Report Information - Report Title: Nickel Daily Report [1] - Date: September 23, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Industry Investment Rating - Not provided Core View - Nickel supply and demand changed little. The price rose slightly during the day and then fell back. The main contract 2510 closed at 121,400, up 0.07% from the previous day. The average premium of Jinchuan nickel remained flat at 2,350 compared with the previous day, and the premium and discount of domestic electrowon nickel were reported at -100 - 200. The average price of 8 - 12% high - nickel pig iron remained flat at 954.5 yuan per nickel point compared with the previous day, and the average price of battery - grade nickel sulfate continued to rise by 30 to 28,150 yuan per ton. Indonesia will start the approval work for 2026 in October, and the adjustment of the RKAB approval cycle may still disrupt the mine supply in the second half of the year. The nickel ore price has limited room to fall, and the support from the mine end has emerged again. NPI remains strong under the support of cost and the expectation of demand recovery, but the improvement space of the stainless - steel terminal is limited, and the subsequent upward space is restricted. The nickel salt price rebounded due to the decline in production and low inventory, and is expected to remain stable in the short term. Overall, the surplus pressure of refined nickel in the primary nickel supply structure is still significant, which puts pressure on the nickel price. However, at the current position, it is also difficult to fall deeply due to the support of nickel ore and cost. It is expected to fluctuate mainly following the macro - sentiment, and the main operating range can be referred to 119,000 - 125,000 [8]. Summary by Directory 1. Market Review and Operation Suggestions - Nickel price trends: The main contract 2510 of nickel rose 0.07% to 121,400. The average premium of Jinchuan nickel was flat at 2,350, and the premium and discount of domestic electrowon nickel were -100 - 200. The average price of 8 - 12% high - nickel pig iron was flat at 954.5 yuan per nickel point, and the average price of battery - grade nickel sulfate rose 30 to 28,150 yuan per ton [8]. - Supply analysis: Indonesia's RKAB approval cycle adjustment may disrupt mine supply in the second half of the year, and nickel ore has limited room to fall. The surplus pressure of refined nickel in the primary nickel supply structure is significant [8]. - Demand analysis: NPI is strong due to cost support and demand recovery expectations, but the improvement space of the stainless - steel terminal is limited. Nickel salt price rebounded due to low production and inventory [8]. - Price forecast: The nickel price is expected to fluctuate with macro - sentiment, mainly in the range of 119,000 - 125,000 [8]. 2. Industry News - India's strategy: India can alleviate the supply shortage of key minerals such as nickel through three paths: strengthening local mining and processing, recycling associated products from existing mining processes, and promoting "urban mining" from e - waste. The Indian government and enterprises are working together, and the e - waste recycling potential is huge. India launched the National Critical Minerals Mission (NCMM) in January this year with a total budget of 163 billion rupees and plans to attract state - owned enterprise investment of 180 billion rupees to reduce dependence on Chinese supply [9][10]. - Indonesia's action: Indonesia's forest law enforcement working group will conduct a centralized rectification of mines. It has previously taken similar actions in the palm oil industry. The action aims to regain national control of forests, and enterprises need to return illegal profits. Some cases may enter criminal investigations, and the seized mines will be temporarily managed by the state - owned enterprise department. Indonesia is a major producer of coal, nickel, tin, and copper and the largest exporter of palm oil [11]. - FPX Nickel's initiative: FPX Nickel participated in two important sustainable development initiatives in 2025. It joined the Mining Association of Canada (MAC) and committed to follow its "Towards Sustainable Mining (TSM)" framework, and also signed the United Nations Global Compact, which reflects its long - standing values of environmental protection, transparency, and responsibility [11].

