, nickel is trading around $15,150 per ton, while the Shanghai nickel main contract closed down by 170 to 121,180 yuan per ton [3]. - The stainless steel futures main contract increased by 25 to 12,985 yuan per ton, indicating a potential upward trend [3]. - The market is experiencing narrow fluctuations, with a focus on whether the prices can stabilize above the 13,000 yuan mark [3]. Stainless Steel Market Summary - The mainstream price for 304 cold-rolled resources in the market is reported between 12,700 and 12,900 yuan per ton, while hot-rolled resources are around 12,450 to 12,500 yuan per ton [3]. - The market atmosphere in East China is becoming subdued, while South China is following the trend of high prices, although demand remains limited [3]. - The overall sentiment in the rolled steel market is strong, with expectations of continued price stability unless significant changes occur [5]. Trade and Pricing Dynamics - Cold-rolled resources are maintaining high prices, with J1 resources reported between 7,300 and 7,800 yuan per ton, and J2 and J5 resources around 7,000 to 7,100 yuan per ton [4]. - There is a reduction in low-priced resources, and some high-priced resources have a narrow flexible space of 20-30 yuan [4]. - The pricing remains elevated, indicating a strong market position [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The stainless steel 2508 main contract futures price is expected to continue the current oscillating trend in the short - term. Attention should be paid to the impact of key macro data releases and industrial policy changes on market sentiment and price trends [9] 3. Summary by Relevant Catalogs 3.1 Market Overview and Market Review - **1.1 Daily Market Overall Performance** - On June 30, 2025, the stainless steel futures market rose and then fell. The 2508 stainless steel main contract opened at 12,665 points, reached a high of 12,735 points, a low of 12,600 points, and closed at 12,610 points, down 10 points or - 0.08% from the previous day's closing price. The trading volume was 146,000 lots, an increase of 3,974 lots from the previous day, and the open interest was 101,000 lots, a decrease of 6,160 lots from the previous day. The market activity declined, and the main contract was gradually shifting. In the spot market, the prices of 304 stainless steel cold - rolled coil plate in different regions varied [2] - **1.2 Futures Market Data** - For the ss2507 contract, the closing price was 12,510, down 15 points or - 0.12%, with a trading volume of 3,429 lots, an amplitude of 1.80%, an open interest of 4,908 lots, and a daily decrease of 1,586 lots. For the ss2508 contract, the closing price was 12,610, down 10 points or - 0.08%, with a trading volume of 146,000 lots, an amplitude of 1.07%, an open interest of 101,000 lots, and a daily decrease of 6,160 lots. For the ss2509 contract, the closing price was 12,562, down 10 points or - 0.08%, with a trading volume of 41,255 lots, an amplitude of 0.95%, an open interest of 61,962 lots, and a daily decrease of 2,610 lots [6] 3.2 Analysis of Influencing Factors - The impetus from the production cut of Qingshan stainless steel plant weakened on June 30. The downstream consumer market is in the traditional off - season and difficult to recover in the short - term, resulting in weak demand. The US tariff increase on steel products hinders China's stainless steel exports, especially for low - value - added products, making the demand expectation more pessimistic. The social inventory is at a high level, the de - stocking process is blocked, and it has reached a record high for the same period. The spot market quotation is chaotic, showing panic. The change in the basis structure indicates a pessimistic market expectation [7]

Market Overview - On June 17, the main contract for stainless steel futures closed at 12,480 CNY/ton, down 70 CNY/ton, while the main contract for nickel closed at 118,570 CNY/ton, down 1,120 CNY/ton, indicating a slight decline in stainless steel futures prices and an increase in bearish market sentiment [2]. - Domestic stainless steel prices mainly decreased, with 304 grade down by 50 CNY/ton, 201 grade down by 50 CNY/ton, and 430 grade remaining stable [2]. Price Changes by Steel Mills - Taigang's 304/2B (2.0mm) is priced at 15,600 CNY, down 50 CNY; 304/No.1 (3.0-12mm) at 14,800 CNY; and 430/2B (2.0mm) at 9,800 CNY [2]. - Zhangpu's 304/2B (2.0mm) is priced at 13,600 CNY, while Dongfang Special Steel's 304/No.1 (4-8mm) is at 12,500 CNY and 316L/No.1 (4-8mm) at 23,550 CNY [2]. Market Performance - In Wuxi, the price for 304 grade decreased by 50 CNY/ton, 201 grade also down by 50 CNY/ton, while 430 grade remained stable [2]. - In Foshan, the price for 304 grade decreased by 50 CNY/ton, 201 grade down by 50 CNY/ton, and 430 grade stable [2]. Raw Material Prices - On June 17, the price for nickel plate in the Yangtze River region was 120,100 CNY/ton, down 900 CNY/ton; high-carbon ferrochrome (FeCr55C1000) in Sichuan was 8,050 CNY/50 base tons, unchanged; and molybdenum iron (FeMo60) in Henan was 246,000 CNY/ton, unchanged [4]. Futures Market Analysis - The stainless steel futures market showed a weak trend, with the K-line closing as a small bearish candle, indicating a continuation of the bearish trend. The next trading day for the 2508 contract is expected to range between 12,550 CNY and 12,400 CNY [6].