Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the content. 2. Report 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 the decline and rebounding due to nine - week consecutive inventory drops and rising material costs. The demand situation during the consumption peak season needs to be monitored [5]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - On September 9, 2025, the Shanghai nickel main contract 2510 opened at 121,490 yuan/ton, closed at 120,700 yuan/ton, a - 0.67% change from the previous trading day. The trading volume was 100,281 (+7,501) lots, and the open interest was 80,837 (3,364) lots [1]. - In the futures market, the Shanghai nickel main contract was affected by the decline in LME nickel prices at night and the lower - than - expected domestic August CPI data during the day. Although there were some bargain - hunting purchases in the afternoon, the rebound was limited due to high inventory and capacity release expectations [1]. - In the nickel ore market, the market is mainly in a wait - and - see mode with stable prices. In the Philippines, mine quotes are firm but slightly delayed due to rainfall. A major steel mill in South China has a new tender price of 955 yuan/nickel (including tax at the hold). In Indonesia, the supply remains loose, and the September (first phase) premium is - 24, with a premium range of +23 - 24 [1]. - In the spot market, Jinchuan Group's Shanghai market sales price is 123,200 yuan/ton, a 500 - yuan/ton decrease from the previous trading day. The spot trading is generally average, and the premiums of refined nickel brands are slightly adjusted [2]. - **Strategy** - For nickel, the short - term trading strategy is mainly range - bound operation for the single - side, and there are no strategies for inter - period, cross - variety, spot - futures, and options [3]. Stainless Steel Variety - **Market Analysis** - On September 9, 2025, the stainless steel main contract 2511 opened at 12,930 yuan/ton and closed at 12,950 yuan/ton. The trading volume was 109,512 (+16,944) lots, and the open interest was 123,179 (-4,171) lots [3]. - In the futures market, the stainless steel main contract was weak at night and showed a volatile trend. During the day, it was driven by the strong trend of the black series and slightly rose to 12,980 yuan/ton, with little fluctuation until the close [3]. - In the spot market, affected by the futures market and rising raw material costs, the spot quotes increased. The supply of hot - rolled products is tight, and the inquiry and transaction situation has slightly improved. The stainless steel prices in Wuxi and Foshan markets are 13,200 (+50) yuan/ton, and the 304/2B premium is 255 - 555 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron is 950.5 yuan/nickel point, a 5.00 - yuan/nickel point change from the previous day [3]. - **Strategy** - For stainless steel, the single - side strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options [5].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - For the nickel market, 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. For the stainless - steel market, with eight consecutive weeks of inventory decline and rising material costs, stainless - steel prices show signs of stopping falling and rebounding, and the demand situation during the consumption peak season needs to be monitored [1][3]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On September 3, 2025, the main nickel contract 2510 opened at 122,000 yuan/ton and closed at 121,790 yuan/ton, a - 1.10% change from the previous trading day. The trading volume was 125,550 (- 3,232) lots, and the open interest was 84,729 (- 6,033) lots. Affected by the stronger US dollar index and the fading impact of the Indonesia event, the night - session price dropped sharply and then oscillated at a low level, with a daily - session amplitude of only 0.87% [1]. - **Nickel Ore**: The CIF price of 1.4% nickel ore was 50.5, showing a rising trend. The offer for 1.3% nickel ore from the Philippines to Indonesia was 43.44. The Philippine side had firm quotes and good shipping efficiency. The domestic ferronickel price was stable, but domestic iron plants were still in the red and purchased cautiously. In Indonesia, the nickel ore market supply was relatively loose, and the September (Phase I) domestic trade benchmark price dropped by 0.2 - 0.3 dollars, with the premium remaining at +24 [2]. - **Spot**: Jinchuan Group's Shanghai market sales price was 123,300 yuan/ton, a 1,800 - yuan drop from the previous day. Refined nickel trading was okay, and the spot premiums of each brand were stable. The previous trading day's Shanghai nickel warrant volume was 21,860 (- 96) tons, and the LME nickel inventory was 214,230 (+3,996) tons [2]. - **Strategy** - Short - term nickel prices are mainly volatile, and the supply surplus pattern remains unchanged. The strategy is mainly range - bound operation, and there are no suggestions for inter - period, cross - variety, spot - futures, and options operations [3]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On September 3, 2025, the stainless - steel main contract 2510 opened at 12,940 yuan/ton and closed at 12,915 yuan/ton. The trading volume was 87,549 (- 43,080) lots, and the open interest was 86,864 (- 4,171) lots. The night - session opened slightly lower, then rebounded and oscillated around 12,965 yuan/ton. The daily - session gave back the night - session gains, with a minimum drop to 12,885 yuan/ton. The daily amplitude was only 0.81%, and the trading volume decreased by 43,100 lots compared to the previous day [3]. - **Spot**: The weakening of futures prices led to stronger market wait - and - see sentiment. Traders' price - concession behavior did not support spot transactions. Downstream acceptance of high - priced goods was low, and market competition was fierce, resulting in poor transaction volume. The stainless - steel price in the Wuxi and Foshan markets was 13,250 yuan/ton, and the 304/2B premium was 355 - 655 yuan/ton. The ex - factory tax - inclusive average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 943.5 yuan/nickel point [3]. - **Strategy** - With eight consecutive weeks of inventory decline and rising material costs, stainless - steel prices show signs of stopping falling and rebounding. The strategy for single - side trading is neutral, and there are no suggestions for inter - period, cross - variety, spot - futures, and options operations [3][4].

