1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints of the Report - The nickel and stainless - steel markets are expected to maintain a volatile trend in the short term. For nickel, the market is in a state of game between policy and fundamentals, and it will likely remain in a range - bound oscillation. For stainless steel, it will follow the nickel price trend and also maintain an oscillatory state due to the influence of macro and policy factors [1][3][5] 3. Summary by Related Catalogs Nickel Variety Market Analysis - On March 31, 2026, the opening price of the main Shanghai nickel contract was 137,080 yuan/ton, and the closing price was 134,780 yuan/ton, a change of - 0.83% from the previous trading day. The trading volume was 290,411 (- 45,931) lots, and the open interest was 164,700 (- 11,544) lots [1] - The nickel market is in a state of game between policy and fundamentals. Policywise, the Indonesian export tax and nickel ore quota are still uncertain, but they support the price. Fundamentally, on the supply side, the nickel ore shortage continues, and the price of nickel ore is expected to rise. The supply of nickel iron and refined nickel is sufficient, but the cost is stably supported. The production of MHP is hindered, and the price remains strong. On the demand side, the profit of stainless - steel mills has improved, providing stable demand support. In the new - energy sector, the production and sales of new - energy vehicles meet expectations, but it is in the off - season, with limited month - on - month improvement. Ternary batteries contribute a small increase in demand, while downstream enterprises have weak procurement willingness and mainly make rigid - demand purchases [1] Nickel Ore and Spot - According to Mysteel, the premium of Indonesian nickel ore still has room to rise, and the RKAB quota approval progress is slow. The premium of the mainstream pyrometallurgical ore plants is likely to remain stable next month, and some may increase by 1 - 2 dollars/wet ton. The domestic trade ore price still has upward momentum. The price of Philippine nickel ore is weakening, and the traders' quotes are loosening. The 1.3% grade is quoted at 48 - 50 dollars/wet ton, and the CIF receiving price of the 1.4% grade is 71 dollars. Ocean freight may continue to decline, and the cost - side pressure is marginally relieved [2] - The Shanghai nickel price oscillated weakly during the day, and the center of the refined nickel spot price moved slightly downward. The premium of Jinchuan nickel decreased, while that of other brands remained stable, with sufficient overall supply. Market trading became lighter, and downstream enterprises only made rigid - demand purchases, with strong wait - and - see sentiment and insufficient willingness to chase high prices. The implementation of the Indonesian export tax is uncertain, the cost support at the ore end is stable, the domestic refined nickel production is at a high level, and the spot resources are sufficient. The premium of Jinchuan nickel changed by - 1,000 yuan/ton to 3,750 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to - 350 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 57,858 (+ 685) tons, and the LME nickel inventory was 281,526 (- 48) tons [2] Strategy - In the short term, Shanghai nickel will likely maintain a range - bound oscillation. The recommended strategy for a single - side position is to conduct range - based operations. There are no recommended strategies for inter - period, cross - variety, spot - futures, or options trading [3] Stainless - Steel Variety Market Analysis - On March 31, 2026, the opening price of the main stainless - steel contract was 14,170 yuan/ton, and the closing price was 14,160 yuan/ton. The trading volume was 118,510 (- 1,569) lots, and the open interest was 97,783 (- 4,171) lots [3] - Stainless - steel prices mainly follow the nickel price trend and are greatly affected by Indonesian policies and the macro - environment. On the supply side, steel mills maintain high production plans. According to Mysteel statistics, the estimated crude - steel production of 43 domestic stainless - steel plants in March 2026 was 3.6995 million tons, a month - on - month increase of 0.9895 million tons, an increase of 36.51%, and a year - on - year increase of 5.34%. The planned production in April is 3.6847 million tons, a month - on - month decrease of 0.4% and a year - on - year increase of 5.2%. On the demand side, it has entered the traditional consumption peak season, and downstream demand is stable, but it is mainly on - demand procurement without stockpiling. In April, consumption is expected to continue to recover, orders will ease, and inventory is unlikely to rise, providing bottom support for prices [4] - Although