1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Since this month, affected by factors such as steel mills controlling shipment volume, tight supply of hot - rolled resources, and political unrest in Indonesia, stainless - steel futures prices have fluctuated significantly. Overall, market sentiment is optimistic, raising expectations for stainless steel. However, actual consumption in August was still weak, and dealers' shipment pace was stable, suppressing further price increases. Under the current mature spot - futures business model, a slight deviation of the basis from reality can create arbitrage opportunities for traders. Therefore, before actual demand improves significantly, stainless - steel valuations are expected to remain low. Attention should be paid to the actual release of demand during the traditional peak season and the political stability in Indonesia. Currently, market driving factors are limited, and stainless - steel prices are expected to show a slightly stronger oscillating trend [11][12]. 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Market Data**: On September 5th, the average price of cold - rolled stainless - steel coils in Wuxi was 13,150 yuan/ton, a month - on - month increase of 0.38%; the ex - factory price of 7% - 10% nickel - iron in Shandong was 945 yuan/nickel, a month - on - month increase of 0.53%; the average price of scrap stainless steel was 9,200 yuan/ton, a month - on - month increase of 1.08%. The closing price of the stainless - steel main contract on Friday afternoon was 12,915 yuan/ton, a month - on - month increase of 0.51% [11][16]. - **Supply**: In August, the domestic cold - rolled stainless - steel production plan was 1.4685 million tons. In July, the crude - steel output was 2.8241 million tons, a month - on - month decrease of 47,000 tons, with a cumulative year - on - year increase of 6.48% from January to July. In July, the estimated crude - steel output of 300 - series stainless steel was 1.4039 million tons, a month - on - month decrease of 1.56%; in August, the cold - rolled output of 300 - series was 793,500 tons, a month - on - month increase of 12.38% [11][26][29]. - **Demand**: From January to July 2024, the domestic commercial housing sales area was 515.5977 billion square meters, a year - on - year decrease of 4.00%; in July, the single - month commercial housing sales area was 57.0922 billion square meters, a year - on - year decrease of 8.40%. In July, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 3%, 5%, 1.5%, and 2.4% respectively; the cumulative year - on - year growth rate of the fuel processing industry in July was +16.3% [11][39][42]. - **Inventory**: This week, the total social inventory of stainless steel was 1.083 million tons, a month - on - month decrease of 0.81%; the inventory of futures warehouse receipts this week was 99,700 tons, a decrease of 688 tons from last week. This week, the social inventories of 200/300/400 - series stainless steel were 193,900 tons, 654,500 tons, and 234,500 tons respectively, with the 300 - series inventory decreasing by 0.63% month - on - month. This week, the floating inventory of stainless steel was 42,200 tons, a month - on - month decrease of 1.30%, and the unloading volume was 48,900 tons, a month - on - month decrease of 44.78% [11][49][52]. - **Cost**: This week, the ex - factory price of 7% - 10% nickel - iron in Shandong was 945 yuan/nickel, unchanged from last week. Ironworks in Fujian are currently losing 81 yuan/nickel [11][59]. 3.2 Spot - Futures Market - **Price Changes**: On September 5th, the average price of cold - rolled stainless - steel coils in Wuxi was 13,150 yuan/ton, a month - on - month increase of 0.38%; the ex - factory price of 7% - 10% nickel - iron in Shandong was 945 yuan/nickel, a month - on - month increase of 0.53%; the average price of scrap stainless steel was 9,200 yuan/ton, a month - on - month increase of 1.08%. The closing price of the stainless - steel main contract on Friday afternoon was 12,915 yuan/ton, a month - on - month increase of 0.51% [16]. - **Market Quotes**: The market quotation of Foshan Delong refers to a premium of about - 15 yuan (+35) over the main contract; the market quotation of Wuxi Hongwang refers to a premium of about 35 yuan (- 5) over the main contract. The open interest on the futures market was 267,609 lots, a month - on - month increase of 0.21% [19]. - **Month - to - Month Spread**: The spread between consecutive contracts 1 and 2 was reported at - 70 (+0), and the spread between consecutive contracts 1 and 3 was reported at - 115 (+10) [22]. 