Group 1: Report Overview - Industry: Nickel [1] - Date: September 4, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - Nickel prices are under pressure again, with the main contract closing down 1.1% to 121,790 yuan/ton. The average price of 8 - 12% high - nickel pig iron remained flat at 944 yuan/nickel point, and the average price of battery - grade nickel sulfate increased by 40 to 27,870 yuan/ton. The nickel ore price has limited downside and support is emerging due to events in Indonesia. NPI remains strong but the upside for stainless - steel terminals is limited. Sulfuric acid nickel prices are strong, but the demand for new - energy ternary batteries is mediocre. The primary nickel market remains in an oversupply situation, with limited upside and downside for nickel prices. It is recommended to adopt a trading strategy, with the index mainly operating in the range of 119,000 - 125,000 yuan, and it may be slightly stronger in September [8] Group 4: Market Review and Operation Suggestions - Nickel price performance: The main nickel contract closed down 1.1% to 121,790 yuan/ton. The average price of 8 - 12% high - nickel pig iron was flat at 944 yuan/nickel point, and the average price of battery - grade nickel sulfate rose 40 to 27,870 yuan/ton [8] - Market analysis: Nickel ore has limited downside and support due to Indonesian events. NPI is strong due to cost support and demand recovery expectations, but stainless - steel terminal improvement is limited. Sulfuric acid nickel prices are strong, but new - energy ternary battery demand is mediocre [8] - Operation suggestion: Adopt a trading strategy, with the index mainly operating in the range of 119,000 - 125,000 yuan, and it may be slightly stronger in September [8] Group 5: Industry News - Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry and considering acquiring the GNI smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan [9] - Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [10] - A Turkish research team has developed a TOPCon solar cell using nickel contact with almost no silver, which can significantly reduce production costs [10] - Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, which will help the UK enhance power system resilience [10]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 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 shows signs of stopping the decline and rebounding due to eight - week consecutive inventory decline, rising material costs, and news - based stimulation. Future attention should be paid to the demand during the consumption peak season [4] 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - On September 2, 2025, the Shanghai nickel main contract 2510 opened at 123,210 yuan/ton and closed at 122,530 yuan/ton, a change of - 0.20% from the previous trading day's close. The trading volume was 128,782 lots, and the open interest was 90,762 lots [1] - In the futures market, affected by the Indonesian event, the Shanghai nickel main contract continued to rise after the night - session opening, reaching a maximum of 123,810 yuan/ton, then fell back and fluctuated around 123,300 yuan/ton. Affected by the decline in LME nickel prices, it dropped rapidly after the day - session opening, rebounded later, and dived again at the end of the session [1] - The price of nickel ore remained stable. Domestic and Indonesian 1.3% nickel ore resources could be traded at CIF 42. In the Philippines, mine quotes were firm, and the shipping efficiency was acceptable. The bullish sentiment of downstream ferronickel strengthened. In Indonesia, the supply was relatively loose, and the domestic trade benchmark price of nickel ore in September (Phase I) decreased by 0.2 - 0.3 US dollars [1] - In the spot market, Jinchuan Group's sales price in the Shanghai market was 125,100 yuan/ton, a decrease of 400 yuan/ton from the previous trading day. The spot trading of refined nickel was acceptable, and the premiums and discounts of each brand remained stable [2] - **Strategy** - For the short - term, nickel prices will mainly fluctuate, and the supply surplus pattern remains unchanged. The strategy is mainly range - bound operation for the single - side, and there are no strategies for inter - period, cross - variety, spot - futures, and options [3] Stainless Steel Variety - **Market Analysis** - On September 2, 2025, the stainless steel main contract 2510 opened at 12,940 yuan/ton and closed at 12,960 yuan/ton. The trading volume was 130,629 lots, and the open interest was 91,035 lots [3] - In the futures market, the stainless steel main contract continued to strengthen after the night - session opening and fluctuated slightly between 123,005 - 123,020 yuan/ton. After the day - session opening, affected by the decline in Shanghai nickel, the price slightly declined but still maintained a high - level fluctuating trend, with an amplitude of less than 100 yuan/ton throughout the day [3] - In the spot market, driven by the futures market, the list prices of large stainless steel manufacturers increased, and the market quotes followed suit. However, the