Group 1: Report Information - Report title: Nickel Stainless Steel Industry Chain Weekly Report [2] - Report date: January 16, 2026 [2] - Research author: Chen Naixuan Z0023138 [3] - Reviewer: Tang Yun Z0002422 [3] Group 2: Core Views Bullish factors - Indonesia tightens nickel ore quotas, reducing potential supply gaps and providing cost - side support for prices [4] - Market funds flow into base metals, with sufficient commodity capital liquidity, boosting market sentiment [4] Bearish factors - Weak demand: limited boost from new energy vehicles, and downstream purchases on demand, resulting in insufficient consumption - side support [4] - High inventory and long - term oversupply situation remain unchanged, with high levels of LME and domestic visible inventories [4] Trading advisory view - Pay attention to the implementation of Indonesian policies, observe market fluctuations, and avoid blind position - building [4] Group 3: Market Data Nickel futures - The latest value of SHFE Nickel main contract is 146,750 yuan/ton, with a weekly increase of 2,550 yuan and a weekly increase rate of 1.77% [5] - The latest value of SHFE Nickel continuous contract 1 is 146,750 yuan/ton, with a weekly increase of 7,660 yuan and a weekly increase rate of 5.51% [5] - The latest value of SHFE Nickel continuous contract 2 is 147,020 yuan/ton, with a weekly increase of 7,800 yuan and a weekly increase rate of 5.60% [5] - The latest value of SHFE Nickel continuous contract 3 is 147,320 yuan/ton, with a weekly increase of 7,740 yuan and a weekly increase rate of 5.60% [5] - The latest value of LME Nickel 3M is 18,590 US dollars/ton, with a weekly increase of 890 US dollars and a weekly increase rate of 5.55% [5] Nickel trading volume and positions - The position volume is 101,617 lots, a decrease of 22,531 lots or 18.2% [5] - The trading volume is 1,738,133 lots, an increase of 654,931 lots or 60.46% [5] - The number of warehouse receipts is 41,972 tons, an increase of 3,116 tons or 8.02% [5] - The basis of the main contract is - 520 yuan/ton, an increase of 1,100 yuan or a decrease of 67.90% [5] Stainless steel futures - The latest value of stainless steel main contract is 14,415 yuan/ton, with a weekly increase of 560 yuan and a weekly increase rate of 4% [5] - The latest value of stainless steel continuous contract 1 is 14,410 yuan/ton, with a weekly increase of 635 yuan and a weekly increase rate of 4.61% [5] - The latest value of stainless steel continuous contract 2 is 14,415 yuan/ton, with a weekly increase of 555 yuan and a weekly increase rate of 4.00% [5] - The latest value of stainless steel continuous contract 3 is 14,440 yuan/ton, with a weekly increase of 525 yuan and a weekly increase rate of 3.77% [5] Stainless steel trading volume and positions - The trading volume is 489,832 lots, an increase of 233,153 lots or 90.83% [5] - The position volume is 145,444 lots, an increase of 16,708 lots or 12.98% [5] - The number of warehouse receipts is 46,118 tons, a decrease of 1,417 tons or 2.98% [5] - The basis of the main contract is 355 yuan/ton, an increase of 45 yuan or 14.52% [5] Nickel spot prices - The latest value of Jinchuan Nickel is 153,900 yuan/ton, with a daily increase of 3,350 yuan and a daily increase rate of 2.23% [5] - The latest value of imported nickel is 146,500 yuan/ton, with a daily increase of 4,100 yuan and a daily increase rate of 2.88% [5] - The latest value of 1 electrolytic nickel is 150,050 yuan/ton, with a daily increase of 3,600 yuan and a daily increase rate of 2.46% [5] - The latest value of nickel beans is 148,350 yuan/ton, with a daily increase of 4,100 yuan and a daily increase rate of 2.84% [5] - The latest value of electrowon nickel is 146,050 yuan/ton, with a daily increase of 4,050 yuan and a daily increase rate of 2.85% [5] Inventory data - The domestic social inventory of nickel is 61,046 tons, an increase of 2,126 tons [6] - The LME nickel inventory is 285,282 tons, an increase of 624 tons [6] - The stainless steel social inventory is 843.7 thousand tons, a decrease of 10.9 thousand tons [6] - The nickel pig iron inventory is 29,346 tons, a decrease of 879 tons [6] Group 4: Charts and Graphs - Stainless steel futures main contract closing price chart from February 24 to December 25 [7] - Nickel spot average price chart including nickel beans, 1 imported nickel, and SMM 1 electrolytic nickel [9] - Nickel internal and external market trend chart including SHFE Nickel futures main contract closing price and LME Nickel (3 - month) electronic - trading closing price [11] - China's refined nickel monthly production seasonal chart [12] - China's primary nickel monthly total supply (including imports) seasonal chart [12] - Domestic social inventory (nickel plate + nickel beans) seasonal chart [13] - LME nickel inventory seasonal