the futures market has weakened, the stainless - steel spot market is generally stable, and traders' quotes mostly remain unchanged. Downstream terminals maintain rigid - demand purchases. The stainless - steel price in the Wuxi market is 14,400 (+ 0) yuan/ton, and that in the Foshan market is 14,400 (+ 0) yuan/ton. The premium of 304/2B is 270 - 470 yuan/ton. According to SMM data, the ex - factory tax - inclusive average price of high - nickel pig iron yesterday remained unchanged at 1,083.0 yuan/nickel point [4] Strategy - In the short term, stainless - steel will follow the nickel price trend and is expected to maintain an oscillatory state. The recommended strategy for a single - side position is neutral. There are no recommended strategies for inter - period, cross - variety, spot - futures, or options trading [5]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - For the nickel variety, due to the supply contraction expectation of nickel ore affected by Indonesian policies and the rainy season, combined with macro - factors, nickel prices are expected to remain in a relatively strong oscillation pattern, but the upside is restricted by high inventory and weak demand, so the strategy is mainly range - trading [1][3] - For the stainless - steel variety, influenced by the macro - economic interest - rate cut expectation and cost - side nickel price support, stainless - steel prices are expected to maintain a relatively strong oscillation pattern, but also restricted by high inventory and weak demand, with a range - trading strategy [3][4] Group 3: Nickel Variety Market Analysis Futures - On February 24, 2026, the main nickel contract 2603 opened at 135,500 yuan/ton and closed at 137,950 yuan/ton, a 1.30% change from the previous trading day. The trading volume was 133,057 (-246,471) lots, and the open interest was 52,788 (-5,370) lots. The contract showed a pattern of opening low and rising high, with the price rising rapidly after the opening, reaching a high of 138,970 yuan during the session, and finally closing with a long - upper - shadow medium阳线. The trading volume increased compared to before the holiday. The short - term decline of the US dollar index and the supply disturbance of Indonesian nickel ore supported the nickel price [1] Nickel Ore - After the holiday, the trading atmosphere in the nickel ore market gradually recovered. The Indonesian market had a slight correction due to the benchmark price adjustment, while the price of imported Philippine ore continued to rise, and the domestic market was mainly in a wait - and - see state [1] Spot - On the first trading day after the holiday, nickel prices were strong. Traders' quotes were scattered. The spot of Jinchuan resources in East China was tight, but the premium of the ex - factory price to Shanghai nickel decreased. Some merchants sold at a low premium, and the transaction center shifted down. The premiums of other brands of electrowon nickel were generally stable with a slight increase. The premium of Jinchuan nickel changed by 50 yuan/ton to 8,900 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to - 50 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 51,924 (-534) tons, and the LME nickel inventory was 287,328 (-378) tons [2] Group 4: Nickel Variety Strategy - Supply - side nickel ore is expected to remain in a contraction state, and nickel prices are expected to be in a relatively strong oscillation pattern. The strategy is mainly range - trading for the single - side, and there are no strategies for cross - period, cross - variety, spot - futures, and options [3] Group 5: Stainless - Steel Variety Market Analysis Futures - On February 24, 2026, the main stainless - steel contract 2604 opened at 13,900 yuan/ton and closed at 14,085 yuan/ton. The trading volume was 69,117 (-62,780) lots, and the open interest was 89,926 (-4,171) lots. The contract showed a pattern of opening high and rising high, reaching an intraday high of 14,220 yuan, and finally closing with a long - upper - shadow medium阳线. The trading volume increased compared to before the holiday, and the participation of funds increased. The supply disturbance of Indonesian nickel ore and the rise of nickel prices increased the production cost of stainless steel, and the rise of LME nickel also boosted the confidence of stainless - steel futures bulls [3] Spot - On the first trading day after the holiday, some traders were still on vacation, and the actual trading was light. The spot price followed the futures price increase, and the market confidence was positive. The stainless - steel price in Wuxi market was 14,200 (+100) yuan/ton, and in Foshan market was 14,150 (+100) yuan/ton. The premium of 304/2B was 145 to 345 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 2.00 yuan/nickel point to 1,053.5 yuan/nickel point [3][4] Group 6: Stainless - Steel Variety Strategy - Affected by the macro - economic interest - rate cut expectation and cost - side nickel price support, stainless - steel prices are expected to be in a relatively strong oscillation pattern. The single - side strategy is neutral, and there are no strategies for cross - period, cross - variety, spot - futures, and options [4]