downstream acceptance was low, and the actual trading was relatively sluggish. The stainless steel price in the Wuxi market was 13,250 yuan/ton, and in the Foshan market was also 13,250 yuan/ton. The premium and discount of 304/2B were 305 to 605 yuan/ton [3] - **Strategy** - The stainless steel shows signs of stopping the decline and rebounding. The single - side strategy is neutral, and there are no strategies for inter - period, cross - variety, spot - futures, and options [4][5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - For nickel, on September 2nd, the Shanghai nickel main - contract first rose then declined, with reduced trading volume and open interest. The spot market had weak trading, and basis premium widened. The supply side saw stable nickel ore prices, decreased nickel ore arrivals last week, and increased port inventories. Ferronickel plant losses narrowed, with increased domestic and Indonesian production and decreased ferronickel inventory. In September, domestic electrolytic nickel production increased, and export profitability shrank. The demand side had reduced ternary production, increased stainless - steel mill production, and stable alloy and electroplating demand. Considering inventory changes and external factors like the Fed's interest - rate cut expectations and Indonesian unrest, nickel prices are expected to fluctuate widely. It is recommended to wait and see [2]. - For stainless steel, on September 2nd, the stainless - steel main - contract fluctuated at a high level, with reduced trading volume and open interest. The spot market had better low - price trading, and basis premium decreased. The inventory in the Shanghai Futures Exchange increased, and the social inventory of 300 - series stainless steel decreased last week. The supply side will see increased stainless - steel production in September. The demand side has weak terminal demand, while the cost side has rising high - grade ferronickel and high - carbon ferrochrome prices. Given the large impact of macro - sentiment, although the fundamentals are loose, cost provides support, so stainless - steel prices are expected to fluctuate within a range. It is also recommended to wait and see [2]. 3. Summary by Related Content Nickel Market - **Futures Market**: The closing prices of nickel futures contracts (near - month, continuous - one, continuous - two, continuous - three) decreased compared to the previous day. The trading volume of Shanghai nickel decreased by 43,115 hands to 128,782 hands, and the open interest decreased by 1,201 hands to 90,762 hands. The LME 3 - month nickel price fell 1.29%. The price difference between near - month and far - month contracts and the basis between spot and futures changed [2]. - **Spot Market**: The average prices of various nickel products (nickel beans, electrolytic nickel, ferronickel, etc.) mostly decreased. The premium of 1 Jinchuan nickel to the Shanghai nickel contract decreased, while the premium of 1 imported nickel (Russian nickel) remained stable [2]. - **Inventory**: The inventory in the Shanghai Futures Exchange increased, the LME nickel inventory increased, the social inventory of pure nickel decreased by 1,402 tons, and the inventory in the Shanghai bonded area remained unchanged [2]. - **Industry News**: In August, the wholesale sales of new - energy passenger vehicles in China reached 1.3 million, a year - on - year increase of 24%. Greenmei stated that its nickel project in Indonesia was operating normally without being affected by local unrest. The Indonesian nickel ore association reported that the nickel price in this cycle decreased compared to the previous one, with the September 1st nickel ore reference price (HMA) set at $14,999.64 per kiloton, lower than the previous cycle. Some nickel products' prices showed different trends, with the MHP price rising significantly [2]. Stainless - Steel Market - **Futures Market**: The closing prices of stainless - steel futures contracts (near - month, continuous - one, continuous - two, continuous - three) had different changes. The trading volume of the Shanghai stainless - steel main - contract decreased by 34,264 hands to 130,629 hands, and the open interest decreased by 9,528 hands to 91,035 hands [2]. - **Spot Market**: The average prices of various stainless - steel products (304 series, 316 series, etc.) had different changes, with some prices rising and some remaining stable. The basis between the 304/2B coil (Wuxi) average price and the active contract decreased by 10 [2]. - **Inventory**: The inventory in the Shanghai Futures Exchange increased, and the social inventory of stainless - steel decreased by 3,200 tons. Among them, the inventory of 200 - series stainless steel increased by 2,400 tons, the inventory of 300 - series decreased by 3,300 tons, and the inventory of 400 - series decreased by 2,300 tons [2]. - **Supply and Demand**: In September, stainless - steel production is expected to increase, but terminal demand is weak. The cost side has rising high - grade ferronickel and high - carbon ferrochrome prices [2].