chart [13] - Philippine laterite nickel ore 1.5% (FOB) average price chart [15] - China's port nickel ore inventory by port seasonal chart [15] - China's 8 - 12% nickel pig iron ex - factory price (national average) chart [16] - Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price chart [16] - China's nickel iron monthly production seasonal chart [17] - Indonesia's nickel pig iron monthly production seasonal chart [18] - Battery - grade nickel sulfate average price chart from February 24 to December 25 [20] - Battery - grade nickel sulfate premium chart [22] - Nickel bean production of nickel sulfate profit margin seasonal chart [23] - China's externally - purchased nickel sulfate production of electrowon nickel profit seasonal chart [23] - China's nickel sulfate monthly production (metal tons) chart [24] - Ternary precursor monthly production capacity seasonal chart [24] - China's 304 stainless steel cold - rolled coil profit margin seasonal chart [26] - Stainless steel monthly production seasonal chart [28] - Stainless steel inventory seasonal chart [29]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View - **Liduo Factors**: Strong demand for MHP, high nickel and cobalt coefficients, and significant support near the cost line limit the downside space of nickel prices [3]. - **Likong Factors**: The continuous decline in ferronickel prices and the strong bearish sentiment on the supply side drag down the market, while the continuous increase in inventory and significant fundamental pressure suppress upward movement [3]. - **Trading Consultation View**: Although the short - term fundamentals are under pressure, the space is limited under cost support, and it is recommended to build long positions [3]. 3. Summary by Relevant Catalogs 3.1 Market Data - **Nickel Futures**: The latest price of SHFE nickel main contract is 117,760 yuan/ton, down 90 yuan (-0.08%) week - on - week; SHFE nickel continuous contracts 1 - 3 have price increases ranging from 0.58% to 0.59%. LME nickel 3M is at 14,885 dollars/ton, up 65 dollars (0.60%) week - on - week. Open interest decreased by 4.0% to 118,041 lots, and trading volume decreased by 29.15% to 103,322 lots. Warehouse receipts increased by 5.36% to 35,096 tons, and the basis of the main contract increased by 250.00% to 105 yuan/ton [4]. - **Stainless Steel Futures**: The latest price of stainless steel main contract is 12,425 yuan/ton, unchanged week - on - week; continuous contracts 1 - 3 have price increases of 0.49% - 0.68%. Trading volume decreased by 48.20% to 84,742 lots, open interest decreased by 11.43% to 96,076 lots, warehouse receipts decreased by 1.52% to 62,157 tons, and the basis of the main contract decreased by 9.92% to 545 yuan/ton [4]. - **Spot Nickel**: The prices of various types of nickel, including Jinchuan nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel, all declined, with the decline ranging from 0.22% to 0.29% [4]. - **Inventory**: Domestic social nickel inventory is 55,349 tons, an increase of 3,090 tons; LME nickel inventory is 253,116 tons, an increase of 126 tons; stainless steel social inventory is 946.9 thousand tons, an increase of 0.9 thousand tons; ferronickel inventory is 29,346 tons, a decrease of 879 tons [6]. 3.2 Upstream Nickel Ore - **Philippine Red - Laterite Nickel Ore**: The average price of Philippine red - laterite nickel ore with 1.5% grade (FOB) is presented in a long - term trend chart [16]. - **China's Port Nickel Ore Inventory**: China's port nickel ore inventory shows a seasonal trend from 2021 - 2025 [16]. - **Nickel Pig Iron Price**: The average national ex - factory price of 8 - 12% nickel pig iron and the average landed - duty - paid price of Ni≥14% Indonesian nickel pig iron are presented in trend charts [17]. - **Nickel Pig Iron Production**: China and Indonesia's nickel pig iron monthly production shows seasonal trends from 2021 - 2025 [19][20]. 3.3 Downstream Nickel Sulfate - **Battery - Grade Nickel Sulfate Price**: The average price of battery - grade nickel sulfate shows a trend from 2024 - 2025, and its premium over primary nickel (plate) is also presented [22][24]. - **Profit Margin**: The profit margin of producing nickel sulfate from nickel beans and the profit margin of producing electrowon nickel from externally purchased nickel sulfate in China show seasonal trends [25]. - **Production and Capacity**: China's monthly production of nickel sulfate (in metal tons) and the seasonal monthly capacity of ternary precursors are presented from 2021 - 2025 [26]. 3.4 Stainless Steel - **Profit Margin**: The seasonal profit margin of China's 304 stainless steel cold - rolled coils from 2021 - 2025 is presented [28]. - **Production and Inventory**: Stainless steel monthly production and inventory show seasonal trends from 2021 - 2025 [30][31].