Group 1 - The Democratic Republic of the Congo (DRC) is considering extending its cobalt export ban, which could benefit companies with cobalt mining capacities in Indonesia, as DRC holds a dominant position in global cobalt resource supply [1] - The DRC has allowed the export of cobalt salts that have been smelted and refined locally, benefiting a domestic company engaged in cobalt smelting cooperation and holding cobalt salt export quotas [1] - The Indonesian government has shut down some nickel smelting facilities under the guise of environmental reviews, leading to a clear upward trend in nickel prices; a specific company relying on its hydrometallurgical nickel capacity could significantly increase related business profits [1]

Core Viewpoint - Morgan Stanley's recent report on Vale (VALE.US) highlights discussions with CFO Marcelo Bacci regarding shareholder returns, railway operations, iron ore product flexibility, copper business growth strategies, and challenges in the nickel segment [1][2]. Group 1: Financial Strategies and Shareholder Returns - The company may distribute a special dividend if net debt falls below $15 billion, with expectations for this to occur by December 2025 if iron ore prices remain high and operations are stable [2][3]. - Management is optimistic about the Brazilian railway concession, despite previous unsuccessful negotiations with the government, and is focused on maintaining control over railway assets until 2057 [2][3]. Group 2: Market Outlook and Product Strategy - The iron ore market is expected to tighten by 2026, with prices projected to remain above $90 per ton, prompting Vale to invest in a flexible product portfolio with an annual capacity of 360 million tons [2][3]. - The company plans to focus on supplying high-silica iron ore to the Chinese market and introducing new mid-grade products, which could generate additional revenue [3]. Group 3: Copper and Nickel Business Developments - The copper business aims to increase production to 700,000 tons per year, primarily relying on internal resources rather than acquisitions, with the Manara project aligning with this growth strategy [3]. - Although the nickel segment has seen cost reductions, it has not yet reached breakeven, and there are no plans for expansion in Canada, with a preference for developing multi-metal mines instead [3].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - Short - term nickel prices will mainly show a volatile trend, are easily affected by macro - sentiment, and the supply surplus pattern remains unchanged with limited upside potential [3]. - Stainless steel prices show signs of stopping falling and rebounding due to nine - week consecutive inventory decline and rising material costs. The demand situation during the consumption peak season needs to be further observed [5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On September 17, 2025, the Shanghai nickel main contract 2510 opened at 122,580 yuan/ton and closed at 121,790 yuan/ton, a change of - 0.81% from the previous trading day. The trading volume was 90,734 (- 13,858) lots, and the open interest was 58,829 (- 7,709) lots. The contract showed a volatile downward trend, pressured by the market's cautious sentiment before the Fed's interest - rate decision and the rising US dollar index [1]. - **Nickel Ore**: The market remained calm with stable prices. Philippine mines had firm quotes, while downstream iron plants maintained cautious procurement due to losses. In Indonesia, the supply was loose, the September (Phase II) domestic trade benchmark price increased by 0.2 - 0.3 US dollars, and the domestic trade premium was +24 (range: +23 - 24). The ore end was bullish on the subsequent premium due to the rising nickel - iron price [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 123,750 yuan/ton, a decrease of 940 yuan/ton from the previous trading day. Spot trading was generally average, and the premiums and discounts of refined nickel brands were mainly stable, with some in a discount state. The previous trading day's Shanghai nickel warehouse receipt volume was 26,141 (- 26) tons, and the LME nickel inventory was 228,468 (+2,034) tons [2]. - **Strategy** - **Unilateral**: Mainly conduct range operations. - **Others**: No strategies for inter - period, cross - variety, spot - futures, and options are provided [3]. Stainless Steel Variety - **Market Analysis** - **Futures**: On September 17, 2025, the stainless steel main contract 2511 opened and closed at 12,935 yuan/ton. The trading volume was 170,126 (- 60,650) lots, and the open interest was 127,750 (- 4,171) lots. The contract showed a volatile and weak trend, fluctuating between 12,885 - 12,995 yuan and failing to break through the 13,000 - yuan mark, reflecting the intensified game between the peak - season expectation and weak actual demand [3]. - **Spot**: Affected by the weakening of the futures market, downstream buyers remained on the sidelines due to the "buy on rising, not on falling" sentiment. Although some traders lowered their quotes, actual transactions were light. The stainless steel prices in Wuxi and Foshan markets were 13,250 (- 50) yuan/ton, and the 304/2B premium was 275 - 575 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron remained unchanged at 954.0 yuan/nickel point [3]. - **Strategy** - **Unilateral**: Neutral. - **Others**: No strategies for inter - period, cross - variety, spot - futures, and options are provided [5].