Industry Investment Rating No relevant content provided. Core Views - Short - term nickel prices will mainly show a volatile trend, are easily affected by macro - sentiment, but the supply surplus pattern remains unchanged with limited upside potential [3] - Stainless steel prices show signs of stopping decline and rebounding in the short term due to eight - week consecutive inventory decline, rising raw material costs, and macro news. However, terminal demand has not recovered, production is still likely to increase, and prices are expected to maintain a volatile trend [4][5] Summary by Related Catalogs Nickel Variety Market Analysis - On September 1, 2025, the main nickel contract 2509 opened at 122,110 yuan/ton and closed at 123,450 yuan/ton, a 1.77% change from the previous trading day's close. The trading volume was 171,897 lots, and the open interest was 91,963 lots [1] - In the futures market, the main nickel contract showed a high - level narrow - range oscillation at night and closed slightly higher at the end. During the day session, it strengthened continuously due to the Jakarta strike in Indonesia and macro factors, reaching a maximum of 123,620 yuan/ton [2] - In the nickel ore market, it was mainly in a wait - and - see state during the day, and prices remained stable. Domestic and Indonesian 1.3% nickel ore resources could be traded at CIF 42. In the Philippines, mine quotes were firm, and the shipping efficiency was okay. In Indonesia, the nickel ore market supply was relatively loose, and the September (Phase 1) domestic trade benchmark price decreased by 0.2 - 0.3 dollars [2] - In the spot market, Jinchuan Group's Shanghai market sales price was 125,500 yuan/ton, a 2,100 - yuan increase from the previous trading day. Due to the sharp price increase, the spot trading of refined nickel was average, and the premium and discount remained stable [2] Strategy - Short - term nickel price strategy: mainly conduct range operations for the single - side strategy; no operations for cross - period, cross - variety, spot - futures, and options [3] Stainless Steel Variety Market Analysis - On September 1, 2025, the main stainless steel contract 2509 opened at 12,830 yuan/ton and closed at 12,950 yuan/ton. The trading volume was 164,893 lots, and the open interest was 100,563 lots [3] - In the futures market, the main stainless steel contract was weak at night, oscillating narrowly in the range of 12,770 - 12,860 yuan/ton. During the day session, it rose rapidly due to the news of unrest in Indonesia, reaching a maximum of 12,970 yuan/ton [3] - In the spot market, although there was news in the morning that a large steel mill restricted the sales of steel coils, the downstream terminals' acceptance of high - priced goods was still limited. With the sharp rise in the futures market, the increase in spot quotes failed to keep up with the futures, but market inquiries and procurement activities improved, and the trading situation was relatively ideal [3] Strategy - Stainless steel price strategy: neutral for the single - side strategy; no operations for cross - period, cross - variety, spot - futures, and options [5]

1. Report Industry Investment Rating - No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The price of nickel ore is stable. The weekly inventory of stainless steel decreased slightly, but the supply increased, and the inventory pressure may become apparent. With the rising price of raw materials, the cost support for stainless steel has strengthened. In the new energy sector, the demand for ternary materials is gradually increasing, and the willingness of downstream enterprises to stock up may increase. The supply of raw materials is relatively tight, and the price of nickel sulfate may continue to rise. The weekly inventory of primary nickel decreased, and the cumulative consumption in China from January to July increased by nearly 50% year - on - year. Previously, the nickel price basically fluctuated within a range. The weekly nickel price rebounded to the center of the range. With the marginal improvement of nickel iron and the new energy sector, the nickel price may still fluctuate strongly [4]. 3. Summary According to the Directory 3.1 Price - Monthly prices: The price of Shanghai nickel remained flat, while LME nickel rose 2.1%. The prices of nickel iron and nickel sulfate both increased. The spot price of stainless steel rose this month, and the spot premium increased by 200 yuan/ton to 395 yuan/ton [6][60]. 3.2 Inventory - For nickel: The LME inventory decreased by 54 tons to 209,544 tons within the week; the Shanghai nickel inventory decreased by 108 tons to 21,905 tons; the social inventory decreased by 1,402 tons to 39,470 tons; and the bonded area inventory remained at 4,700 tons. - For stainless steel: The total social inventory of 89 warehouses in the national mainstream stainless - steel market decreased by 0.88 tons to 108.3 tons week - on - week, among which the 300 - series inventory decreased by 0.4 tons to 65.4 tons [4][66]. 