Report Information - Report Title: Nickel Stainless Steel Industry Chain Weekly Report [1] - Date: November 28, 2025 [1] - Author: Xu Liang Z0002220 [2] - Reviewer: Tang Yun Z0002422 [2] Investment Rating - No investment rating information is provided in the report. Core Views Bullish Factors - The supply of nickel ore from the Philippines is continuously tight due to the rainy season, providing support at the cost end [3] - Some domestic ferronickel enterprises are undergoing maintenance, leading to an expected partial contraction in supply [3] Bearish Factors - The demand for downstream stainless steel is weak, with low procurement enthusiasm for raw materials [3] - The new production capacity of electrolytic nickel continues to be released, and the overall supply pressure remains [3] Trading Advisory Views - It is recommended to closely monitor the consumption of downstream stainless steel and the destocking of inventories to judge whether the demand side can be effectively improved [3] Market Data Nickel Futures - The latest values of Shanghai Nickel main contract, consecutive one, consecutive two, and consecutive three are 116,900 yuan/ton, 116,900 yuan/ton, 117,110 yuan/ton, and 117,320 yuan/ton respectively, with weekly increases of 1.19%, 2.50%, 2.52%, and 2.52% [4] - LME Nickel 3M is at 14,840 US dollars/ton, with a weekly increase of 2.44% [4] - The trading volume, open interest, and warehouse receipts decreased by 34.55%, 13.4%, and 0.70% respectively [4] Stainless Steel Futures - The latest values of stainless steel main contract, consecutive one, consecutive two, and consecutive three are 12,410 yuan/ton, 12,410 yuan/ton, 12,480 yuan/ton, and 12,540 yuan/ton respectively, with weekly increases of 1%, 0.98%, 0.89%, and 0.84% [5] - The trading volume, open interest, and warehouse receipts decreased by 14.16%, 25.08%, and 2.23% respectively [5] Spot Prices - The latest prices of Jinchuan Nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel are 121,300 yuan/ton, 117,050 yuan/ton, 119,000 yuan/ton, 119,100 yuan/ton, and 116,750 yuan/ton respectively, with daily decreases of 0.61%, 0.64%, 0.71%, 0.63%, and 0.76% [5] Inventory Data - Domestic social nickel inventory is 52,259 tons, a decrease of 855 tons; LME nickel inventory is 255,450 tons, an increase of 930 tons [7] - Stainless steel social inventory is 946 tons, an increase of 6 tons; ferronickel inventory is 30,225 tons, an increase of 661 tons [7] Charts and Graphs - The report includes multiple charts and graphs showing the historical prices, production, and inventory data of nickel and stainless steel, such as the price trends of Shanghai Nickel and LME Nickel, the production of Chinese refined nickel, and the inventory of domestic social nickel and LME nickel [8][14][15]

Report Industry Investment Rating No relevant information provided. Core Viewpoints - **Likely Positive Factors**: Tight supply and demand of intermediate product MHP, strong new energy demand support nickel prices; spot trading is fair, the premium of Jinchuan nickel has widened, and the market's purchasing sentiment is stable [3]. - **Likely Negative Factors**: Stainless steel is in the off - season of demand, nickel - iron prices continue to decline, and terminal procurement is cautious; domestic social inventory has increased significantly week - on - week, and supply pressure is significant [3]. - **Trading Consultation Viewpoint**: In the short term, the bearish driving force of the fundamentals is limited, and the downward price space is supported by costs. It is recommended to wait and see cautiously [3]. Summary by Related Catalogs Market Data - **Nickel Futures**: The latest value of SHFE nickel main contract is 115,380 yuan/ton, down 1,370 yuan (-1.17%) week - on - week; SHFE nickel continuous - one is 115,380 yuan/ton, down 1,700 yuan (-1.45%); SHFE nickel continuous - two is 115,580 yuan/ton, down 1,700 yuan (-1.45%); SHFE nickel continuous - three is 115,940 yuan/ton, down 1,570 yuan (-1.45%); LME nickel 3M is 14,455 dollars/ton, down 425 dollars (-1.34%) [4]. - **Nickel Futures Positions and Volume**: The position volume is 152,848 lots, an increase of 45,507 lots (42.4%); the trading volume is 124,692 lots, an increase of 21,777 lots (21.16%); the warrant number is 34,079 tons, a decrease of 948 tons (-2.71%); the basis of the main contract is 660 yuan/ton, an increase of 270 yuan (69.23%) [4]. - **Stainless Steel Futures**: The latest value of stainless steel main contract is 12,285 yuan/ton, down 130 yuan (-1%); stainless steel continuous - one is 12,285 yuan/ton, unchanged; stainless steel continuous - two is 12,350 yuan/ton, down 30 yuan (-0.24%); stainless steel continuous - three is 12,415 yuan/ton, down 