Group 1: Nickel Market Analysis - On November 27, 2025, the main contract 2601 of Shanghai nickel opened at 116,920 yuan/ton and closed at 116,900 yuan/ton, a change of -0.53% from the previous trading day's closing price. The trading volume was 97,221 (-79,345) lots, and the open interest was 127,765 (-503) lots [1]. - The main contract of Shanghai nickel showed a slight oscillating downward trend, failing to continue the rebound of the previous few days. The price closed below the 20 - day moving average, and the 20 - day moving average was downward, with a bearish technical outlook. After the macro - positive sentiment faded, the nickel price returned to the fundamental market [1]. - In the nickel ore market, the wait - and - see sentiment was strong, and the nickel ore price remained stable. In the Philippines, mines mainly fulfilled previous orders for shipment, and the shipping efficiency was okay. The downstream ferronickel price was weak, and the iron - making plants' profits were affected. They were cautious in purchasing nickel ore, and some plants had the intention to cut production to stop losses. In Indonesia, the domestic trade benchmark price in December (phase one) was expected to drop by 0.52 - 0.91 US dollars/wet ton. The domestic trade premium was in the range of +25 - 26, and there was room for it to decline due to the falling ferronickel price [1]. - Jinchuan Group's sales price in the Shanghai market was 121,200 yuan/ton, a decrease of 900 yuan/ton from the previous trading day. The overall spot trading was average, and the spot premiums of various refined nickel brands were adjusted downwards. Jinchuan nickel's premium remained at 4,650 yuan/ton, imported nickel's premium remained at 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 33,548 (-396) tons, and the LME nickel inventory was 255,450 (+930) tons [2]. Group 2: Nickel Strategy - With high inventories and an oversupply situation remaining unchanged, the nickel price was expected to remain in a low - level oscillation. However, the current price was at a 5 - year low, and the downward space was limited. The recommended strategy was to focus on range trading, and there were no suggestions for inter - delivery, cross - variety, spot - futures, or option trading [3]. Group 3: Stainless Steel Market Analysis - On November 27, 2025, the main contract 2601 of stainless steel opened at 12,435 yuan/ton and closed at 12,410 yuan/ton. The trading volume was 126,697 (-24,902) lots, and the open interest was 122,062 (-4,171) lots [3]. - The main stainless - steel contract showed a slight oscillating downward trend, and its price movement basically followed that of Shanghai nickel. The stainless - steel fundamentals were still weak. The social inventory increased this week, rising 0.64% compared to last week to 946,000 tons. After the macro - positive factors were exhausted, the price was expected to continue to oscillate at a low level [3]. - Earlier this week, the trading volume improved due to the price rebound, but it weakened again yesterday when the price dropped. The stainless - steel price in the Wuxi market was 12,650 (+0) yuan/ton, and in the Foshan market was 12,650 (+0) yuan/ton. The premium of 304/2B was 325 - 525 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron decreased by 1.00 yuan/nickel point to 883.5 yuan/nickel point [3]. Group 4: Stainless Steel Strategy - Due to low demand, high inventories, and a continuous downward shift in the cost center, stainless steel was expected to remain in a low - level oscillation. The current price was at a 5 - year low, and the downward space was limited. The recommended strategy was neutral, and there were no suggestions for inter - delivery, cross - variety, spot - futures, or option trading [5].

Group 1: Report Industry Investment Ratings - Steel: Oscillating weakly [1][2] - Iron ore: Oscillating weakly [3][4] - Coking coal: Oscillating weakly; Coke: Oscillating [7] - Thermal coal: No specific rating, but price trend is weakening and then stabilizing [8] Group 2: Core Views - Steel: With the cost center shifting down and the traditional off - season approaching, steel prices are expected to oscillate weakly. Although the current inventory is decreasing, the demand for building materials may be suppressed, and attention should be paid to the demand performance and inventory accumulation during the off - season [1] - Iron ore: In the short term, prices are relatively firm due to high demand and slight inventory reduction. In the long term, it shows a pattern of loose supply and demand, and the timing of the shift to a loose situation depends on future consumption and supply - side policies [3] - Coking coal and coke: Coking coal has significant inventory pressure and is in a weak downward trend. Coke supply is declining, and short - term demand is under pressure. The overall supply - demand pressure of coking coal is still large [5][6] - Thermal coal: In the short term, the demand support is limited, but the price decline is slowing down as the peak season approaches. In the long term, the supply is in a loose pattern, and attention should be paid to non - power coal consumption and inventory replenishment during the peak summer season [8] Group 3: Summary by Market Analysis Steel - Futures and spot: The main contracts of rebar and hot - rolled coil futures opened lower and ran weakly. The overall spot trading of steel was weak, with only low - price rigid demand being acceptable and speculative sentiment being poor. Building material inventory decreased, while coil inventory increased slightly [1] - Supply and demand logic: The current supply and demand of plates are both strong, and the production and sales of building materials are acceptable. However, with the arrival of the off - season and the restrictions on noise operations during the college entrance examination, the demand for building materials may be affected, and the support for steel prices is weakening [1] Iron ore - Futures and spot: The futures price of iron ore oscillated, and the prices of mainstream imported iron ore varieties declined slightly. Traders' quoting enthusiasm was average, and the market trading sentiment was cold. Steel mills mainly replenished inventory on demand. The daily trading volume increased compared with the previous day [3] - Supply and demand logic: Currently, the iron ore demand is still high, and the inventory is slightly decreasing. In the long term, it is in a loose supply - demand pattern, and the future situation depends on consumption and supply - side policies [3] Coking coal and coke - Futures and spot: The futures prices of coking coal and coke continued to decline. Due to high inventory pressure at the port, the customs clearance of imported Mongolian coal oscillated at a low level. The terminal demand was weak, and downstream enterprises mainly purchased at reduced prices [5] - Supply and demand logic: Coke supply is declining, and short - term demand is under pressure. Coking coal is in a situation of increasing inventory and strong market pressure on raw materials, and the supply may be affected by safety inspections in June [6] Thermal coal - Futures and spot: At the production site, coal prices were weakly stable. At the port, the inventory decreased during the holiday but was still at a high level, and the demand was average. The price of imported coal was still inverted, and the procurement enthusiasm was not high [8] - Supply and demand logic: In the short term, the demand support is limited, but the price decline is slowing down as the peak season approaches. In the long term, the supply is loose [8] Group 4: Summary by Strategy Steel - Unilateral: Oscillating weakly; No strategies for inter - period, inter - variety, spot - futures, and options [2] Iron ore - Unilateral: Oscillating weakly; No strategies for inter - period, inter - variety, spot - futures, and options [4] Coking coal and coke - Coking coal: Oscillating weakly; Coke: Oscillating; No strategies for inter - period, inter - variety, spot - futures, and options [7] Thermal coal - No specific strategy mentioned in the text