3.3 Supply Side - **Domestic Production**: In August, the domestic cold - rolled stainless - steel production plan was 1.4685 million tons. In July, the crude - steel output was 2.8241 million tons, a month - on - month decrease of 47,000 tons, with a cumulative year - on - year increase of 6.48% from January to July. In July, the estimated crude - steel output of 300 - series stainless steel was 1.4039 million tons, a month - on - month decrease of 1.56%; in August, the cold - rolled output of 300 - series was 793,500 tons, a month - on - month increase of 12.38% [26][29]. - **Indonesian Production and Imports**: In July, the estimated monthly output of stainless steel in Indonesia was 380,000 tons, a month - on - month increase of 5.56%. In July, China's imports of stainless steel from Indonesia reached 46,200 tons, a month - on - month decrease of 46.09% [32]. - **Export Situation**: In July, the net export volume of stainless steel was 343,200 tons, a month - on - month increase of 22.37% and a year - on - year increase of 20.57%. From January to July, the cumulative net export volume was 1.0809 million tons, a 65.78% increase compared to the same period last year [35]. 3.4 Demand Side - **Real Estate**: From January to July 2024, the domestic commercial housing sales area was 515.5977 billion square meters, a year - on - year decrease of 4.00%; in July, the single - month commercial housing sales area was 57.0922 billion square meters, a year - on - year decrease of 8.40% [39]. - **Home Appliances**: In July, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 3%, 5%, 1.5%, and 2.4% respectively [42]. - **Fuel Processing Industry**: The cumulative year - on - year growth rate of the fuel processing industry in July was +16.3% [42]. - **Other Industries**: In July, the output of elevators, escalators, and lifts was 115,000 units, a month - on - month decrease of 16.06% and a year - on - year decrease of 2.54%. In July, the automobile sales volume was 2.5934 million units, a month - on - month decrease of 10.71% and a year - on - year increase of 14.66% [45]. 3.5 Inventory - **Total Inventory**: This week, the total social inventory of stainless steel was 1.083 million tons, a month - on - month decrease of 0.81%; the inventory of futures warehouse receipts this week was 99,700 tons, a decrease of 688 tons from last week [49]. - **Inventory by Series**: This week, the social inventories of 200/300/400 - series stainless steel were 193,900 tons, 654,500 tons, and 234,500 tons respectively, with the 300 - series inventory decreasing by 0.63% month - on - month. This week, the floating inventory of stainless steel was 42,200 tons, a month - on - month decrease of 1.30%, and the unloading volume was 48,900 tons, a month - on - month decrease of 44.78% [52]. 3.6 Cost Side - **Nickel Ore**: In July, the nickel - ore import volume was 5.0058 million wet tons, a month - on - month increase of 15.44% and a year - on - year increase of 45.19%. Currently, the quoted price of nickel ore with 1.5% Ni is 56.0 US dollars per wet ton, and the port inventory is 12.5982 million wet tons, a month - on - month increase of 4.48% [56]. - **Nickel Iron**: This week, the ex - factory price of 7% - 10% nickel - iron in Shandong was 945 yuan/nickel, unchanged from last week. Ironworks in Fujian are currently losing 81 yuan/nickel [59]. - **Chromium - Iron Chain**: This week, the quoted price of chrome ore was 56.5 yuan per dry ton, an increase of 0.5 yuan per dry ton compared to last week; the quoted price of high - carbon ferrochrome was 8,400 yuan per 50 - base ton, an increase of 200 yuan per 50 - base ton compared to last week. In July, the output of high - carbon ferrochrome was 801,400 tons, a month - on - month increase of 3.38% [62]. - **Production Profit**: The current gross profit of the self - produced high - nickel - iron production line is - 535 yuan per ton, with a profit margin of - 3.91% [65].

Core Viewpoint - The launch of the "Foundation Service" initiative for the resource recycling industry in Liaoning aims to establish it as a strategic pillar industry with distinct regional characteristics, promoting green and low-carbon industrial development [1] Group 1: Event Overview - The "Foundation Service" initiative was officially launched on August 27 in Shenyang, organized by the Provincial Department of Industry and Information Technology [1] - The Liaoning Resource Recycling Association was inaugurated during the event, signing agreements with various organizations including the China Circular Economy Association and Northeast University [1] Group 2: Strategic Goals - The initiative focuses on enhancing