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深圳铬矿进口清关需要注意的事项
Sou Hu Cai Jing· 2025-10-11 07:01
深圳作为国内重要的港口城市,铬矿进口量较大,清关过程涉及多环节合规要求。除基础材料外,以下是需要重点关注的注意事项,涵盖归类、检验、环 保、审价等核心风险点: 一、归类与申报准确性:避免税号错误引发连锁问题 1. HS编码精准申报 铬矿主要对应HS编码 26100000(铬矿砂及其精矿),但需根据成分细化: • 若为"未焙烧铬矿"(含Cr₂O₃≥45%),直接归入26100000; • 若涉及"铬精矿"(经选矿富集,Cr₂O₃含量更高),仍归此编码,但需在备注栏注明"精矿"。 风险:错归税号可能导致税率适用错误(如误归入"其他矿产品"),或触发海关布控查验。 2. 关键指标如实申报 必须在报关单"备注栏"注明: • 是否含放射性物质(若出口国提供检测报告,需主动申报)。 二、检验检疫:法检强制要求,不合格将直接影响通关 铬矿属于法定检验商品(法检),海关将实施"入境检验",重点核查以下项目: 1. 品质检验:成分与指标是否达标 • 需提供第三方权威机构(如海关总署认可的CIQ、SGS、Intertek)出具的《品质检验证书》,明确Cr₂O₃含量、杂质(如Fe₂O₃、Al₂O₃)占比、粒度分布 等。 • 注意: ...
广东铬矿进口清关需要什么材料
Sou Hu Cai Jing· 2025-10-11 04:31
2. 商业发票(Commercial Invoice) 由出口方开具,注明货物价值、原产国、交易条款(如FOB/CIF)等,需与合同内容一致。 在广东进口铬矿(通常归类为铬矿砂及其精矿,HS编码:26100000)时,清关所需材料需结合海关监管要求、检验检疫规定及口岸具体操作,以下是主要 材料清单及注意事项: 一、基础商业与运输单据 1. 进口合同(Sales Contract) 需包含买卖双方信息、货物描述(品名、规格、成分、数量、价格等)、付款方式等关键条款。 需准确填写HS编码(26100000)、品名、原产国、数量、金额、用途等信息,与随附单据一致。 3. 自动进口许可证(视情况) 铬矿属于非限制类货物,通常无需自动进口许可证(O证),但需核实当年《自动进口许可管理货物目录》,若有调整则以最新政策为准。 3. 装箱单/重量单(Packing List/Weight Note) 列明货物包装细节(如袋装、散装)、件数、毛重/净重、体积等,若为散装需注明运输工具装载情况。 4. 提单/运单(Bill of Lading/Air Waybill) 海运需提供正本提单(或电放保函),空运需运单,需显示货物信息 ...