60 yuan (-0.48%) [5]. - **Stainless Steel Futures Positions and Volume**: The trading volume is 119,724 lots, a decrease of 17,389 lots (-12.68%); the position volume is 192,398 lots, an increase of 19,670 lots (11.39%); the warrant number is 65,340 tons, a decrease of 5,025 tons (-7.14%); the basis of the main contract is 685 yuan/ton, a decrease of 5 yuan (-0.72%) [5]. - **Nickel Spot Prices**: Jinchuan nickel is 120,200 yuan/ton, up 600 yuan (0.50%); imported nickel is 116,600 yuan/ton, up 600 yuan (0.52%); 1 electrolytic nickel is 118,200 yuan/ton, up 600 yuan (0.51%); nickel beans are 118,550 yuan/ton, up 600 yuan (0.51%); electrowon nickel is 116,350 yuan/ton, up 650 yuan (0.56%) [5]. - **Inventory Data**: Domestic social inventory is 53,114 tons, an increase of 3,981 tons; LME nickel inventory is 254,172 tons, a decrease of 1,674 tons; stainless steel social inventory is 940 tons, a decrease of 12.2 tons; nickel pig iron inventory is 30,225 tons, an increase of 661 tons [7]. Charts and Data Sources - **Nickel and Stainless Steel Futures Price Trends**: The report provides the closing price trends of SHFE nickel futures main contract, LME nickel (3 - month) electronic disk, and stainless steel futures main contract, with data sources from Wind [8][10]. - **Nickel Spot Average Price**: The report shows the average price trends of nickel beans, 1 imported nickel, and SMM 1 electrolytic nickel, with data source from Wind [12]. - **Primary Nickel Supply and Inventory**: It includes China's refined nickel monthly production seasonality, China's primary nickel monthly total supply (including imports) seasonality, domestic social inventory (nickel plate + nickel beans) seasonality, and LME nickel inventory seasonality, with data sources from Wind [14][15]. - **Upstream Nickel Ore**: It presents the average price of Philippine laterite nickel ore 1.5% (FOB), China's port nickel ore inventory by port seasonality, China's 8 - 12% nickel pig iron ex - factory price (national average), and Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price, with data sources from Wind [17][18]. - **Nickel Pig Iron Production**: It shows China's nickel iron monthly production seasonality and Indonesia's nickel pig iron monthly production seasonality, with data sources from Wind [19][20]. - **Downstream Nickel Sulfate**: It includes the average price of battery - grade nickel sulfate, battery - grade nickel sulfate premium, nickel bean production of nickel sulfate profit margin seasonality, China's externally - sourced nickel sulfate production of electrowon nickel profit seasonality, China's nickel sulfate monthly production (metal tons), and ternary precursor monthly production capacity seasonality, with data sources from Wind [22][25][26]. - **Stainless Steel**: It shows China's 304 stainless steel cold - rolled coil profit margin seasonality, stainless steel monthly production seasonality, and stainless steel inventory seasonality, with data sources from Wind [28][30][31].

Core View - Bullish factors: Increased disturbances at the mine end, strong price - holding mentality of Philippine mines, rising supply costs; Slight improvement in demand, with the enhanced demand in September driving supply - demand correction [3] - Bearish factors: Decline in macro - expectations, overall weakness in the metal sector after the Fed's interest rate cut; Continuous accumulation of LME nickel inventory, increasing surplus pressure on refined nickel [3] - Trading advice: Focus on short - term range trading and avoid heavy - position operations [3] Market Data Nickel Futures - **Price changes**: The closing price of the main contract of Shanghai nickel was 122,990 yuan/ton, up 1,590 yuan or 1.31% week - on - week; the closing price of LME nickel 3M was 15,435 dollars/ton, up 100 dollars or 0.97% week - on - week. The prices of other nickel contracts also showed varying degrees of increase [4] - **Position and volume**: The position volume was 99,642 lots, up 54,574 lots or 121.1% week - on - week; the trading volume was 177,030 lots, up 110,931 lots or 167.83% week - on - week [4] - **Warehouse receipts**: The number of warehouse receipts was 25,105 tons, down 738 tons or 2.86% week - on - week [4] - **Basis**: The basis of the main contract was - 505 yuan/ton, down 25 yuan or 4.72% week - on - week [4] Stainless Steel Futures - **Price changes**: The closing price of the main contract of stainless steel was 12,930 yuan/ton, with a week - on - week change of 20 yuan or 0%. The prices of other stainless steel contracts showed slight increases [4] - **Position and volume**: The position volume was 109,896 lots, down 20,121 lots or 15.48% week - on - week; the trading volume was 129,897 