the resource recycling industry by building a solid foundation, creating platforms, aggregating resources, and strengthening services [1] - The provincial government aims to leverage the "dual carbon" goals, emphasizing the recycling of materials such as scrap steel, stainless steel, aluminum, copper, and used batteries [1] Group 3: Future Plans - The association will serve as a bridge for government-enterprise cooperation, an exchange platform for industry connections, a base for technological innovation, and a training center for talent development [1] - The full lifecycle management of the recycling industry will be implemented, covering the entire chain from waste generation to recycling, processing, and reuse [1]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The current stainless - steel price shows a range - bound oscillatory trend, and market sentiment is easily affected by policy factors. Considering the interweaving of long and short factors, it is expected that the spot prices of 304 hot - and cold - rolled stainless steel will maintain an oscillatory pattern in the short term [12][13]. - The market trading atmosphere was generally weak this week. Only at the beginning of the week, driven by a short - term rise in futures prices, did market inquiries and trading show a slight improvement. As the market trend oscillated downward, the market's wait - and - see sentiment significantly increased, and the procurement pace of traders and downstream industries slowed down notably. High - priced resources were particularly difficult to sell [12][13]. - On the supply side, leading steel mills continued to use the goods - distribution model to regulate market supply, effectively avoiding the impact of concentrated arrivals on the market. On the demand side, it is currently the traditional off - season for demand. The actual steel demand in major downstream industries such as building decoration and home appliance manufacturing is relatively weak. Most end - users maintain a cautious procurement strategy, with no signs of concentrated restocking or inventory hoarding, and a strong resistance to high - priced resources. Market demand shows no obvious signs of improvement [12][13]. 3. Summary According to the Directory 3.1. Weekly Evaluation and Strategy Recommendation - **Weekly Key Points Summary**: - **Futures and Spot Market**: On August 15th, the average price of cold - rolled stainless - steel coils in Wuxi was reported at 13,100 yuan/ton, a month - on - month decrease of 0.38%. The ex - factory price of 7% - 10% nickel - iron in Shandong was 925 yuan/nickel, a month - on - month increase of 0.54%. The average price of scrap stainless steel was 9,250 yuan/ton, a month - on - month increase of 0.54%. The closing price of the stainless - steel main contract on Friday afternoon was 13,010 yuan/ton, a month - on - month increase of 0.19% [12][19]. - **Supply**: In August, the domestic cold - rolled stainless - steel production schedule was 1.4685 million tons. In July, the crude - steel output was 2.8241 million tons, a month - on - month decrease of 47,000 tons, and the cumulative year - on - year increase from January to July was 6.48%. According to MYSTEEL sample statistics, the estimated crude - steel output of 300 - series stainless steel in July reached 1.4039 million tons, a month - on - month decrease of 1.56%. The cold - rolled output of 300 - series stainless steel in July was 793,500 tons, a month - on - month increase of 12.38% [12][30][33]. - **Demand**: From January to July 2024 in China, the commercial housing sales area was 515.6 million square meters, a year - on - year decrease of 4.00%. In July alone, the commercial housing sales area was 57.0945 million square meters, a year - on - year decrease of 8.40%. In June, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 18.9%, 4.8%, 3%, and 16.5% respectively. The cumulative year - on - year growth rate of the fuel processing industry in June was +14.4% [12][44][47]. - **Inventory**: This week, the total social inventory of stainless steel was 1.0789 million tons, a month - on - month decrease of 2.48%. The inventory of futures warrants this week was 103,300 tons, an increase of 294 tons from last week. The social inventories of 200 - series, 300 - series, and 400 - series stainless steel this week were 198,900 tons, 644,500 tons, and 235,600 tons respectively, among which the inventory of 300 - series stainless steel decreased by 1.99% month - on - month. The floating inventory of stainless steel this week was 59,900 tons, a month - on - month increase of 58.02%, and the unloading volume was 65,200 tons, a month - on - month decrease of 34.66% [12][55][58]. - **Cost**: This week, the ex - factory price of 7% - 10% nickel - iron in Shandong was 930 yuan/nickel, an increase of 5 yuan/nickel from last week. Ironworks in Fujian are currently operating at a loss of 101 yuan/nickel [12][66]. - **Trading Strategy Suggestion**: Both unilateral and arbitrage strategies recommend a wait - and - see approach [14]. 