1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The current stainless steel market presents a dual - factor game pattern of "strengthened cost support and suppression from loose supply - demand". Technically, the narrow - range oscillation pattern remains unchanged. In the short term, the price may maintain range - bound fluctuations, and a breakthrough requires a substantial recovery in demand or a signal of supply - side contraction [11] 3. Summary by Directory 3.1 Futures Market 3.1.1 Contract Quotes - On September 9, 2025, the stainless steel ss2511 futures contract oscillated strongly. It reached the lowest point of 12,880 at the opening and then rose to the highest point of 12,980, closing at 12,950. The trading volume was large at the opening and when reaching the highest point, and the open interest increased slightly throughout the day, with a trading volume of 109,512 lots [2] 3.1.2 Variety Prices - The prices of 12 stainless steel futures contracts show a normal market pattern with near - term contracts lower and far - term contracts higher. Near - term contracts have a larger price increase, while far - term contracts have a smaller increase. The total open interest of the variety is 287,952 lots, a decrease of 1,557 lots from the previous trading day. The open interest of the active contract ss2511 is 123,179 lots, an increase of 5,300 lots, and the open interest of the second - main contract ss2510 decreased by 9,541 lots [4] 3.2 Spot Market 3.2.1 Basis Data - In the past 10 trading days, the basis of the active contract ss2511 has changed significantly, with a maximum of 275 yuan/ton, a minimum of 120 yuan/ton, and 130 yuan/ton on the day. In the spot market, taking the 304 stainless steel cold - rolled coil plate with rough edges as an example, the prices in Foshan Yongjin, Wuxi Yongjin, Zibo Hongwang, and Shanghai Hongwang are 12,950 yuan/ton, 13,100 yuan/ton, 12,800 yuan/ton, and 12,950 yuan/ton respectively [7] 3.2.2 Registered Warehouse Receipts - In the past 10 trading days, the registered warehouse receipts have slightly increased, with a maximum of 100,431 tons and a minimum of 98,534 tons. On the day, it was 98,534 tons, a decrease of 422 tons from the previous day [8] 3.3 Influencing Factors - The fundamentals of Shanghai nickel have support but no obvious decisive dominance. The first - phase benchmark price of nickel ore in September has decreased. Although there has been some rainfall in the main mining areas in the Philippines recently, the overall production and shipment have not been significantly affected, and the domestic arrival inventory remains at a high level. The trend of ferronickel is also strong, with a recent transaction at 955 yuan/nickel point in a southern factory, and the bottom support is strong. The profit has been repaired under continuous price corrections. The stainless steel spot prices are basically flat. The anti - dumping duty on South Korea's stainless steel thick plates from China has been implemented, and there are still disturbances in exports to the EU. Entering the traditional consumption peak season of "Golden September", the short - term consumption growth rate is slightly faster, and the price is relatively firm due to cost support [9][10] 3.4 Market Outlook - On September 9, the closing price of the stainless steel futures main contract was 12,950 yuan/ton. The current market is in a game between strengthened cost support and loose supply - demand. Technically, the narrow - range oscillation pattern remains unchanged. In the short term, the price may maintain range - bound fluctuations, and a breakthrough requires a substantial recovery in demand or a signal of supply - side contraction [11]