Report Title - Nickel and Stainless Steel Industry Chain Weekly Report, dated February 2, 2026 [1] Core Views Bullish Factors - Indonesia's production cut expectation: The Indonesian government is expected to lower the nickel ore quota in 2026, which may lead to a global nickel supply shortage and benefit prices [3] - New energy vehicle demand: The automobile production and sales data in January were good, and policy measures may stimulate demand, supporting nickel prices [3] Bearish Factors - Domestic inventory pressure has increased [3] - The Shanghai nickel futures show a weak trend technically [3] Trading Advice - Shanghai nickel showed a "sideways and weak" trend last week. Although the expectation of production cuts in Indonesia boosted sentiment, the significant increase in inventory turned market sentiment bearish. It is recommended to monitor subsequent inventory changes [3] Market Data Nickel Futures - Shanghai nickel main contract: The latest price was 140,000 yuan/ton, down 5,380 yuan (-3.70%) week-on-week [4] - Shanghai nickel continuous contracts (1 - 3): All showed price declines, with the largest decline of 3.93% in the continuous one contract [4] - LME nickel 3M: The latest price was 17,555 US dollars/ton, down 1,035 US dollars (-3.81%) week-on-week [4] - Open interest: Increased by 73,165 lots to 132,448 lots, a week-on-week increase of 123.4% [4] - Trading volume: Increased by 281,963 lots to 1,012,443 lots, a week-on-week increase of 38.60% [4] - Warehouse receipts: Increased by 4,359 tons to 46,876 tons, a week-on-week increase of 10.25% [4] - Main contract basis: Decreased by 2,370 yuan to 2,700 yuan/ton, a week-on-week decrease of 46.75% [4] Stainless Steel Futures - Stainless steel main contract: The latest price was 14,140 yuan/ton, down 505 yuan (-3%) week-on-week [4] - Stainless steel continuous contracts (1 - 3): All showed price declines, with the largest decline of 3.45% in the continuous one contract [4] - Trading volume: Increased by 42,057 lots to 408,041 lots, a week-on-week increase of 11.49% [4] - Open interest: Decreased by 56,278 lots to 99,011 lots, a week-on-week decrease of 36.24% [4] - Warehouse receipts: Increased by 4,641 tons to 43,579 tons, a week-on-week increase of 11.92% [4] - Main contract basis: Increased by 405 yuan to 630 yuan/ton, a week-on-week increase of 180.00% [4] Spot Prices - Jinchuan nickel: The latest price was 149,900 yuan/ton, down 1,750 yuan (-1.15%) [4] - Imported nickel: The latest price was 142,700 yuan/ton, down 1,950 yuan (-1.35%) [4] - 1 electrolytic nickel: The latest price was 146,150 yuan/ton, down 1,850 yuan (-1.25%) [4] - Nickel beans: The latest price was 145,100 yuan/ton, down 1,950 yuan (-1.33%) [4] - Electrowon nickel: The latest price was 142,600 yuan/ton, down 1,950 yuan (-1.35%) [4] Inventory Data - Domestic social inventory: Reached 70,643 tons, an increase of 4,349 tons [6] - LME nickel inventory: Reached 286,284 tons, a decrease of 186 tons [6] - Stainless steel social inventory: Reached 853 tons, an increase of 8.9 tons [6] - Nickel pig iron inventory: Reached 29,346 tons, a decrease of 879 tons [6] Charts and Data Sources Nickel and Stainless Steel Futures Prices - Shanghai nickel futures main contract closing price and LME nickel (3 months) electronic trading closing price trends from 2024 - 2026 [7] - Stainless steel futures main contract closing price trends from 2024 - 2026 [8] Spot Prices of Delivery Goods - Nickel spot average price trends from 2024 - 2026 [10] Primary Nickel Supply and Inventory - China's refined nickel monthly production seasonality from 2021 - 2025 [12] - China's total monthly supply of primary nickel (including imports) seasonality from 2021 - 2025 [12] - Domestic social inventory (nickel plates + nickel beans) seasonality from 2022 - 2026 [13] - LME nickel inventory seasonality from 2022 - 2026 [13] Upstream Nickel Ore - Philippine laterite nickel ore 1.5% (FOB) average price trends from 2015 - 2025 [15] - China's port nickel ore inventory by port seasonality from 2022 - 2026 [16] - China's 8 - 12% nickel pig iron ex - factory price (national average) trends from 2020 - 2025 [17] - Ni≥14% Indonesian high - nickel pig iron (arrival duty - paid) average price trends from 2021 - 2025 [17] - China's nickel iron monthly production seasonality from 2022 - 2026 [18] - Indonesia's