3.2. Futures and Spot Market - The average price of cold - rolled stainless - steel coils in Wuxi on August 15th was 13,100 yuan/ton, a month - on - month decrease of 0.38%. The ex - factory price of 7% - 10% nickel - iron in Shandong was 925 yuan/nickel, a month - on - month increase of 0.54%. The average price of scrap stainless steel was 9,250 yuan/ton, a month - on - month increase of 0.54%. The closing price of the stainless - steel main contract on Friday afternoon was 13,010 yuan/ton, a month - on - month increase of 0.19% [12][19]. - The market quotation in Foshan Delong was about 210 yuan lower than the main contract (-7), and the market quotation in Wuxi Hongwang was about 110 yuan lower than the main contract (+3). The market position was 245,091 lots, a month - on - month increase of 3.91% [22]. - In terms of monthly spreads, the spread between consecutive contracts 1 and 2 was reported at - 75 (-10), and the spread between consecutive contracts 1 and 3 was reported at - 135 (-25) [25]. 3.3. Supply Side - In August, the domestic cold - rolled stainless - steel production schedule was 1.4685 million tons. In July, the crude - steel output was 2.8241 million tons, a month - on - month decrease of 47,000 tons, and the cumulative year - on - year increase from January to July was 6.48% [12][30]. - According to MYSTEEL sample statistics, the estimated crude - steel output of 300 - series stainless steel in July reached 1.4039 million tons, a month - on - month decrease of 1.56%. The cold - rolled output of 300 - series stainless steel in July was 793,500 tons, a month - on - month increase of 12.38% [12][33]. - It is estimated that the monthly stainless - steel output in Indonesia in July was 380,000 tons, a month - on - month increase of 5.56%. In June, China's imports of stainless steel from Indonesia reached 85,600 tons, a month - on - month decrease of 13.72% [36]. - In June, the net export volume of stainless steel was 280,500 tons, a month - on - month decrease of 9.89% and a year - on - year decrease of 12.24%. From January to June, the cumulative net export volume was 1.0809 million tons, a 65.78% increase compared to the same period last year [39]. 3.4. Demand Side - From January to July 2024 in China, the commercial housing sales area was 515.6 million square meters, a year - on - year decrease of 4.00%. In July alone, the commercial housing sales area was 57.0945 million square meters, a year - on - year decrease of 8.40% [12][44]. - In June, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 18.9%, 4.8%, 3%, and 16.5% respectively. The cumulative year - on - year growth rate of the fuel processing industry in June was +14.4% [12][47]. - In June, the output of elevators, escalators, and lifts was 137,000 units, a month - on - month increase of 10.48% and a year - on - year decrease of 6.16%. In July, the automobile sales volume was 2.5934 million units, a month - on - month decrease of 10.71% and a year - on - year increase of 14.66% [50]. 3.5. Inventory - This week, the total social inventory of stainless steel was 1.0789 million tons, a month - on - month decrease of 2.48%. The inventory of futures warrants this week was 103,300 tons, an increase of 294 tons from last week [12][55]. - The social inventories of 200 - series, 300 - series, and 400 - series stainless steel this week were 198,900 tons, 644,500 tons, and 235,600 tons respectively, among which the inventory of 300 - series stainless steel decreased by 1.99% month - on - month. The floating inventory of stainless steel this week was 59,900 tons, a month - on - month increase of 58.02%, and the unloading volume was 65,200 tons, a month - on - month decrease of 34.66% [12][58]. 