节前交投清淡,镍不锈钢价格弱势运行
Hua Tai Qi Huo· 2025-09-30 05:13
Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Views - For the nickel market, due to high inventory and a persistent supply surplus, nickel prices are expected to remain in a low - level oscillation. For the stainless - steel market, with the end of eleven consecutive inventory declines and the start of inventory accumulation, along with a gradual weakening of cost support, stainless - steel prices are also expected to stay in a bottom - level oscillation [1][3][5]. 3. Summary by Relevant Catalogs Nickel Variety - **Market Analysis** - **Futures**: On September 29, 2025, the Shanghai nickel main contract 2511 opened at 121,560 yuan/ton and closed at 121,100 yuan/ton, a - 0.61% change from the previous trading day. The trading volume was 97,757 (- 65,749) lots, and the open interest was 83,149 (- 735) lots. The contract showed a weak oscillation with a trading range of less than 1,000 yuan. The trading volume decreased by 40% compared to the previous day due to the approaching National Day holiday [1]. - **Nickel Ore**: The domestic market was calm with stable prices. Near the holiday, the market was in a wait - and - see mode with no transactions. In the Philippines, Surigao mines are about to enter the rainy season, with firm quotes and good loading efficiency. Downstream iron plants are still in the red, maintaining a cautious and price - pressing attitude towards nickel ore procurement, and there is no obvious pre - holiday stockpiling. In Indonesia, the nickel ore market supply remains in a loose pattern. The domestic trade benchmark price in October (Phase I) is expected to rise by 0.16 - 0.28 US dollars, and the domestic trade premium is likely to rise [1]. - **Spot**: Jinchuan Group's Shanghai market sales price was 123,200 yuan/ton, a 600 - yuan decrease from the previous day. Spot trading was average, and the premium and discount of some brands decreased due to the monthly spread adjustment. The premium of Jinchuan nickel changed by - 50 yuan/ton to 2,300 yuan/ton, the premium of imported nickel remained unchanged at 325 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipts were 25,057 (- 96) tons, and the LME nickel inventory was 231,312 (1,188) tons [2]. - **Strategy** - The recommended strategy for nickel is mainly range - bound operation, with no suggestions for inter - period, cross - variety, spot - futures, or options trading [3]. Stainless - Steel Variety - **Market Analysis** - **Futures**: On September 29, 2025, the stainless - steel main contract 2511 opened at 12,850 yuan/ton and closed at 12,760 yuan/ton. The trading volume was 163,271 (- 12,046) lots, and the open interest was 87,251 (- 4,171) lots. The price showed an oscillating decline. After opening, it once reached the daily high of 12,855 yuan/ton but was suppressed by long - liquidation and short - increasing, finally closing 90 yuan lower than the previous day. The decrease in trading volume and open interest reflects the strong pre - holiday risk - aversion sentiment of market participants and the obvious short - term capital withdrawal [3]. - **Spot**: Affected by the decline in the futures market and the loosening of nickel - based raw material prices, the confidence in the stainless - steel spot market is insufficient. Moreover, as most pre - holiday stockpiling is completed near the National Day holiday, the market is in a wait - and - see mode with light trading. Some traders are mainly busy with the delivery of previous orders. The stainless - steel prices in Wuxi and Foshan markets are 13,100 (- 50) yuan/ton, and the premium and discount of 304/2B are 330 - 630 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron decreased by 0.50 yuan/nickel point to 954.0 yuan/nickel point [4]. - **Strategy** - The recommended strategy for stainless - steel is neutral, with no suggestions for inter - period, cross - variety, spot - futures, or options trading [5].
青尼罗州铬矿恢复开采
Shang Wu Bu Wang Zhan· 2025-09-28 16:02
9月9日,苏丹通讯社报道,青尼罗州巴乌省省长达吉斯表示,当地铬矿开采在因战争中断十余年后得以 恢复。许多生产商期待铬矿日产量增至200吨以上。 (原标题:青尼罗州铬矿恢复开采) ...
不锈钢:盘面震荡小幅走强 关注下游节前备库情况
Jin Tou Wang· 2025-09-25 02:01
【现货】据Mysteel,截至9月24日,无锡宏旺304冷轧价格13100元/吨,日环比持平;佛山宏旺304冷轧 价格13200元/吨,日环比持平;基差375元/吨,日环比下跌5元/吨。 【原料】矿价仍比较坚挺,镍矿成交落地环比上涨,菲律宾装船出货效率尚可;印尼地区镍矿整体供应 较为宽松,但镍矿品位下滑,高品位镍矿报价坚挺,9月(二期)内贸基准价预计上涨0.2-0.3美元;内 贸升水维持+24不变。镍铁价格偏强,目前镍铁采购价位在950元/镍(到厂含税)附近,市场等待进一 步的成交落地,不锈钢利润亏损持续,预计将对镍铁形成压制。铬矿成本支撑较强叠加8月铬铁供应减 量,铬铁供应紧张价格上扬。 【供应】据Mysteel统计,8月国内43家不锈钢厂粗钢预估产量327.95万吨,月环比增加6.87万吨,增幅 2.14%,同比减少2.37%;其中300系175.18万吨,月环比增加5.37万吨,增幅3.16%,同比增加3.9%。9 月粗钢排产预估340.21万吨,月环比增加3.74%,同比增加3.57%;300系178.01万吨,月环比增加 1.62%,同比增加6.13%。 【操作建议】主力参考12800-13200 ...