nickel pig iron monthly production seasonality from 2022 - 2026 [19] Downstream Nickel Sulfate - Battery - grade nickel sulfate average price trends from 2024 - 2025 [21] - Battery - grade nickel sulfate premium trends from 2021 - 2025 [23] - Nickel bean production of nickel sulfate profit margin seasonality from 2022 - 2026 [24] - China's externally purchased nickel sulfate production of electrowon nickel profit seasonality from 2023 - 2026 [24] - China's nickel sulfate monthly production (metal tons) from 2021 - 2025 [25] - Ternary precursor monthly production capacity seasonality from 2021 - 2025 [25] Stainless Steel - China's 304 stainless steel cold - rolled coil profit margin seasonality from 2022 - 2026 [27] - Stainless steel monthly production seasonality from 2021 - 2025 [29] - Stainless steel inventory seasonality from 2022 - 2026 [30]

1. Report's Industry Investment Rating - No specific industry investment rating is provided in the report 2. Core Views - The nickel market is experiencing a price rebound, but it's mainly due to the game between capital sentiment and policy expectations rather than a substantial improvement in the supply - demand structure. The stainless - steel market is caught in a game between strong cost expectations and weak real - world demand. Nickel is expected to remain strong, while stainless steel is expected to maintain a volatile trend [1][3][5] 3. Summary by Related Catalogs Nickel Variety Market Analysis - On January 5, 2026, the Shanghai nickel main contract 2602 opened at 135,000 RMB/ton, closed at 134,100 RMB/ton, a 0.57% change from the previous trading day. The trading volume was 366,893 (-774,634) lots, and the open interest was 134,729 (1934) lots. The high - level oscillation of the contract reflects intensified market game between supply contraction expectations and the reality of the off - season demand. The current price rebound is a result of the game between capital sentiment and policy expectations [1] - The nickel ore market has a calm trading atmosphere, with limited resources and stable prices. In the Philippines, mines are waiting for the new round of northern mine tenders and have a bullish outlook. Rainfall has affected shipping efficiency. In Indonesia, the January (Phase I) 2026 domestic trade benchmark price increased by 0.05 - 0.08 USD/wet ton, and the current mainstream premium is +25, with a premium range of +25 - 26 [2] - Jinchuan Group's Shanghai market sales price was 142,200 RMB/ton, up 1,100 RMB/ton from the previous day. Spot trading was okay. Jinchuan nickel was in short supply. The spot premiums of various refined nickel brands were stable or declined. The previous day's Shanghai nickel warrant volume was 38,424 (758) tons, and the LME nickel inventory was 255,354 (72) tons [2] Strategy - The fundamentals show high inventories and oversupply, but with frequent positive policies from Indonesia and nickel having oscillated at the bottom for a long time, it's likely to attract the attention of profitable funds from precious metals and non - ferrous metals. It is expected to remain strong. The recommended strategy is to buy on dips for single - sided trading, while there are no recommended strategies for inter - period, inter - variety, spot - futures, or options trading [3] Stainless Steel Variety Market Analysis - On January 5, 2026, the stainless - steel main contract 2602 opened at 13,150 RMB/ton and closed at 13,075 RMB/ton. The trading volume was 85,130 (-60,400) lots, and the open interest was 72,144 (-4,171) lots. The contract showed a trend of rising first and then falling, oscillating downward, centered around the game between "strong cost expectations and weak real demand". Although it continued the pre - holiday optimistic trend at the opening, it was dragged down by the black - metal sector during the session [3] - The market activity increased, and spot quotes rose. The stainless - steel price in Wuxi market was 13,250 (+175) RMB/ton, and in Foshan market, it was also 13,250 (+175) RMB/ton. The 304/2B premium was 195 - 395 RMB/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 5.00 RMB/nickel point to 927.5 RMB/nickel point [3] Strategy - With some macro - level positive factors realized and the inventory declining for four consecutive weeks, but the downstream demand being weak in the off - season, the stainless - steel price is expected to remain volatile, closely following the Shanghai nickel price trend. The short - term operation strategy is to wait and see. It is not advisable to blindly chase the high in the current volatile situation. The single - sided strategy is neutral, and there are no recommended strategies for inter - period, inter - variety, spot - futures, or options trading [5]