lots, down 8,718 lots or 6.29% week - on - week [4] - **Warehouse receipts**: The number of warehouse receipts was 87,803 tons, down 1,929 tons or 2.15% week - on - week [4] - **Basis**: The basis of the main contract was 640 yuan/ton, down 70 yuan or 9.86% week - on - week [4] Spot Nickel - **Price changes**: The price of Jinchuan nickel was 125,200 yuan/ton, up 1,550 yuan or 1.25%; the price of imported nickel was 123,225 yuan/ton, up 1,625 yuan or 1.34%; the price of 1 electrolytic nickel was 124,050 yuan/ton, up 1,600 yuan or 1.31%; the price of nickel beans was 125,350 yuan/ton, up 1,600 yuan or 1.29%; the price of electrodeposited nickel was 122,950 yuan/ton, up 1,600 yuan or 1.32% [4] Inventory - **Domestic social inventory**: The domestic social inventory of nickel was 41,484 tons, up 429 tons compared with the previous period [4] - **LME nickel inventory**: The LME nickel inventory was 230,586 tons, unchanged from the previous period [6] - **Stainless steel social inventory**: The stainless steel social inventory was 909 tons, up 11.8 tons [6] - **Nickel pig iron inventory**: The nickel pig iron inventory was 28,652 tons, down 614.5 tons [6] Data Graphs - **Nickel futures**: Include the closing price trends of Shanghai nickel futures main contract and LME nickel (3 - month) [7][8] - **Stainless steel futures**: Show the closing price trend of stainless steel futures main contract [9][10] - **Spot nickel**: Present the average price of nickel spot [11][12] - **Primary nickel supply and inventory**: Cover China's refined nickel monthly production seasonality, total primary nickel monthly supply including imports seasonality, domestic social inventory of nickel plates and nickel beans seasonality, LME nickel inventory seasonality, etc. [13][14][15] - **Nickel ore and nickel pig iron**: Include the average price of Philippine laterite nickel ore 1.5% (FOB), China's port nickel ore inventory by port seasonality, China's 8 - 12% nickel pig iron ex - factory price national average, Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price, etc. [16][17] - **Nickel iron production**: Show China's and Indonesia's nickel iron monthly production seasonality [18][20] - **Downstream nickel sulfate**: Include the average price of battery - grade nickel sulfate, the seasonality of the profit rate of producing nickel sulfate from nickel beans, the seasonality of the profit of producing electrodeposited nickel from externally purchased nickel sulfate in China, etc. [22][24] - **Stainless steel**: Include the seasonality of China's 304 stainless steel cold - rolled coil profit rate, stainless steel monthly production seasonality, and stainless steel inventory seasonality [28][29][31]

Core View - Bullish factors include improved stainless steel mill profits leading to increased production, rising new energy vehicle sales boosting demand, strong cost support at the lower end, a falling US dollar index lifting nickel prices, and an improved macro - environment [3] - Bearish factors are high stainless steel inventories, declining demand for new energy ternary batteries suppressing nickel consumption, increasing global nickel ore supply and rising production, and a rebounding US dollar increasing cost pressure [3] - The trading advisory view is that the fundamentals are weak, but the increase in downstream procurement volume leads to significant divergence between bulls and bears [3] Market Data Nickel - The latest values of Shanghai nickel futures contracts (main, continuous 1, continuous 2, continuous 3) are 120990 yuan/ton, 120990 yuan/ton, 121110 yuan/ton, and 121300 yuan/ton respectively, with weekly increases of 0.57%, 1.15%, 1.09%, and 1.09% [4] - LME nickel 3M is at 15190 dollars/ton, up 1.04% weekly [4] - The positions decreased by 16.4% to 92205 hands, trading volume increased by 8.94% to 129831 hands, and the number of warehouse receipts decreased by 2.39% to 22013 tons [4] - The basis of the main contract is - 1060 yuan/ton, down 7.83% [4] - The spot prices of金川 nickel, imported nickel, 1 electrolytic nickel, and nickel beans are 122850 yuan/ton, 120950 yuan/ton, 121750 yuan/ton, and 123050 yuan/ton respectively, with daily decreases of 1.25%, 1.10%, 1.14%, and 1.05% [4] - The domestic social inventory of nickel is 40872 tons, a decrease of 1019 tons; LME nickel inventory is 209676 tons, an increase of 456 tons [4][7] Stainless Steel - The latest values of stainless steel futures contracts (main, continuous 1, continuous 2, continuous 3) are 12850 yuan/ton, 12850 yuan/ton, 12915 yuan/ton, and 12980 yuan/ton respectively, with the main contract unchanged, and continuous 1, 2, 3 up 0.78%, 0.70%, and 0.89% weekly [4] - The trading volume decreased by 22.05% to 121866 