徽商期货:不锈钢下方支撑较强
Qi Huo Ri Bao· 2025-09-25 00:34
自三季度以来,"反内卷"政策带动商品市场看多情绪升温,虽然钢材行业尚未出台具体政策,但不锈钢 期货估值偏低,叠加钢厂减产消息较多,盘面明显反弹,主力合约突破13300元/吨大关。8月中旬,随 着市场看多情绪降温,不锈钢期货价格快速下行。进入9月,基本面韧性较强叠加原料价格上涨、下游 需求回暖等因素,不锈钢期货价格重回上行通道。 原料价格坚挺 基本面仍存韧性 从短期来看,在供需平稳的情况下,不锈钢期货价格或维持"下有底、上有顶"的区间震荡态势,中期可 以尝试在2512合约反弹后轻仓做空。 镍矿方面,虽然近期我国镍矿进口量季节性增加,港口库存明显回升,但菲律宾矿山挺价意愿较强,开 盘价较高。受近期镍矿事故频发影响,印尼9月第二期镍矿内贸基准价上涨0.2~0.3美元/吨,升水维持24 美元/吨不变。 镍铁方面,近期国内市场博弈加剧,虽然报价区间下滑至950~960元/镍点,但跌幅有限。根据Mysteel 数据,本周国内高镍铁出厂价报955元/镍点,到厂价报960元/镍点;印尼高镍铁舱底含税价报960元/镍 点,印尼镍铁FOB价报116美元/镍点。 铬矿方面,近期主流品种价格平稳。根据Mysteel数据,截至9月22 ...
不锈钢周报:去库趋势延续,原料价格坚挺-20250920
Wu Kuang Qi Huo· 2025-09-20 14:39
Report Industry Investment Rating No relevant content provided. Core View of the Report This week, the social inventory of stainless steel continued to decline, mainly due to the continuous consumption of inventory by downstream rigid - demand procurement and limited arrival resources from leading steel mills such as Tsingshan. The demand side was generally weak, with the traditional peak season starting less than expected. Downstream procurement was mainly for rigid - demand restocking, and the willingness to stock up before the festival was generally low. In terms of cost, raw material prices remained high, with high - nickel iron prices remaining strong and chromite prices still on the rise, resulting in limited new supply of ferrochrome and strong cost support. It is expected that the social inventory will continue to decline, and there is room for marginal improvement in the supply - demand structure. It is recommended to mainly place long orders on dips [11][12]. Summary by Directory 1. Week - on - Week Assessment and Strategy Recommendation - **Weekly Key Points Summary**: As of September 19, the average price of cold - rolled stainless steel coils in Wuxi was 13,100 yuan/ton, a week - on - week decrease of 0.38%. The ex - factory price of 7% - 10% nickel - iron in Shandong was 955 yuan/nickel, a week - on - week increase of 0.53%. The average price of scrap stainless steel was 9,200 yuan/ton, with no week - on - week change. The closing price of the stainless steel main contract on Friday afternoon was 12,875 yuan/ton, a week - on - week increase of 0.04%. In September, the domestic cold - rolled stainless steel production plan was 1.5156 million tons. In August, the crude steel output was 2.9028 million tons, a week - on - week increase of 78,700 tons, and the cumulative year - on - year increase from January to August was 6.48%. From January to August 2024, the cumulative sales area of commercial housing in China was 573.0392 million square meters, a year - on - year decrease of 4.70%. In August, the single - month sales area of commercial housing was 57.4415 million square meters, a year - on - year decrease of 10.98%. In August, the year - on - year changes in the output of refrigerators/household freezers/washing machines/air conditioners were - 1/2.5/12.3/ - 1.6% respectively. In August, the cumulative year - on - year increase in the fuel processing industry was 19.3%. This week, the total social inventory of stainless steel was 987,100 tons, a week - on - week decrease of 2.51%. The futures warehouse receipt inventory this week was 89,700 tons, a week - on - week decrease of 7,217 tons. The ex - factory price of 7% - 10% nickel - iron in Shandong this week was 965 yuan/nickel, a week - on - week increase of 10 yuan/nickel, and iron mills in Fujian were currently losing 71 yuan/nickel [11]. - **Trading Strategy Recommendation**: Both unilateral and arbitrage strategies suggest waiting and seeing [13]. 