Report Overview - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: December 12, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) 1. Report Industry Investment Rating No information provided. 2. Report's Core View **Likely Positive Factors** - Domestic factories are stocking up before the Chinese New Year, leading to a slight recovery in demand [3]. - The premium of Jinchuan nickel has narrowed to 4,900 yuan/ton, and the spot discount has remained stable [3]. **Likely Negative Factors** - High inventory levels persist, and the supply glut remains unchanged [3]. - There are few inquiries in the nickel ore market, demand is sluggish, and prices have stabilized without a clear upward trend [3]. **Trading Advisory View** - It is recommended to wait and see, and pay attention to the short - term impact of the Federal Reserve's interest rate decision on prices [3]. 3. Summary According to Relevant Catalogs **3.1 Market Data** **Nickel Futures** - The closing price of the main contract of Shanghai nickel (SHFE) was 115,870 yuan/ton, down 2,160 yuan or 1.83% week - on - week; the closing price of the first - nearby contract was 115,870 yuan/ton, down 1,920 yuan or 1.63% week - on - week; the closing price of the second - nearby contract was 116,060 yuan/ton, down 1,890 yuan or 1.60% week - on - week; the closing price of the third - nearby contract was 116,290 yuan/ton, down 1,910 yuan or 1.60% week - on - week [3]. - LME nickel 3M was at 14,610 US dollars/ton, down 360 US dollars or 1.62% week - on - week [3]. - The open interest was 106,302 lots, down 5,283 lots or 4.7% week - on - week; the trading volume was 106,815 lots, down 17,698 lots or 14.21% week - on - week; the number of warehouse receipts was 33,939 tons, down 825 tons or 2.37% week - on - week; the basis of the main contract was 410 yuan/ton, up 560 yuan or - 373.33% week - on - week [3]. **Stainless Steel Futures** - The closing price of the main contract of stainless steel was 12,500 yuan/ton, down 10 yuan or 0% week - on - week; the closing price of the first - nearby contract was 12,500 yuan/ton, unchanged week - on - week; the closing price of the second - nearby contract was 12,625 yuan/ton, up 35 yuan or 0.28% week - on - week; the closing price of the third - nearby contract was 12,695 yuan/ton, up 45 yuan or 0.36% week - on - week [4]. - The trading volume was 69,415 lots, down 32,225 lots or 31.71% week - on - week; the open interest was 64,258 lots, down 21,427 lots or 25.01% week - on - week; the number of warehouse receipts was 61,378 tons, down 241 tons or 0.39% week - on - week; the basis of the main contract was 570 yuan/ton, up 100 yuan or 21.28% week - on - week [4]. **Nickel Spot** - Jinchuan nickel was at 121,400 yuan/ton, down 250 yuan or 0.21% day - on - day; imported nickel was at 116,700 yuan/ton, down 300 yuan or 0.26% day - on - day; 1 electrolytic nickel was at 118,850 yuan/ton, down 300 yuan or 0.25% day - on - day; nickel beans were at 118,750 yuan/ton, down 300 yuan or 0.25% day - on - day; electrowon nickel was at 116,450 yuan/ton, down 300 yuan or 0.26% day - on - day [4]. **Inventory Data** - Domestic social nickel inventory was 56,848 tons, up 1,499 tons; LME nickel inventory was 252,852 tons, down 240 tons; stainless steel social inventory was 947,600 tons, up 700 tons; nickel pig iron inventory was 29,346 tons, down 879 tons [6]. **3.2 Market Trends and Charts** - The report includes charts showing the historical trends of nickel futures prices (both domestic and LME), stainless steel futures prices, nickel spot average prices, nickel supply and inventory, upstream nickel ore prices and inventory, downstream nickel sulfate prices and profitability, and stainless steel production and inventory [7][9][11]. **3.3 Industry Chain Analysis** **Upstream Nickel Ore** - The average price of Philippine laterite nickel ore (1.5% FOB) is presented in a historical trend chart, and the seasonal inventory of nickel ore at Chinese ports is also shown [16]. - The average ex - factory price of 8 - 12% nickel pig iron in China and the average landed duty - paid price of Indonesian nickel pig iron (Ni≥14%) are presented in historical trend charts [17]. - The seasonal production volume of nickel iron in China and Indonesia is shown in charts [18][19]. **Downstream Nickel Sulfate** - The average price of battery - grade nickel sulfate, its premium over primary nickel, the profitability of producing nickel sulfate from nickel beans, and the profitability of producing electrowon nickel from externally purchased nickel sulfate are presented in historical trend charts [21][23][24]. - The monthly production volume of nickel sulfate in China and the seasonal production capacity of ternary precursors are shown in charts [25]. **Stainless Steel** - The seasonal profitability of Chinese 304 stainless steel cold - rolled coils, monthly production volume, and inventory are presented in historical trend charts [27][29][30].