3.6. Cost Side - In June, the nickel - ore import volume was 4.3466 million wet tons, a month - on - month increase of 10.79% and a year - on - year decrease of 8.47%. Currently, the quoted price for Ni:1.5% nickel ore is 56.0 US dollars/wet ton, and the port inventory is 10.9516 million wet tons, a month - on - month increase of 5.98% [63]. - This week, the ex - factory price of 7% - 10% nickel - iron in Shandong was 930 yuan/nickel, an increase of 5 yuan/nickel from last week. Ironworks in Fujian are currently operating at a loss of 101 yuan/nickel [66]. - This week, the quoted price for chrome ore was 55 yuan/dry ton, the same as last week. The quoted price for high - carbon ferrochrome was 8,000 yuan/50 - base tons, an increase of 100 yuan/50 - base tons from last week. In July, the output of high - carbon ferrochrome was 801,400 tons, a month - on - month increase of 3.38% [69]. - The current gross profit of the self - produced high - nickel - iron production line is - 665 yuan/ton, with a profit margin of - 4.83%. As downstream consumption sentiment warms up, the situation of steel mills has improved [72].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In July, with the continuous fermentation of the "anti - involution" sentiment, the volatility of the commodity market increased significantly, and the stainless - steel market was also boosted, starting a small upward trend, reaching the high point after the unexpected tariff fermentation in early April. However, it is still in the traditional off - season, and downstream enterprises mainly make rigid - demand purchases. The effect of steel mill production cuts on improving the supply - demand contradiction is limited. [11][12] - Policy incentives have stimulated the speculative demand of traders, accelerating inventory digestion. Since downstream inventories are at a low level, market sentiment has improved, consumer enterprises' willingness to replenish inventories has increased, and steel mills' order acceptance in August is good. [11][12] - Looking forward to August, with the continuation of the "anti - involution" sentiment, the overall pessimism in the industrial chain has eased. The stocking demand for the "Golden September and Silver October" may be released in advance, and the upstream and downstream may form a virtuous cycle, with steel mills' profits expected to recover. Additionally, the 90 - day postponement of the effective time for the resumption of Sino - US tariffs may boost stainless - steel exports and relieve the pressure on domestic sales. [11][12] - Overall, the market still needs to further observe whether terminal consumption has truly recovered and whether the situation of "insufficient effective demand" can be improved. [11][12] 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - **Price Changes**: On August 8, the average price of cold - rolled stainless - steel coils in Wuxi was reported at 13,050 yuan/ton, a month - on - month increase of 1.16%; the ex - factory price of 7% - 10% ferronickel in Shandong was 920 yuan/nickel, a month - on - month increase of 1.10%; the average price of scrap stainless steel was 9,250 yuan/ton, a month - on - month decrease of 0.54%. The closing price of the stainless - steel main contract on Friday afternoon was 13,000 yuan/ton, a month - on - month increase of 1.52%. [11][16] - **Supply**: In June, the estimated production of 300 - series stainless - steel crude steel was 1.4262 million tons, a month - on - month decrease of 2.40%; the production of 300 - series cold - rolled steel was 706,100 tons, a month - on - month increase of 1.07%. [11][30] - **Demand**: From January to June 2024 in China, the commercial housing sales area was 458.5055 million square meters, a year - on - year decrease of 3.50%. In June alone, the commercial housing sales area was 105.3536 million square meters, a year - on - year decrease of 6.55%. In June, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 18.9%, 4.8%, 3%, and 16.5% respectively. The cumulative year - on - year growth rate of the fuel processing industry in June was + 14.4%. [11][40][43] - **Inventory**: This week, the total social inventory of stainless steel was 1.1063 million tons, a month - on - month decrease of 0.44%; the inventory of futures warehouse receipts was 103,000 tons, a decrease of 3 tons from last week. The social inventories of 200/300/400 - series stainless steel this week were 213,100 tons, 657,600 tons, and 235,600 tons respectively, with the 300 - series inventory decreasing by 2.82% month - on - month. The floating inventory of stainless steel this week was 37,900 tons, a month - on - month decrease of 12.18%, and the unloading volume was 99,700 tons, a month - on - month increase of 30.24%. [11][50][53] - **Cost**: This week, the ex - factory price of 7% - 10% ferronickel in Shandong was 925 yuan/nickel, an increase of 10 yuan/nickel from last week. Iron plants in Fujian are currently losing 106 yuan/nickel. [11][60] 3.2 Futures and Spot Market - **Price and Basis**: On August 8, the average price of cold - rolled stainless - steel coils in Wuxi was 13,050 yuan/ton, a month - on - month increase of 1.16%; the ex - factory price of 7% - 10% ferronickel in Shandong was 920 yuan/nickel, a month - on - month increase of 1.10%; the average price of scrap stainless steel was 9,250 yuan/ton, a month - on - month decrease of 0.54%. The closing price of the stainless - steel main contract on Thursday afternoon was 13,000 yuan/ton, a month - on - month increase of 1.52%. The basis was - 150 yuan/ton. [11][16] - **Market Quotations and Positions**: The market quotation of Foshan Delong refers to a premium of about - 250 yuan (+1) over the main contract; the market quotation of Wuxi Hongwang refers to a premium of about - 150 yuan (+51) over the main contract. The open interest on the futures market was 235,870 lots, a month - on - month increase of 15.68%. [20] - **Spread**: The spread between contract 1 and contract 2 was reported at - 50 (+0), and the spread between contract 1 and contract 3 was reported at - 80 (+20). [23] 3.3 Supply Side - **Domestic Production**: In July, the domestic cold - rolled stainless - steel production plan was 1.5001 million tons. The crude steel production in July was 2.8711 million tons, a month - on - month decrease of 145,900 tons, and the cumulative year - on - year increase from January to July was 6.48%. [27] - **300 - Series Production**: In June, the estimated production of 300 - series stainless - steel crude steel was 1.4262 million tons, a month - on - month decrease of 2.40%; the production of 300 - series cold - rolled steel was 706,100 tons, a month - on - month increase of 1.07%. [30] - **Indonesian Production and Imports**: In June, the estimated monthly production of stainless steel in Indonesia was 360,000 tons, with no month - on - month change; China's imports of stainless steel from Indonesia reached 85,600 tons in June, a month - on - month decrease of 13.72%. [33] - **Export Situation**: In June, the net export volume of stainless steel was 280,500 tons, a month - on - month decrease of 9.89% and a year - on - year decrease of 12.24%. From January to June, the cumulative net export was 1.0809 million tons, a 65.78% increase compared with the same period last year. [36] 3.4 Demand Side - **Real Estate**: From January to June 2024 in China, the commercial housing sales area was 458.5055 million square meters, a year - on - year decrease of 3.50%. In June alone, the commercial housing sales area was 105.3536 million square meters, a year - on - year decrease of 6.55%. [40] - **Home Appliances and Fuel Processing**: In June, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 18.9%, 4.8%, 3%, and 16.5% respectively. The cumulative year - on - year growth rate of the fuel processing industry in June was + 14.4%. [43] - **Other Industries**: In June, the production of elevators, escalators, and lifts was 137,000 units, a month - on - month increase of 10.48% and a year - on - year decrease of 6.16%. The automobile sales volume in June was 2.9045 million units, a month - on - month increase of 8.12% and a year - on - year increase of 13.83%. [46] 3.5 Inventory - **Total and Futures Inventory**: This week, the total social inventory of stainless steel was 1.1063 million tons, a month - on - month decrease of 0.44%; the inventory of futures warehouse receipts was 103,000 tons, a decrease of 3 tons from last week. [50] - **Series Inventory and Port - Related Quantities**: This week, the social inventories of 200/300/400 - series stainless steel were 213,100 tons, 657,600 tons, and 235,600 tons respectively, with the 300 - series inventory decreasing by 2.82% month - on - month. The floating inventory of stainless steel this week was 37,900 tons, a month - on - month decrease of 12.18%, and the unloading volume was 99,700 tons, a month - on - month increase of 30.24%. [53] 3.6 Cost Side - **Nickel Ore**: In June, the nickel ore import volume was 4.3466 million wet tons, a month - on - month increase of 10.79% and a year - on - year decrease of 8.47%. Currently, the price of nickel ore with 1.5% nickel content is 56.0 US dollars/wet ton, and the port inventory is 9.9436 million wet tons, a month - on - month increase of 0.66%. [57] - **Ferronickel**: This week, the ex - factory price of 7% - 10% ferronickel in Shandong was 925 yuan/nickel, an increase of 10 yuan/nickel from last week. Iron plants in Fujian are currently losing 106 yuan/nickel. [60] - **Chromium - Related**: This week, the price of chrome ore was quoted at 55 yuan/dry ton, unchanged from last week; the price of high - carbon ferrochrome was quoted at 7,900 yuan/50 - base tons, an increase of 100 yuan/50 - base tons from last week. In June, the