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Overseas, the Fed cut interest rates by 25bp to 4.00 - 4.25%, with dovish signals. Various assets fluctuated sharply. Domestically, A - shares oscillated and rose, expected to remain high - oscillating. The bond market was in a sensitive period, with limited configuration space [2][3]. - For precious metals, after the Fed's interest - rate cut, gold and silver prices pulled back and are expected to oscillate weakly in the short term [4][5]. - Copper prices retreated due to the Fed's weaker - than - expected interest - rate cut and are expected to oscillate and adjust in the short term [6][7]. - Aluminum prices adjusted. The fundamentals remained stable, and the adjustment was expected to be limited [8][9]. - Zinc prices are expected to stabilize and repair after the interest - rate cut, but the upward space depends on the arrival of the consumption peak season [10][11]. - Lead prices oscillated horizontally due to the intertwining of long and short factors [12]. - Tin prices are expected to oscillate weakly as the market digests the Fed's signals [13][14]. - Industrial silicon prices are expected to oscillate strongly with the improvement of demand expectations [15][16]. - Lithium carbonate prices oscillated, waiting for policy implementation to boost prices [17]. - Nickel prices oscillated. The macro boost was limited, but the relatively loose monetary environment was still positive [18][19]. - Oil prices oscillated due to fluctuating geopolitical risks and limited impact from the Fed's interest - rate cut [20][21]. - For soda ash and glass, attention can be paid to the opportunity of narrowing the glass - soda ash price difference, while being vigilant about the pressure of high soda ash inventory [22]. - Steel prices oscillated after the Fed's interest - rate cut, with limited changes in fundamentals [23][24]. - Iron ore prices oscillated and rebounded, with strong spot prices and expected support from restocking [25]. - Bean and rapeseed meal prices oscillated and declined, influenced by Sino - US news, and are expected to oscillate weakly in the short term [26][27]. - Palm oil prices oscillated and adjusted due to the decline in Malaysian palm oil production and uncertain US biodiesel policies [28][29]. Summary by Related Catalogs 1. Metal Main Varieties Yesterday's Trading Data - The table shows the closing data of main futures markets for various metals, including contract names, closing prices, price changes, price change percentages, trading volumes, open interest, and price units [30]. 2. Industrial Data Perspective - For copper, on September 17, SHFE copper and LME copper prices both declined, with changes in inventory, spot quotes, and other data [31]. - For nickel, SHFE nickel prices fell on September 17, and LME nickel prices remained unchanged, with corresponding changes in inventory and other data [31]. - For zinc, SHFE zinc prices rose slightly on September 17, and LME zinc prices fell, with changes in inventory and other data [34]. - For lead, SHFE lead prices rose on September 17, and LME lead prices fell slightly, with changes in inventory and other data [34]. - For aluminum, SHFE aluminum prices fell on September 17, and LME aluminum prices also declined, with changes in inventory and other data [34]. - For alumina, SHFE alumina prices fell on September 17, and the national average spot price also decreased [34]. - For tin, SHFE tin prices fell on September 17, and LME tin prices also declined, with changes in inventory and other data [34]. - For precious metals, there were changes in prices, inventory, and other data of gold and silver in different markets on September 17 [34]. - For other varieties such as steel, iron ore, coke, coal, lithium carbonate, industrial silicon, and agricultural products, there were corresponding price and data changes on September 17 [36][38].

Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The bottom support of nickel and stainless steel prices is relatively stable, and the prices are rising. Short - term nickel prices are mainly in a volatile market, easily affected by macro - sentiment, with an unchanged pattern of oversupply and limited upside space. Stainless steel prices show signs of stopping falling and rebounding as inventory has decreased for nine consecutive weeks and material costs have risen. The subsequent demand situation in the consumption peak season needs to be monitored [1][3]. Market Analysis of Nickel Futures - On September 15, 2025, the Shanghai nickel main contract 2510 opened at 122,000 yuan/ton and closed at 122,580 yuan/ton, a change of 1.15% from the previous trading day's closing price. The trading volume was 102,679 (- 42,422) lots, and the open interest was 70,610 (- 2,030) lots. The night session of the main contract stabilized at a high level, standing above 122,000 yuan/ton. After the opening of the day session, it declined slightly but then rose with the overall metal sector, reaching a maximum of 122,900 yuan/ton [1]. Nickel Ore - The market remained calm with stable prices. In the Philippines, mine quotes were firm but slightly delayed due to rainfall. Downstream nickel - iron had a strong bullish sentiment, but iron plants were still in the red and were cautious in nickel - ore procurement. In Indonesia, the supply remained loose, with the September (Phase II) domestic trade benchmark price rising by 0.2 - 0.3 US dollars. The current domestic trade premium was +24, with a premium range of +23 - 24 [1]. Spot - Jinchuan Group's sales price in the Shanghai market was 122,600 yuan/ton, a decrease of 100 yuan/ton from the previous trading day. Spot trading was generally average, and the premiums and discounts of refined nickel of each brand were slightly adjusted. The premium of Jinchuan nickel changed by 50 yuan/ton to 2,300 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to 300 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 24,959 (+1,430) tons, and the LME nickel inventory was 224,484 (- 600) tons [2]. Strategy for Nickel - Short - term nickel prices are mainly in a volatile market, and the overall strategy is based on range trading. There are no strategies for inter - period, cross - variety, spot - futures, and options trading [3]. Market Analysis of Stainless Steel Futures - On September 15, 2025, the stainless - steel main contract 2511 opened at 12,945 yuan/ton and closed at 13,070 yuan/ton, a change of 1.20% from the previous trading day's closing price. The trading volume was 180,934 (+180,934) lots, and the open interest was 133,829 (- 4,171) lots. The night - session trend was stable, but after the opening of the day session, affected by the price increase of a large domestic stainless - steel plant, the price rose strongly, reaching a maximum of 13,100 yuan/ton and slightly retracting at the close [3]. Spot - Affected by the rise of the futures price, the spot price increased. Although the acceptance of high - priced goods was low, inquiries increased significantly, market activity improved, and actual transactions were fair. The stainless - steel price in the Wuxi market was 13,250 (+50) yuan/ton, and in the Foshan market, it was 13,250 (+50) yuan/ton. The premium and discount of 304/2B were 250 to 550 yuan/ton. According to SMM data, the ex - factory tax - inclusive average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 954.0 yuan/nickel point [3]. Strategy for Stainless Steel - With inventory decreasing for nine consecutive weeks and material costs rising, stainless - steel prices show signs of stopping falling and rebounding. The subsequent demand situation in the consumption peak season needs to be monitored. The unilateral strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options trading [3][4].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - For nickel, the Fed's expectation of interest - rate cuts drives the rebound of non - ferrous metals, but nickel is restricted by weak fundamentals and inventory pressure, so the rebound range of nickel prices is expected to be limited [1]. - For stainless steel, although the fundamentals are loose, there is support at the cost end, so the price is expected to fluctuate within a range [1]. 