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - Due to high inventory and an unchanged supply surplus pattern, nickel prices are expected to remain in a low - level oscillation. For stainless steel, with low demand, high inventory, and a continuously declining cost center, it is also expected to maintain a low - level oscillation [1][3][4] Group 3: Nickel Market Analysis Futures - On December 11, 2025, the Shanghai nickel main contract 2601 opened at 116,970 yuan/ton and closed at 115,870 yuan/ton, a change of - 0.91% compared to the previous trading day's closing price. The trading volume was 106,815 (-13,204) lots, and the open interest was 106,302 (+3,719) lots. The contract showed a pattern of opening high, then moving low, and closing weakly, in an overall weakly oscillating pattern, affected by multiple factors such as supply - demand and macro - economics [1] Fundamental - The current pattern of nickel supply surplus remains unchanged. Although refined nickel inventory has decreased slightly, the production of primary nickel in December increased month - on - month, and the reduction in refined nickel production in November was lower than expected, having a limited marginal impact on the market supply - demand balance sheet [1] Macro - The Fed cut interest rates in December, but subsequent statements were hawkish, and the previous positive factors have basically been reflected in the market [1] Nickel Ore - The nickel ore market was calm, with prices stable. Philippine mines mainly fulfilled previous orders, and their price - holding mentality recovered. As downstream ferronickel prices rebounded and domestic factories needed to stock up before the Spring Festival, the mentality of pressing down prices for nickel ore purchases may ease. In Indonesia, the domestic trade benchmark price in December is expected to drop by 0.11 - 0.18 dollars/wet ton, and the mainstream premium is +25, with the premium range mostly between +25 - 26. The overall domestic trade price of nickel ore is expected to decline [2] Spot - Jinchuan Group's sales price in the Shanghai market was 121,500 yuan/ton, a decrease of 200 yuan/ton from the previous trading day. The spot market showed no obvious improvement, and the spot premiums of various refined nickel brands were mostly stable. Jinchuan nickel's premium changed by 50 yuan/ton to 5,100 yuan/ton, imported nickel's premium remained unchanged at 400 yuan/ton, and nickel beans' premium was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 33,939 (-296) tons, and LME nickel inventory was 252,852 (-240) tons [2] Group 4: Nickel Strategy - Unilateral: Mainly conduct range operations; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [3] Group 5: Stainless Steel Market Analysis Futures - On December 11, 2025, the stainless steel main contract 2602 opened at 12,550 yuan/ton and closed at 12,625 yuan/ton. The trading volume was 83,489 (+3,558) lots, and the open interest was 103,523 (-4,171) lots. After the contract changed to 2602, it continued to follow the trend of Shanghai nickel, showing a narrow - range weakly oscillating pattern and closing slightly lower. Technically, the price closed below the 5 - day moving average, remaining in a short - term weak pattern, but there was strong support around 12,400 yuan/ton [3] Spot - Downstream buyers remained cautious, and trading did not improve. The stainless steel price in the Wuxi market was 12,800 (+0) yuan/ton, and in the Foshan market, it was also 12,800 (+0) yuan/ton. The premium of 304/2B was 195 - 395 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 1.00 yuan/nickel point to 888.5 yuan/nickel point [3] Group 6: Stainless Steel Strategy - Unilateral: Neutral; Cross - period: None; Cross - variety: None; Spot - futures: None; Options: None [4]

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

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Report's Core View - For the nickel market, due to high inventory and a persistent oversupply situation, nickel prices are expected to remain in a low - level oscillation. However, as the current price has reached a 5 - year low, the downward space is relatively limited [1][3]. - For the stainless - steel market, with low demand, high inventory, and a continuously decreasing cost center, stainless - steel prices are also expected to stay in a low - level oscillation. Considering the current price is at a historical low, further decline is expected to be limited [3][4]. 