production of high - carbon ferrochrome was 775,200 tons, a month - on - month increase of 6.53%. [63] - **Production Profit**: The current gross profit of the self - produced high - nickel ferronickel production line is - 687 yuan/ton, and the profit margin is - 5%. [66]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The downstream demand and traders' purchasing activities have effectively consumed inventory. Coupled with some steel mills' maintenance and production cuts leading to reduced market arrivals, the national stainless - steel social inventory continued to decline this week. However, the current social inventory level remains high, and the market supply - demand maintains a weak balance. In the spot market, the inventory digestion of Qingxi agents has significantly accelerated, and the inventory pressure has been relieved, but it is mainly speculative restocking by traders. On the raw material side, the nickel - iron price has risen slightly, the market inquiry is active, and the inventory is continuously digested, providing cost support for the stainless - steel price. At the macro level, the warming market sentiment has driven up the overall commodity valuation. It is expected that next week's market will still be mainly driven by sentiment. Driven by the price - increase expectation, the downstream purchasing enthusiasm is expected to increase, thereby accelerating the social inventory digestion and promoting market circulation. Overall, the stainless - steel price is expected to maintain a volatile and slightly stronger trend [11][12]. 3. Summary According to the Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - **Weekly Key Points Summary**: On July 25, the average price of Wuxi stainless - steel cold - rolled coils was 12,900 yuan/ton, a week - on - week increase of 0.78%. The ex - factory price of 7% - 10% nickel - iron in Shandong was 910 yuan/nickel, a week - on - week increase of 0.55%. The average price of scrap stainless steel was 9,150 yuan/ton, a week - on - week increase of 1.67%. The closing price of the stainless - steel main contract on Friday afternoon was 13,030 yuan/ton, a week - on - week increase of 2.40%. In July, the domestic cold - rolled stainless - steel production plan was 1.5001 million tons. In June, the crude - steel output was 2.8711 million tons, a month - on - month decrease of 145,900 tons, and the cumulative year - on - year increase from January to June was 8.11%. In June, the estimated crude - steel output of 300 - series stainless steel was 1.4262 million tons, a month - on - month decrease of 2.40%. In July, the cold - rolled output of 300 - series was 706,100 tons, a month - on - month increase of 1.07%. From January to June 2024, the domestic commercial housing sales area was 458.5055 million square meters, a year - on - year decrease of 3.50%. In June, the single - month commercial housing sales area was 105.3536 million square meters, a year - on - year decrease of 6.55%. In June, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 18.9%, 4.8%, 3%, and 16.5% respectively. In June, the cumulative year - on - year growth rate of the fuel processing industry was +14.4%. This week, the total social inventory of stainless steel was 1.1186 million tons, a week - on - week decrease of 2.54%. The inventory of futures warehouse receipts this week was 103,400 tons, a decrease of 245 tons compared with last week. This week, the social inventories of 200 - series, 300 - series, and 400 - series stainless steel were 202,100 tons, 669,900 tons, and 246,500 tons respectively, among which the 300 - series inventory decreased by 2.55% week - on - week. This week, the floating volume of stainless steel was 51,100 tons, a week - on - week increase of 9.11%, and the unloading volume was 59,400 tons, a week - on - week decrease of 20.55%. This week, the ex - factory price of 7% - 10% nickel - iron in Shandong was 915 yuan/nickel, an increase of 20 yuan/nickel compared with last week, and the ironworks in Fujian were currently losing 116 yuan/nickel [11]. - **Trading Strategy Recommendation**: Both unilateral and arbitrage strategies suggest waiting and seeing [13]. 