3.3 Supply - **Nickel - related supply**: In July 2025, China's apparent consumption of refined nickel was 29,900 tons, a month - on - month decrease of 5.98% and a year - on - year increase of 14.89%. From January to July 2025, the cumulative apparent consumption of domestic refined nickel was 229,500 tons, a year - on - year increase of 46.14%. The supply of MHP was tight, the coefficient increased significantly, the cost of nickel sulfate strengthened, the demand increased, and the price rose. The supply of stainless - steel is expected to increase month - on - month [4][21]. - **Stainless - steel supply**: The domestic supply of stainless steel is expected to increase month - on - month, and the overseas supply, represented by Indonesia, is also shown through relevant capacity and output data [73][76]. 3.4 Demand - **Nickel demand in different sectors**: - **Stainless steel**: The theoretical profit decreased due to the rising price of raw materials and the falling price of finished products. - **New energy**: The weekly output of ternary materials increased by 102 tons to 16,667 tons, and the inventory increased by 321 tons to 17,617 tons. The weekly output of power cells increased by 5% to 23.86 GWh, among which lithium - iron phosphate cells increased by 7% to 18.03 GWh, and ternary cells increased by 2% to 6.96 GWh. From August 1 - 24, the retail sales of new - energy passenger vehicles in China reached 727,000, a year - on - year increase of 6% and a month - on - month increase of 7%. The wholesale volume was 711,000, a year - on - year increase of 11% and a month - on - month increase of 3% [4]. - **Stainless - steel consumption**: It is related to various industries such as real estate, home appliances (air conditioners, refrigerators, washing machines), automobiles, ships, and power - generation equipment. For example, the real - estate data shows the current situation of investment, construction, and sales, which affects the demand for stainless steel [83][84]. 3.5 Supply - Demand Balance - The supply - demand balance of primary nickel and nickel sulfate is presented through relevant charts, and the supply - demand balance of stainless steel is also shown through a balance sheet [56][92].

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Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The supply surplus pattern of nickel remains unchanged, and with the cost approaching, nickel prices are expected to fluctuate in the short - term, being easily affected by macro news [3]. - For stainless steel, although the demand in the traditional peak season has not shown explosive growth, the social inventory has decreased for 7 consecutive weeks. Affected by the increasing expectation of the Fed's interest rate cut and rising raw material prices, the price may stop falling and rebound [4]. 3. Market Analysis Nickel - **Futures**: On August 28, 2025, the main contract of Shanghai nickel 2510 opened at 121,220 yuan/ton and closed at 120,990 yuan/ton, down 0.69% from the previous trading day. It fluctuated weakly around the 20 - day moving average, with a daily fluctuation range of 930 yuan/ton, 40% smaller than the previous day. Affected by the 0.26% decline of LME Nickel 3 to $15,240/ton, Shanghai nickel followed the decline, but the decline was smaller than that of the external market [1]. - **Nickel Ore**: The nickel ore market is mainly in a wait - and - see state, and the price remains stable. In September, 1.3% nickel ore resources in China and Indonesia CIF42 have completed transactions. The mine - end quotation in the Philippines remains firm. The new transaction price of downstream nickel iron is 950 yuan/nickel (including tax at the hatch bottom), and the bullish sentiment is strengthening. The domestic trade benchmark price of nickel ore in Indonesia in September (Phase I) is expected to drop by $0.2 - 0.3, and the premium is expected to remain at +24. The current supply of nickel ore is relatively loose, and Indonesian iron plants mostly stock up as needed [1]. - **Spot**: Jinchuan Group's sales price in the Shanghai market is 122,900 yuan/ton, down 1,600 yuan/ton from the previous trading day. The spot market transaction of refined nickel has improved, and the premium of each brand of refined nickel has been slightly adjusted down. The previous trading day's Shanghai nickel warehouse receipt volume was 22,013 (- 12.0) tons, and the LME nickel inventory was 209,676 (456) tons [2]. Stainless Steel - **Futures**: On August 28, 2025, the main contract of stainless steel 2510 opened at 12,825 yuan/ton and closed at 