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On November 25, 2025, the Shanghai nickel main contract 2601 opened at 115,880 yuan/ton and closed at 116,160 yuan/ton, a 0.75% change from the previous trading day's close. The trading volume was 116,438 (-32,096) lots, and the open interest was 141,215 (-6,339) lots. The contract continued to rebound and closed slightly higher, but the trading volume decreased, indicating market hesitation. Macro factors such as positive signals from China - US leadership communication and dovish signals from Fed officials supported nickel prices [1]. - **Nickel Ore**: The nickel ore market is mainly in a wait - and - see mode with stable prices. In the Philippines, northern mines' shipments are unstable, and the latest tender prices have slightly declined but remain high. The downstream nickel - iron transaction price has dropped to 880 yuan/nickel (including tax at the hatch), leading to a lack of market confidence. Iron plants' profits are affected, and they are cautious in purchasing nickel ore. Some iron plants are considering production cuts. In Indonesia, the November (Phase II) domestic trade benchmark price has dropped by 0.12 - 0.2 US dollars/wet ton, and the current mainstream premium is +26, with a premium range of +25 - 26 [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 121,270 yuan/ton, an increase of 1,070 yuan/ton from the previous trading day. Due to previous price drops and production cuts by some enterprises, spot supply has tightened, and the spot premiums of various refined nickel brands have mostly increased. The premium of Jinchuan nickel changed by 100 yuan/ton to 4,450 yuan/ton, the premium of imported nickel remained at 500 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 33,785 (-294) tons, and LME nickel inventory was 253,482 (0) tons [2]. - **Strategy** - **Unilateral**: Mainly conduct range - bound operations. - **Other**: No operations are recommended for inter - period, cross - variety, spot - futures, and options [3]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On November 25, 2025, the stainless - steel main contract 2601 opened at 12,920 yuan/ton and closed at 12,405 yuan/ton. The trading volume was 150,286 (+2,692) lots, and the open interest was 147,237 (-4,171) lots. The contract rose slightly, basically following the trend of Shanghai nickel. The trading volume increased slightly, and market activity improved. Macro factors such as the rising expectation of Fed rate cuts and China's issuance of 1 trillion yuan in national bonds and early release of local bond quotas boosted market confidence and stainless - steel prices [3]. - **Spot**: Driven by the futures market, the spot market has recovered, with some purchasing demand released and increased market transactions. The stainless - steel price in Wuxi market was 12,625 (-50) yuan/ton, and in Foshan market was 12,650 (-50) yuan/ton. The premium of 304/2B was 340 - 490 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 2.00 yuan/nickel point to 887.0 yuan/nickel point [3][4]. - **Strategy** - **Unilateral**: Neutral. - **Other**: No operations are recommended for inter - period, cross - variety, spot - futures, and options [4].

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The nickel price is technically rebounding but remains under short - term pressure. Due to high inventory and oversupply, the nickel price is expected to remain in low - level oscillation. The stainless steel market is also facing weak demand and high inventory, and is expected to maintain a low - level oscillation as well [1][3][5]. 3. Summary by Related Catalogs Nickel Variety Market Analysis - **Futures**: On November 24, 2025, the Shanghai nickel main contract 2601 opened at 114,500 yuan/ton and closed at 115,530 yuan/ton, a 0.64% change from the previous trading day. The trading volume was 148,534 (+10,331) lots, and the open interest was 147,554 (-13,106) lots. The rise was a technical repair rather than a trend reversal. The dovish Fed statement increased the expectation of interest rate cuts, driving up metal futures. However, weak consumption and high global nickel inventory will suppress the nickel price in the long term [1]. - **Nickel Ore**: The nickel ore market was calm with stable prices. In the Philippines, northern mines' shipments were unstable, and the latest tender prices declined slightly but remained high. The downstream nickel - iron transaction price dropped to 880 yuan/(ex - ship, tax included), and iron plants' production enthusiasm was low. In Indonesia, the November (Phase II) domestic trade benchmark price decreased by 0.12 - 0.2 dollars/ton, and the mainstream premium was +26 [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 120,200 yuan/ton, up 1,550 yuan/ton from the previous day. Downstream enterprises purchased as needed, and traders were cautious. The premiums of refined nickel brands were stable. The previous trading