2. Spot and Futures Market - The average price of cold - rolled stainless steel coils in Wuxi on September 19 was 13,100 yuan/ton, a week - on - week decrease of 0.38%. The ex - factory price of 7% - 10% nickel - iron in Shandong was 955 yuan/nickel, a week - on - week increase of 0.53%. The average price of scrap stainless steel was 9,200 yuan/ton, with no week - on - week change. The closing price of the stainless steel main contract on Friday afternoon was 12,875 yuan/ton, a week - on - week increase of 0.04% [17]. - The market quotation in Foshan Delong was at a premium of about 25 yuan (+8) compared to the main contract, and the market quotation in Wuxi Hongwang was at a premium of about 25 yuan (- 42) compared to the main contract. The trading volume on the disk was 278,734 lots, a week - on - week decrease of 2.16% [20]. - In terms of monthly spreads, the spread between consecutive contracts 1 and 2 was reported at - 50 (+25), and the spread between consecutive contracts 1 and 3 was reported at - 115 (+5) [23]. 3. Supply Side - In September, the domestic cold - rolled stainless steel production plan was 1.5156 million tons. In August, the crude steel output was 2.9028 million tons, a week - on - week increase of 78,700 tons, and the cumulative year - on - year increase from January to August was 6.48% [27]. - According to MYSTEEL sample statistics, the estimated crude steel output of 300 - series stainless steel in August was 1.4336 million tons, a month - on - month increase of 2.12%. In September, the cold - rolled output of 300 - series was 783,900 tons, a month - on - month decrease of 1.21% [30]. - It is expected that the monthly stainless steel output in Indonesia in July 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% [33]. - 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 was 1.0809 million tons, a 65.78% increase compared to the same period last year [36]. 4. Demand Side - From January to August 2024, the cumulative sales area of commercial housing in China was 573.0392 million square meters, a year - on - year decrease of 4.70%. In August, the single - month sales area of commercial housing was 57.4415 million square meters, a year - on - year decrease of 10.98% [40]. - In August, the year - on - year changes in the output of refrigerators/household freezers/washing machines/air conditioners were - 1/2.5/12.3/ - 1.6% respectively. In August, the cumulative year - on - year increase in the fuel processing industry was 19.3% [43]. - In August, the output of elevators, escalators, and lifts was 119,000 units, a month - on - month increase of 3.48% and a year - on - year decrease of 7.03%. In August, the automobile sales volume was 2.8566 million units, a month - on - month increase of 10.15% and a year - on - year increase of 16.44% [46]. 5. Inventory - This week, the total social inventory of stainless steel was 987,100 tons, a week - on - week decrease of 2.51%. The futures warehouse receipt inventory this week was 89,700 tons, a week - on - week decrease of 7,217 tons [50]. - This week, the social inventories of 200/300/400 - series stainless steel were 168,100 tons, 617,900 tons, and 201,100 tons respectively, with the 300 - series inventory decreasing by 0.93% week - on - week. This week, the floating inventory of stainless steel was 66,600 tons, a week - on - week increase of 14.26%, and the unloading volume was 99,200 tons, a week - on - week increase of 43.22% [53]. 6. Cost Side - 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 quotation for Ni:1.5% nickel ore was 56.0 US dollars/wet ton, and the port inventory was 14.0011 million wet tons, a week - on - week increase of 1.01% [57]. - The ex - factory price of 7% - 10% nickel - iron in Shandong this week was 965 yuan/nickel, a week - on - week increase of 10 yuan/nickel, and iron mills in Fujian were currently losing 71 yuan/nickel [60]. - This week, the chromite quotation was 56.5 yuan/dry ton, with no week - on - week change. The high - carbon ferrochrome quotation was 8,500 yuan/50 - base ton, with no week - on - week change. In August, the high - carbon ferrochrome output was 813,800 tons, a month - on - month increase of 1.55% [63]. - Currently, the gross profit of the self - produced high - nickel iron production line was - 623 yuan/ton, and the profit margin reached - 4.54% [66].