12,850 yuan/ton, down 0.19%. It showed the characteristics of falling price, shrinking volume, and a stalemate between long and short positions. The daily fluctuation range was only 105 yuan/ton, 30% smaller than the previous day. The trading volume decreased by about 13,000 lots, and the open interest decreased by 1,188 lots, indicating a decline in market activity [3]. - **Spot**: As the futures market is still in the bottom - building process, the spot market is also weakening, and the spot quotation has been adjusted down. However, the downstream is in a wait - and - see state, and the transaction situation has not improved. The stainless steel price in the Wuxi market is 13,025 yuan/ton, and in the Foshan market is also 13,025 yuan/ton. The premium of 304/2B is 320 - 470 yuan/ton [3]. 4. Strategy Nickel - **Supply - demand situation**: The supply surplus pattern remains unchanged, and the cost is approaching. In the short term, nickel prices are mainly in a fluctuating market and are easily affected by macro news. - **Trading strategy**: For unilateral trading, it is mainly range - bound operation; there are no strategies for inter - period, cross - variety, spot - futures, and options trading [3]. Stainless Steel - **Supply - demand situation**: Although the demand in the traditional peak season has not shown explosive growth, the social inventory has decreased for 7 consecutive weeks. Affected by the increasing expectation of the Fed's interest rate cut and rising raw material prices, the price may stop falling and rebound. - **Trading strategy**: For unilateral trading, it is mainly range - bound operation; there are no strategies for inter - period, cross - variety, spot - futures, and options trading [4].

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - On August 28, the main contract of Shanghai nickel fluctuated at a low level, with the trading volume decreasing and the open interest decreasing. The spot market trading was weak, and the basis premium narrowed. The pure nickel fundamentals are loose, and the Fed's interest - rate cut expectations are volatile. It is expected that the nickel price will fluctuate within a range. It is recommended to wait and see [2]. - On August 27, the main contract of stainless steel fluctuated within a range, with the trading volume increasing and the open interest decreasing. The spot market trading was weak, and the basis premium narrowed. Currently, the impact of macro - sentiment is relatively large. Although the fundamentals are loose, it takes time for the price to return to the fundamentals and there is cost support. It is expected that the price will still fluctuate with the macro - environment. It is recommended to wait and see [2]. Summary by Related Content Nickel Market - **Price and Trading Volume**: On August 28, the Shanghai nickel main contract had a low - level oscillation. The trading volume was 129,831 lots (- 67,021), and the open interest was 92,205 lots (- 6,698). LME nickel rose 1.12%. The spot market trading was weak, and the basis premium decreased [2]. - **Supply Side**: Nickel ore prices remained flat. Last week, the arrival volume of nickel ore increased, and port inventories were replenished. The loss of nickel - iron plants narrowed. In August, domestic production decreased, while production in Indonesia increased, leading to nickel - iron accumulation. In August, domestic electrolytic nickel production increased, and export profits decreased [2]. - **Demand Side**: Ternary material production increased; stainless - steel plant production increased; alloy and electroplating demand remained stable [2]. - **Inventory**: SHFE inventory decreased, LME inventory increased, social inventory decreased, and bonded - area inventory remained unchanged [2]. Stainless Steel Market - **Price and Trading Volume**: On August 27, the stainless - steel main contract oscillated within a range. The trading volume was 128,526 lots (+ 25,799), and the open interest was 12,804 lots (- 5,355). The spot market trading was weak, and the basis premium decreased [2]. - **Supply Side**: In August, stainless - steel production increased [2]. - **Demand Side**: Terminal demand was weak [2]. - **Cost**: High - nickel pig iron prices rose, and high - carbon ferrochrome prices rose [2]. - **Inventory**: SHFE inventory decreased, and last week, the 300 - series social inventory was 62,600 tons (+ 8,500) [2]. Industry News - On August 27, at the "Stakeholder Engagement in the Nickel Industry's Decarbonization Roadmap" FGD held by the Indonesian Metal and Mining Entrepreneurs Association, illegal mining was the core focus. The Indonesian Nickel Mining Association pointed out that there are still loopholes in relevant regulations that need to be coordinated with ESG standards of some institutions [2].