3. Summary by Related Content Nickel Market - **Futures Prices**: On September 15, 2025, the closing prices of Shanghai nickel futures' near - month, continuous - one, continuous - two, and continuous - three contracts were 122,500 yuan/ton, 122,580 yuan/ton, 122,820 yuan/ton, and 122,480 yuan/ton respectively, with increases of 700 yuan/ton, 600 yuan/ton, 660 yuan/ton, and 680 yuan/ton compared to September 12 [2]. - **Spot Prices**: SMM 1 electrolytic nickel's average price was 123,000 yuan/ton, 1 Jinchuan nickel's average price was 124,000 yuan/ton, and 1 imported nickel (Russian nickel)'s average price was 122,150 yuan/ton [2]. - **Supply**: Nickel ore prices remained flat. Last week, the arrival volume of nickel ore decreased, and port inventories decreased. Nickel iron mills' loss margins narrowed. In September, domestic and Indonesian nickel iron production increased, and nickel iron inventories decreased. Domestic electrolytic nickel production increased in September, and export profits expanded [1]. - **Demand**: Ternary material production decreased; stainless steel mills' production increased; alloy and electroplating demand was stable [1]. - **Inventory**: SHFE inventories increased, LME inventories decreased, social inventories increased, and bonded - area inventories decreased [1]. - **LME Market**: On September 15, 2025, LME 3 - month nickel's closing price (electronic trading) was 15,391 US dollars/ton, up 34 US dollars/ton. The trading volume was 7,041 lots, an increase of 2,045 lots [2]. Stainless Steel Market - **Futures Prices**: On September 15, 2025, the closing prices of Shanghai stainless steel futures' near - month, continuous - one, continuous - two, and continuous - three contracts were 12,800 yuan/ton, 12,960 yuan/ton, 13,070 yuan/ton, and 13,110 yuan/ton respectively [2]. - **Spot Prices**: 304/2B coil - trimmed (Wuxi) average price was 13,800 yuan/ton, 304/2B coil - rough (Wuxi) average price was 13,250 yuan/ton [2]. - **Supply**: Stainless steel production increased in September [1]. - **Demand**: Terminal demand was weak [1]. - **Cost**: High - nickel pig iron prices rose, and high - carbon ferrochrome prices remained flat [1]. - **Inventory**: SHFE inventories decreased, and last week's 300 - series social inventories were 96,600 tons, a decrease of 15,400 tons [1]. Industry News - Minmetals Resources (MMG) expects its $500 million acquisition of Anglo American's nickel mine assets to be approved by the EU, although the Brazilian competition regulator has launched an investigation into the deal [1]. Trading Strategies - For nickel, it is recommended to short at high levels after the interest - rate cut is implemented [1]. - For stainless steel, it is recommended to wait and see [1].

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - **Nickel**: The contradictions in the smelting end are not prominent, and attention should be paid to the news - related risks at the mine end [2][4]. - **Stainless Steel**: There is a game between short - and long - term logics, and steel prices may fluctuate [2][4]. - **Lithium Carbonate**: Supply and demand are both increasing, and the market is under pressure [2][11]. - **Industrial Silicon**: The industry inventory is accumulating, and the strategy is to short at high prices [2][15]. - **Polysilicon**: Attention should be paid to market information changes [2][15]. 3. Summary by Related Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of the Shanghai Nickel main contract was 121,980 yuan, and the stainless - steel main contract was 12,950 yuan. There were also data on trading volume, spot prices, and spreads [4]. - **Macro and Industry News**: Many events occurred in Indonesia, including the trial production of the CNI nickel - iron project, environmental violations in the IMIP, plans to shorten mining quota periods, production suspensions in some nickel - iron smelting industrial parks, and the takeover of a nickel - mine area by the forestry working group [4][5][7][9]. - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0, indicating a neutral view [10]. Lithium Carbonate - **Fundamental Data**: Data on futures contracts (such as 2511 and 2601 contracts), spot prices, basis, and raw - material prices are provided [12]. - **Macro and Industry News**: The SMM battery - grade lithium carbonate index price decreased, and Zijin Mining's lithium - salt project was put into production [13][14]. - **Trend Intensity**: The trend intensity of lithium carbonate is - 1, indicating a slightly bearish view [14]. Industrial Silicon and Polysilicon - **Fundamental Data**: Information on futures prices, trading volumes, open interests, basis, prices, profits, inventories, and raw - material costs of industrial silicon and polysilicon is presented [15]. - **Macro and Industry News**: The three ministries and commissions issued the "National Industrial Resources Comprehensive Utilization Advanced and Applicable Process Technology Equipment Catalog (2025 Edition)" [15]. - **Trend Intensity**: The trend intensity of industrial silicon is - 1 (slightly bearish), and that of polysilicon is 0 (neutral) [17].