新能源及有色金属日报:降息落地,镍不锈钢价格回落-20250919
Hua Tai Qi Huo· 2025-09-19 03:03
1. Report Industry Investment Rating - No information is provided regarding the industry investment rating in the given report. 2. Report's Core View - After the end of macro - event influence, nickel prices return to the fundamental logic. With high inventories and a pattern of oversupply remaining unchanged, nickel prices are expected to remain in low - level fluctuations. Stainless steel prices show signs of stopping decline and rebounding due to nine - week consecutive inventory drops and rising material costs, and subsequent consumption peak - season demand needs to be monitored [1][3][5]. 3. Summary by Relevant Catalogs Nickel Variety Market Analysis - On September 18, 2025, the Shanghai nickel main contract 2510 opened at 121,690 yuan/ton and closed at 120,940 yuan/ton, a change of - 0.89% compared to the previous trading day's close. The trading volume was 81,612 (- 9,122) lots, and the open interest was 55,044 (- 3,785) lots. Due to the approaching Fed interest - rate decision, the main contract fluctuated slightly around the previous trading - day's settlement price at night. After the Fed's interest - rate cut did not exceed market expectations, the price of the main contract fluctuated downward during the day, and the market focus returned to the fundamental logic of cost support and marginal changes in demand [1]. - The nickel - ore market remained calm with stable prices. Philippine mines had firm quotes. The downstream nickel - iron price was temporarily stable, domestic iron plants' profits remained in the red, and nickel - ore procurement was cautious. In Indonesia, the supply remained loose, and the Wedabay incident had little impact. The September (Phase II) domestic trade benchmark price increased by 0.2 - 0.3 dollars, and the current domestic trade premium was +24, with a premium range of +23 - 24 [1]. - Jinchuan Group's sales price in the Shanghai market was 123,890 yuan/ton, up 140 yuan/ton from the previous trading day. The spot price was basically stable, and the spot premiums and discounts of each brand did not change. The premium of Jinchuan nickel remained at 2,200 yuan/ton, the premium of imported nickel remained at 300 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse - receipt volume was 25,866 (- 275) tons, and the LME nickel inventory was 228,450 (- 18) tons [2]. Strategy - It is recommended to mainly conduct range operations for single - side trading, and there are no recommendations for inter - period, inter - variety, spot - futures, and options trading [3]. Stainless Steel Variety Market Analysis - On September 18, 2025, the stainless - steel main contract 2511 opened at 12,920 yuan/ton and closed at 12,875 yuan/ton. The trading volume was 175,834 (+ 5,708) lots, and the open interest was 132,228 (- 4,171) lots. Similar to the trend of Shanghai nickel, due to the approaching Fed interest - rate decision, the main contract fluctuated slightly around the previous trading - day's settlement price at night. After the Fed's interest - rate cut did not exceed market expectations, the price of the main contract fluctuated downward during the day, and the market focus returned to the fundamental logic of cost support and marginal changes in demand [3]. - Downstream buyers remained on the sidelines, and spot trading was light. The price remained stable. The expected pre - National Day holiday stocking demand offset the impact of the decline in the futures market. The stainless - steel price in the Wuxi market was 13,250 (+ 0) yuan/ton, and in the Foshan market, it was 13,250 (+ 0) yuan/ton. The premium and discount of 304/2B were 315 to 615 yuan/ton. According to SMM data, the ex - factory tax - inclusive average price of high - nickel pig iron changed by 0.50 yuan/nickel point to 954.5 yuan/nickel point [3]. Strategy - A neutral stance is recommended for single - side trading, and there are no recommendations for inter - period, inter - variety, spot - futures, and options trading [5].