hands, positions decreased by 10.48% to 127116 hands, and the number of warehouse receipts decreased by 1.47% to 100431 tons [4] - The basis of the main contract is 620 yuan/ton, down 13.89% [4] - The stainless steel social inventory is 928.8 thousand tons, a decrease of 4.6 thousand tons; nickel pig iron inventory is 33111 tons, a decrease of 304 tons [7] Charts - There are charts showing the trends of Shanghai nickel and LME nickel futures main contracts, stainless steel futures main contract, nickel spot average price, China's refined nickel monthly production, China's primary nickel total monthly supply, domestic social nickel inventory, LME nickel inventory, Philippine laterite nickel ore price, China's port nickel ore inventory, China's nickel - iron monthly production, Indonesia's nickel pig iron monthly production, battery - grade nickel sulfate average price, nickel - bean - produced nickel sulfate profit margin, China's externally - sourced nickel - sulfate - produced electrowon nickel profit, China's nickel sulfate monthly production, ternary precursor monthly production capacity, China's 304 stainless steel cold - rolled coil profit margin, stainless steel monthly production, and stainless steel inventory [9][11][13][15][16][17][20][22][24][26][28][29][31][33]

Report Title - Nickel and Stainless Steel Industry Chain Weekly Report, dated August 1, 2025 [1] Core Views Bullish Factors - Domestic ferronickel supply has decreased significantly year-on-year, while Indonesia maintains a high level. Tight supply supports prices [3] - Stainless steel inventory has improved marginally, and the rebound in energy costs provides cost support [3] Bearish Factors - Nickel ore prices have declined month-on-month, resulting in weak cost support. Policy disturbances in Indonesia have decreased [3] - Global visible inventory has accumulated significantly to 243,000 tons, highlighting oversupply [3] Trading Advice - Short-term trading should focus on range-bound strategies. Monitor changes in the ore end and demand [3] Market Data Nickel Futures - The latest price of the main Shanghai nickel contract is 119,830 yuan/ton, down 1,790 yuan (-1.47%) from the previous week. Other nickel contracts also showed declines [4] - The LME nickel 3M price is 15,325 US dollars/ton, down 250 US dollars (-3.56%) from the previous week [4] Stainless Steel Futures - The latest price of the main stainless steel contract is 12,805 yuan/ton, down 35 yuan (0%) from the previous week [4] Spot Prices - The prices of various nickel products, including Jinchuan nickel, imported nickel, and electrolytic nickel, have all declined [4] Inventory Data - Domestic social nickel inventory is 40,281 tons, down 57 tons from the previous period. LME nickel inventory is 204,912 tons, up 876 tons [4] - Stainless steel social inventory is 966.2 tons, down 1.2 tons [4] Charts and Data Sources - The report includes various charts showing the trends of nickel and stainless steel prices, supply, and inventory, with data sources from Wind [6][7][8][10][12][14][16][18][20][22][24][26][28][29][30][32][34]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **L利多因素**: The price of nickel ore remains firm, with strong price - holding intentions from mines, and rising sea freight costs support the cost. Policy disturbances in Indonesia (such as shortened quotas) and favorable new - energy policies strengthen the expectation of a strong supply chain [3]. - **利空因素**: Stainless steel has entered the traditional off - season for demand, increasing the pressure to reduce inventory and suppressing consumption. The supply of nickel ore from the Philippines is expected to loosen, and combined with high - level inventory fluctuations, the supply - demand contradiction has weakened [3]. - **交易咨询观点**: There are limited changes in the fundamentals. Nickel price fluctuations are mainly driven by market sentiment and macro factors, and there is no obvious supply - demand contradiction [3]. 3. Summary by Related Catalogs **Market Data** - **镍期货**: The latest value of SHFE nickel main contract is 122,270 yuan/ton, with a weekly increase of 1,550 yuan and a weekly increase rate of 1.28%. The latest value of LME nickel 3M is 15,355 dollars/ton, with a weekly increase of 165 dollars and an increase rate of 1.17%. The trading volume increased by 60.25% week - on - week, while the position decreased by 6.9% week - on - week [4]. - **不锈钢期货**: The latest value of the stainless - steel main contract is 12,730 yuan/ton, with a weekly increase of 170 yuan and an increase rate of 1%. The trading volume decreased by 9.97% week - on - week, and the position decreased by 8.28% week - on - week [4]. - **现货价格**: The latest value of Jinchuan nickel