Group 1 - Domestic nickel prices opened significantly lower on April 7, reaching a new low since April 2021, with prices nearing 115,000 yuan/ton [1] - As market pessimism gradually dissipates, domestic nickel prices have undergone a phase of valuation recovery, stabilizing around 120,000 yuan/ton [1] - Despite a general increase in industrial product prices due to "anti-involution" policies, nickel and downstream stainless steel prices remain in a weak and fluctuating state compared to other industrial products [1] Group 2 - Indonesia's nickel ore supply is becoming more relaxed, with approved mining quotas for 2025 increasing by over 22% to 36.4 million wet tons [2] - The actual nickel ore supply in Indonesia is expected to reach approximately 30 million wet tons in 2025, while total annual demand is around 26 million wet tons, indicating a shift from tight to relaxed supply conditions [2] - Domestic pure nickel production remains high, with August output at 35,200 tons and a cumulative total of 264,000 tons from January to August, reflecting a year-on-year increase of 25.84% [2] Group 3 - Global nickel inventories continue to rise, reaching 259,600 tons as of September 5, an increase of over 50,000 tons since the beginning of the year, marking a five-year high for this period [3] - Domestic nickel inventories, while down from their peak earlier in the year, remain elevated at 39,900 tons as of September 5, also at a historical high for this time [3] - The London Metal Exchange (LME) has increased the number of deliverable pure nickel brands, significantly reducing the risk of insufficient delivery of nickel futures [3] Group 4 - Current spot prices for pure nickel have fallen below the cost line for external raw materials, including nickel sulfate and high-grade nickel [4] - The overall nickel price faces significant upward pressure due to the shift in Indonesian nickel ore supply and high global inventories, although there is some cost support at the lower end due to current pricing below production costs [4] - The main uncertainties lie in overseas nickel industry policy changes, particularly regarding the Philippines, which supplies over 90% of China's nickel ore imports, and Indonesia's high-grade nickel and intermediate products [4]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views - The short - term nickel price will mainly show a volatile trend, is easily affected by macro - sentiment, with an unchanged supply surplus pattern, high inventory, and limited upside potential [3]. - The stainless - steel price shows signs of stopping decline and rebounding due to nine - week consecutive decline in inventory and rising material costs, and the demand situation during the consumption peak season needs to be monitored [5]. 3. Summary by Relevant Content Nickel Variety - **Market Analysis** - On September 10, 2025, the Shanghai nickel main contract 2510 opened at 120,500 yuan/ton and closed at 120,850 yuan/ton, a change of - 0.07% from the previous trading day's close. The trading volume was 75,006 (- 25,275) lots, and the open interest was 81,612 (775) lots [1]. - The Shanghai nickel 2510 contract showed a narrow - range fluctuation pattern, with the closing price down 90 yuan from the previous trading day. The net short position of the main contract decreased, and the technical side presented a pattern of "20 - day moving average suppression but cost - line support". The trading volume shrank significantly, indicating strong market wait - and - see sentiment [1]. - The nickel ore market remained in a wait - and - see state, with rising freight rates and firm prices. Philippine mines had firm quotes, and shipments were slightly delayed due to rainfall. Domestic iron plants' profits remained in the red, and nickel ore procurement was cautious. In Indonesia, the supply was loose, and the September (Phase II) domestic trade benchmark price was expected to rise by 0.2 - 0.3 dollars [2]. - Jinchuan Group's sales price in the Shanghai market was 122,700 yuan/ton, down 500 yuan/ton from the previous trading day. The spot trading was generally average, and the spot premiums of refined nickel brands remained stable. The previous trading day's Shanghai nickel warrant volume was 22,304 (- 295) tons, and the LME nickel inventory was 221,094 (3,024) tons [2]. - **Strategy** - Short - term nickel price will mainly fluctuate, and the trading strategy is mainly range - bound operation. There are no strategies for inter - period, inter - variety, spot - futures, and options [3]. Stainless - steel Variety - **Market Analysis** - On September 10, 2025, the stainless - steel main contract 2511 opened at 12,940 yuan/ton and closed at 12,915 yuan/ton. The trading volume was 115,463 (+ 5,951) lots, and the open interest was 123,168 (- 4,171) lots [3]. - The stainless - steel main contract showed a weakly volatile pattern. Affected by the weakening of the black market, the price once fell below 12,900 yuan/ton at night. It strengthened during the day session and finally stabilized above 12,900 yuan/ton. The open interest increased slightly, and the long - short game intensified [3]. - The futures market was weakly volatile, and downstream buyers remained on the sidelines. The trading was consistently light, but the hot - rolled supply was tight, and the inquiry and trading were better than those of cold - rolled products. The stainless - steel prices in Wuxi and Foshan markets were both 13,200 (+ 0) yuan/ton, and the 304/2B premium was 290 - 590 yuan/ton [3]. - According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 2.00 yuan/nickel point to 952.5 yuan/nickel point the previous day [3]. - **Strategy** - The trading strategy for stainless - steel is neutral for single - side trading. There are no strategies for inter - period, inter - variety, spot - futures, and options [5].