新能源及有色金属日报:等待降息落地,镍不锈钢延续震荡走势-20250912
Hua Tai Qi Huo· 2025-09-12 05:34
Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints - The nickel and stainless steel markets will continue to show a volatile trend until the interest rate cut is implemented [1] - In the 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 space. For stainless steel, inventory has decreased for nine consecutive weeks, material costs have risen, and there are signs of a stop - fall and rebound. The subsequent demand situation during the consumption peak season needs to be monitored [2][4][5] Group 3: Nickel Variety Market Analysis Futures - On September 11, 2025, the Shanghai nickel main contract 2510 opened at 120,520 yuan/ton and closed at 120,620 yuan/ton, a 0.11% change from the previous trading day's close. The trading volume was 87,538 (+12,532) lots, and the open interest was 81,691 (79) lots. The contract oscillated in the range of 120,110 - 120,910 yuan/ton at night and in the daytime, and finally closed slightly up by 140 yuan. The slowdown of the US August PPI year - on - year increase and the decline of core PPI month - on - month strengthened the September interest rate cut expectation, but the market is waiting for the US CPI data, resulting in cautious bullish sentiment and strong wait - and - see attitude [2] Nickel Ore - The market is mainly in a wait - and - see state, and ocean freight continues to rise. Philippine quotes remain firm, and subsequent mine quotes may rise due to the increase in downstream nickel - iron prices. Shipment is slightly delayed due to rainfall. The new transaction price in the domestic nickel - iron market is 960 yuan/nickel (including tax at the hatch). Domestic iron plants still have profit losses and are cautious in nickel ore procurement. The supply in Indonesia remains in a loose pattern, and the September (forward) domestic trade benchmark price is expected to rise by 0.2 - 0.3 dollars, with the domestic trade premium remaining at +24 and the premium range being +23 - 24 [2] Spot - Jinchuan Group's sales price in the Shanghai market is 122,600 yuan/ton, a decrease of 100 yuan/ton from the previous trading day. The price oscillates horizontally, downstream wait - and - see sentiment is strong, and spot trading is generally average. The premiums and discounts of refined nickel of each brand remain stable. The premium of Jinchuan nickel changes by 50 yuan/ton to 2,250 yuan/ton, the premium of imported nickel changes by 0 yuan/ton to 300 yuan/ton, and the premium of nickel beans is 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume is 22,111 (-193) tons, and the LME nickel inventory is 223,152 (2,058) tons [3] Strategy - Short - term nickel price: mainly volatile, easily affected by macro - sentiment, supply surplus pattern remains unchanged, limited upside space. Unilateral: mainly range operation; no strategies for inter - period, cross - variety, spot - futures, and options [4] Group 4: Stainless Steel Variety Market Analysis Futures - On September 11, 2025, the stainless steel main contract 2511 opened at 12,905 yuan/ton and closed at 12,870 yuan/ton. The trading volume was 112,848 (-2,615.00) lots, and the open interest was 128,344 (5,176) lots. It oscillated in the range of 12,885 - 12,930 yuan/ton at night and closed slightly up. During the daytime, due to the weakening of black - series futures, it failed to continue the night - session upward trend and finally closed down 45 yuan [4] Spot - Due to the narrow - range oscillation of the futures market, downstream buyers are cautious and mainly purchase on demand. Transactions are dull, and prices remain stable. The stainless steel price in the Wuxi market is 13,200 (+0) yuan/ton, and that in the Foshan market is 13,200 (+0) yuan/ton. The premium and discount of 304/2B is 325 - 625 yuan/ton. The average ex - factory tax - included price of high - nickel pig iron changes by 1.00 yuan/nickel point to 953.5 yuan/nickel point [4][5] Strategy - Inventory has decreased for nine consecutive weeks, material costs have risen, and there are signs of a stop - fall and rebound in stainless steel prices. The subsequent demand situation during the consumption peak season needs to be monitored. Unilateral: neutral; no strategies for inter - period, cross - variety, spot - futures, and options [5]