3.2 Spot and Futures Market - **Price Changes**: On July 25, the average price of Wuxi stainless - steel cold - rolled coils was 12,900 yuan/ton, a week - on - week increase of 0.78%. The ex - factory price of 7% - 10% nickel - iron in Shandong was 910 yuan/nickel, a week - on - week increase of 0.55%. The average price of scrap stainless steel was 9,150 yuan/ton, a week - on - week increase of 1.67%. The closing price of the stainless - steel main contract on Friday afternoon was 13,030 yuan/ton, a week - on - week increase of 2.40% [11][17]. - **Market Premium and Position**: The market quotation of Foshan Delong and Wuxi Hongwang refers to a premium of about - 330 yuan compared with the main contract. The disk position was 235,594 lots, a week - on - week increase of 22.64% [20]. - **Monthly Spread**: The spread between consecutive contracts 1 - 2 was reported at - 30 (+10), and the spread between consecutive contracts 1 - 3 was reported at - 55 (+15) [23]. 3.3 Supply Side - **Domestic Production**: In July, the domestic cold - rolled stainless - steel production plan was 1.5001 million tons. In June, the crude - steel output was 2.8711 million tons, a month - on - month decrease of 145,900 tons, and the cumulative year - on - year increase from January to June was 8.11%. In June, the estimated crude - steel output of 300 - series stainless steel was 1.4262 million tons, a month - on - month decrease of 2.40%. In July, the cold - rolled output of 300 - series was 706,100 tons, a month - on - month increase of 1.07% [11][27][30]. - **Indonesian Production and Imports**: In June, the estimated monthly output of stainless steel in Indonesia was 360,000 tons, a month - on - month increase of 0.00%. In June, China's imports of stainless steel from Indonesia reached 85,600 tons, a month - on - month decrease of 13.72% [33]. - **Export Situation**: In June, the net export volume of stainless steel was 280,500 tons, a month - on - month decrease of 9.89% and a year - on - year decrease of 12.24%. From January to June, the cumulative net export was 1.0809 million tons, a 65.78% increase compared with the same period last year [36]. 3.4 Demand Side - **Real Estate**: From January to June 2024, the domestic commercial housing sales area was 458.5055 million square meters, a year - on - year decrease of 3.50%. In June, the single - month commercial housing sales area was 105.3536 million square meters, a year - on - year decrease of 6.55% [40]. - **Household Appliances and Fuel Processing**: In June, the year - on - year growth rates of refrigerators, household freezers, washing machines, and air conditioners were 18.9%, 4.8%, 3%, and 16.5% respectively. In June, the cumulative year - on - year growth rate of the fuel processing industry was +14.4% [43]. - **Elevators and Automobiles**: In June, the output of elevators, escalators, and lifts was 137,000 units, a month - on - month increase of 10.48% and a year - on - year decrease of 6.16%. In June, the automobile sales volume was 2.9045 million units, a month - on - month increase of 8.12% and a year - on - year increase of 13.83% [46]. 3.5 Inventory - **Total and Futures Inventory**: This week, the total social inventory of stainless steel was 1.1186 million tons, a week - on - week decrease of 2.54%. The inventory of futures warehouse receipts this week was 103,400 tons, a decrease of 245 tons compared with last week [50]. - **Inventory by Series and Arrival Volume**: This week, the social inventories of 200 - series, 300 - series, and 400 - series stainless steel were 202,100 tons, 669,900 tons, and 246,500 tons respectively, among which the 300 - series inventory decreased by 2.55% week - on - week. This week, the floating volume of stainless steel was 51,100 tons, a week - on - week increase of 9.11%, and the unloading volume was 59,400 tons, a week - on - week decrease of 20.55% [53]. 3.6 Cost Side - **Nickel Ore**: In June, the nickel - ore import volume was 4.3466 million wet tons, a month - on - month increase of 10.79% and a year - on - year decrease of 8.47%. Currently, the nickel - ore quotation for Ni:1.5% is 56.0 US dollars/wet ton, and the port inventory is 9.8787 million wet tons, a month - on - month increase of 4.17% [57]. - **Nickel - Iron**: This week, the ex - factory price of 7% - 10% nickel - iron in Shandong was 915 yuan/nickel, an increase of 20 yuan/nickel compared with last week, and the ironworks in Fujian were currently losing 116 yuan/nickel [60]. - **Chromium Ore and Ferrochrome**: This week, the chromium - ore quotation was 54.5 yuan/dry ton, compared with 0 yuan/dry ton last week. The high - carbon ferrochrome quotation was 7,800 yuan/50 - base tons, compared with 0 yuan/50 - base tons last week. In June, the high - carbon ferrochrome output was 775,200 tons, a month - on - month increase of 6.53% [63]. - **Production Margin**: The current gross profit of the self - produced high - nickel - iron production line is - 827 yuan/ton, with a profit margin of - 6.02%. As the downstream consumption sentiment warms up, the situation of steel mills has improved [66].