is 124,550 yuan/ton, with a daily increase of 800 yuan and an increase rate of 0.65%. The latest value of imported nickel is 122,750 yuan/ton, with a daily increase of 900 yuan and an increase rate of 0.74% [4]. - **库存情况**: The domestic social inventory of nickel is 37,843 tons, a decrease of 380 tons compared to the previous period. The LME nickel inventory is 202,470 tons, a decrease of 1,158 tons. The stainless - steel social inventory is 978 tons, a decrease of 14.1 tons, and the nickel pig iron inventory is 37,534 tons, an increase of 2,924 tons [4][6]. **Supply and Inventory of Primary Nickel** - **产量情况**: The report presents the seasonal production of China's refined nickel, total monthly supply of primary nickel including imports, nickel - iron production in China and Indonesia [14][18][20]. - **库存情况**: It shows the seasonal changes in domestic social inventory (nickel plates + nickel beans) and LME nickel inventory, as well as the seasonal changes in nickel ore inventory at Chinese ports [15][16]. **Downstream Sulfuric Acid Nickel** - **价格情况**: The average price of battery - grade nickel sulfate and its premium over primary nickel (plates) are presented, along with the seasonal profit margins of producing nickel sulfate from nickel beans and producing electrowon nickel from externally purchased nickel sulfate [22][24][26]. - **产量情况**: The monthly production of nickel sulfate in China and the seasonal production capacity of ternary precursors are shown [28]. **Stainless Steel** - **利润率情况**: The seasonal profit margin of China's 304 stainless - steel cold - rolled coils is presented [29]. - **产量和库存情况**: The seasonal production and inventory of stainless steel are shown [30][32].

Report Information - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: June 30, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Investment Rating - Not provided in the given content Core Viewpoints - **L利多因素**: Nickel ore prices are firm, with some products reducing production to address cost inversion, providing cost support. Domestic nickel ore port inventories are decreasing, and raw materials are in a tight supply situation [3]. - **利空因素**: There is an overall surplus of nickel elements, and supply pressure persists. Downstream demand is weak, and steel mills are reducing production due to production losses [3]. - **交易咨询观点**: In the context of strong supply and weak demand, prices are under pressure [3]. Summary by Directory 盘面信息 - **镍期货价格**: The latest values of Shanghai Nickel Main Contract, Shanghai Nickel Continuous One, Shanghai Nickel Continuous Two, and Shanghai Nickel Continuous Three are 120,480 yuan/ton, 120,480 yuan/ton, 120,550 yuan/ton, and 120,700 yuan/ton respectively, with weekly increases of 3,030 yuan/ton, 2,940 yuan/ton, 2,770 yuan/ton, and 2,710 yuan/ton, and weekly growth rates of 2.58%, 2.50%, 2.35%, and 2.35% respectively. The LME Nickel 3M is at 15,150 US dollars/ton, with a weekly increase of 90 US dollars/ton and a weekly growth rate of 2.30% [4]. - **持仓量和成交量**: The latest position volume is 78,738 lots, an increase of 26,731 lots or 51.4% from the previous week. The trading volume is 94,188 lots, a decrease of 1,899 lots or 1.98% from the previous week [4]. - **仓单数和基差**: The latest warehouse receipt quantity is 21,257 tons, a decrease of 221 tons or 1.03% from the previous week. The basis of the main contract is -1,570 yuan/ton, a decrease of 405 yuan/ton or 34.76% from the previous week [4]. - **不锈钢期货价格**: The latest values of Stainless Steel Main Contract, Stainless Steel Continuous One, Stainless Steel Continuous Two, and Stainless Steel Continuous Three are 12,620 yuan/ton, 12,620 yuan/ton, 12,575 yuan/ton, and 12,530 yuan/ton respectively, with weekly increases of 180 yuan/ton, 230 yuan/ton, 220 yuan/ton, and 220 yuan/ton, and weekly growth rates of 1%, 1.86%, 1.78%, and 1.79% respectively [4]. - **持仓量和成交量**: The latest position volume is 107,173 lots, a decrease of 78,734 lots or 42.35% from the previous week. The trading volume is 142,077 lots, a decrease of 67,010 lots or 32.05% from the previous week [4]. - **仓单数和基差**: The latest warehouse receipt quantity is 112,327 tons, a decrease of 1,576 tons or 1.38% from the previous week. The basis of the main contract is 435 yuan/ton, a decrease of 30 yuan/ton or 6.45% from the previous week [4]. - **镍现货价格**: The latest values of Jinchuan Nickel, Imported Nickel, 1 Electrolytic Nickel, Nickel Beans, and Electrowon Nickel are 120,850 yuan/ton, 118,350 yuan/ton, 119,550 yuan/ton, 117,400 yuan/ton, and 118,050 yuan/ton respectively, with daily increases of 600 yuan/ton, 600 yuan/ton, 550 yuan/ton, 600 yuan/ton, and 550 yuan/ton, and daily growth rates of 0.50%, 0.51%, 0.46%, 0.51%, and 0.47% respectively [4]. - **库存情况**: Domestic social nickel inventories are 38,223 tons, a decrease of 1,160 tons from the previous period. LME nickel inventories are 204,294 tons, an increase of 78 tons from the previous period. Stainless steel social inventories are 992.1 thousand tons, a decrease of 8.5 thousand tons from the previous period. Nickel pig iron inventories are 34,610 tons, an increase of 3,148 tons from the previous period [4][6]. 