不锈钢:短期多空交织,关注震荡中的低位博弈
Wu Kuang Qi Huo· 2025-09-10 07:59
Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The current stainless - steel market is a mix of bullish and bearish factors in the short term. It is recommended to focus on low - level trading opportunities during the market fluctuations. A strategy of buying on dips with a light position is advisable, while keeping an eye on future stainless - steel consumption and PMI inflation data [27]. 3. Summary by Related Content Market Situation - The "anti - involution" theme in the market has little impact on stainless steel. Instead, the market has seen wide - range fluctuations due to the riots in Indonesia. With little change in the fundamentals, the cost - effectiveness of single - sided trading strategies for stainless steel is low. The current futures - spot price spread is near zero, and the near - month arbitrage space is very limited. The market does not reflect the optimistic expectations for the peak season, and there is still a lack of upward momentum for the market [2][6]. - From the actual consumption side, the demand for stainless steel has not improved significantly, and the restocking market has not started as expected [3][23]. Supply and Demand - On the spot side, stainless steel faces a structural shortage. Since the second quarter, the hot - rolled production has been steadily declining slightly, leading to a supply shortage. Recently, due to the "September 3rd Parade", some steel mills have reduced or suspended production, further exacerbating the supply - demand mismatch for hot - rolled products. In contrast, the production of 300 - series cold - rolled stainless steel has reached new highs, with sufficient market supply, and the planned production for September is expected to continue to increase [6]. - The expired warehouse receipts of stainless steel in September were 4,800 tons, and in October, they increased to 10,000 tons, which exerts some pressure on the futures market. However, the current futures price is close to the spot price, attracting some traders to increase their purchasing willingness. The delivery volume in August reached 39,000 tons, and it is expected to rise further from September to October [13]. Inventory - The overall inventory data is showing a downward trend. The current social inventory of crude steel is maintained at a reasonable level of around 1 million tons. The market's willingness to pick up goods has marginally improved, and traders are actively selling goods, which has accelerated the inventory clearance. For cold - rolled products, the high monthly production of 300 - series stainless steel brings some inventory accumulation pressure, but the extent of inventory accumulation is generally controllable [18]. Cost - The prices of key raw materials such as ferronickel and ferrochrome have stabilized and rebounded. The first - round tender price for high - nickel ferronickel in September released by Tsingshan Group is 955 yuan per nickel (including tax at the hatch bottom, N>11%), which further strengthens the cost support [23]. - The chromite market continues to strengthen. The recent strike at Turkish ports has severely disrupted chromite logistics, especially affecting the supply to the European market. In addition, the power supply problem in South Africa has not been resolved, and the operating rates of major local chromite producers have significantly declined, further intensifying the global chromite supply shortage [23]. Outlook - Although the "anti - involution" atmosphere in the commodity market has subsided, stainless steel, as a non - hot - spot variety, shows certain trading value at the current time. In the medium to long term, stainless steel prices are affected by both the domestic real - estate cycle and the commodity inflation cycle. The industry is currently at a low - value level, and the valuation is in the process of recovering from oversold to neutral, which is expected to resonate with the phased recovery of the real - estate industry [27].