day's Shanghai nickel warehouse receipt volume was 33,785 (-294) tons, and the LME nickel inventory was 253,482 (-468) tons [2]. Strategy - Due to high inventory and unchanged oversupply, the nickel price is expected to maintain low - level oscillation. The recommended strategy is mainly range operation for the single - side, and no operations for cross - period, cross - variety, spot - futures, and options [3]. Stainless Steel Variety Market Analysis - **Futures**: On November 24, 2025, the stainless steel main contract 2601 opened at 12,280 yuan/ton and closed at 12,335 yuan/ton. The trading volume was 147,594 (-31,040) lots, and the open interest was 162,927 (-4,171) lots. The contract showed a narrow - range weakening trend, with the price fluctuating between 12,265 - 12,385 yuan/ton. The short - side was dominant, and the market was bearish [3]. - **Spot**: In the off - season, stainless steel demand was weak, the market was pessimistic, prices were lowered, but transactions remained light. The stainless steel prices in Wuxi and Foshan markets were 12,675 (+0) yuan/ton and 12,700 (+0) yuan/ton respectively, and the 304/2B premium was 335 - 585 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 1.50 yuan/nickel point to 889.0 yuan/nickel point [3]. Strategy - Due to low demand, high inventory, and a downward - moving cost center, the stainless steel price is expected to maintain a low - level oscillation. The single - side strategy is neutral, and no operations for cross - period, cross - variety, spot - futures, and options [5].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Report Core View - Nickel price is expected to remain in low - level oscillation due to high inventory and oversupply, and stainless steel is also expected to maintain a low - level oscillation pattern because of weak demand, high inventory, and a downward - moving cost center [1][3] 3. Summary by Related Catalogs Nickel Variety - **Market Analysis** - **Futures**: On November 17, 2025, the main contract of Shanghai nickel 2512 opened at 117,020 yuan/ton and closed at 116,750 yuan/ton, down 0.28% from the previous trading day. The trading volume was 102,806 (-15,915) lots, and the open interest was 107,341 (-4,908) lots. The price continued the downward trend after breaking through on November 14. The strengthening of the US dollar index and loose supply - demand relationship with rising inventory led to a clear short - term downward trend [1] - **Nickel Ore**: New tenders in the nickel ore market are about to be finalized, and the price is stable. In the Philippines, there are tenders for 1.4% nickel ore from Eramen and 1.25% nickel ore from Benguet. The downstream nickel - iron price is falling, and iron plants are cautious in purchasing nickel ore and want to lower the price. In Indonesia, the second - phase domestic trade benchmark price in November dropped by 0.12 - 0.2 dollars/wet ton, and the mainstream premium is +26, with the premium range mostly at +25 - 26 [1] - **Spot**: Jinchuan Group's Shanghai market sales price was 120,500 yuan/ton, down 1,200 yuan/ton from the previous trading day. The purchasing enthusiasm of downstream enterprises increased, and the spot premiums of refined nickel brands mostly rose. The premium of Jinchuan nickel was 3,900 yuan/ton, the premium of imported nickel was 500 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 35,826 (799) tons, and the LME nickel inventory was 257,694 (5,604) tons [2] - **Strategy** - Unilateral: Mainly use range - bound operations; no strategies for inter - period, cross - variety, spot - futures, and options [3] Stainless Steel Variety - **Market Analysis** - **Futures**: On November 17, 2025, the main contract of stainless steel 2601 opened at 12,920 yuan/ton and closed at 12,415 yuan/ton. The trading volume was 137,113 (+17,461) lots, and the open interest was 172,728 (-4,171) lots. The price fluctuated at a low level, hovering around the 5 - day and 10 - day moving averages, with the short - term moving average system intertwined and the direction unclear. Due to weak downstream demand, high inventory, and falling nickel prices, there was no sign of a price rebound [3] - **Spot**: The price continued to decline to a historical low, and the market inquiry heat increased. In the context of weak demand and falling raw material costs, steel mills were more willing to sell at low prices. The stainless steel price in Wuxi market was 12,700 (-50) yuan/ton, and in Foshan market was 12,750 (-50) yuan/ton. The 304/2B premium was 380 - 580 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by - 3.00 yuan/nickel point to 902.5 yuan/nickel point [3] - **Strategy** - Unilateral: Neutral; no strategies for inter - period, cross - variety, spot - futures, and options [4]