一级镍供给和库存 - **产量情况**: Not provided in the given content - **库存情况**: Domestic social nickel inventories (nickel plates + nickel beans) and LME nickel inventories show seasonal trends [15]. 上游镍矿 - **价格情况**: The average price of Philippine laterite nickel ore 1.5% (FOB) shows a historical trend [17]. - **库存情况**: Chinese port nickel ore inventories by port show seasonal trends [17]. 镍铁 - **价格情况**: The average ex - factory price of 8 - 12% nickel pig iron in China and the average price of Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) show historical trends [19]. - **产量情况**: The monthly production of Chinese nickel iron and Indonesian nickel pig iron shows seasonal trends [20][22]. 下游硫酸镍 - **价格情况**: The average price of battery - grade nickel sulfate and its premium over primary nickel (plates) show historical trends [24][26]. - **利润率情况**: The profit margins of producing nickel sulfate from nickel beans and producing electrowon nickel from externally purchased nickel sulfate in China show seasonal trends [28]. - **产量和产能情况**: The monthly production of nickel sulfate in China and the monthly production capacity of ternary precursors show seasonal trends [30]. 不锈钢 - **产量情况**: The monthly production of stainless steel shows seasonal trends [35]. - **库存情况**: Stainless steel inventories show seasonal trends [33]. - **利润率情况**: The profit margin of Chinese 304 stainless steel cold - rolled coils shows seasonal trends [35].

Report Overview - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: June 9, 2025 - Author: Xu Liang - Reviewer: Tang Yun 1. Investment Rating - The report does not mention the industry investment rating. 2. Core Views Bullish Factors - Weekly decline in Shanghai nickel and LME nickel inventories, with domestic inventories falling below 40,000 tons, supporting prices [3] - Firm nickel ore prices, stable and rising prices of nickel iron and intermediate products, providing cost support [3] Bearish Factors - High production of refined nickel, rising global inventories, and a continued pattern of strong supply and weak demand [3] - Overall weak spot demand, short restocking followed by a slowdown in trading, and insufficient demand improvement [3] Trading Advisory Views - The supply - demand contradiction has not deepened, inventory depletion is unsustainable, and the short - term will maintain a range - bound pattern [3] 3. Summary by Directory 3.1 Market Data - **Nickel Futures**: The latest price of the Shanghai nickel main contract is 122,200 yuan/ton, up 950 yuan (0.78%) from the previous week; LME nickel 3M is 15,490 US dollars/ton, down 20 US dollars (2.12%). The trading volume increased by 34.25% to 98,620 lots, and the open interest decreased by 12.1% to 80,736 lots. The warehouse receipt quantity decreased by 4.08% to 21,157 tons [4] - **Stainless Steel Futures**: The latest price of the stainless steel main contract is 12,680 yuan/ton, up 50 yuan (0%). The trading volume increased by 0.67% to 75,548 lots, and the open interest decreased by 26.21% to 62,862 lots. The warehouse receipt quantity decreased by 5.42% to 122,945 tons [4] - **Nickel Spot**: The prices of various types of nickel, including Jinchuan nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel, all showed slight increases [4] - **Inventory Data**: Domestic social nickel inventory is 41,553 tons, down 836 tons; LME nickel inventory is 200,106 tons, down 618 tons; stainless steel social inventory is 967.5 tons, down 6.4 tons; nickel pig iron inventory is 31,462 tons, up 1,907.5 tons [4][6] 3.2 Charts and Data Analysis - **Nickel Market**: The report includes charts on the price trends of Shanghai nickel and LME nickel, domestic social nickel inventory, LME nickel inventory, Philippine laterite nickel ore prices, and Chinese port nickel ore inventory [8][11][14][15] - **Nickel Iron**: Charts show the price trends of Indonesian high - nickel pig iron and Chinese nickel iron production [17][18][20] - **Downstream Sulfuric Acid Nickel**: Charts present the price premium of battery - grade nickel sulfate over primary nickel, production profit margins, and production volume [22][23][26] - **Stainless Steel**: Charts display the profit margin of Chinese 304 stainless steel cold - rolled coils, production volume, and inventory [28][29][31]