今年4月，海关总署牵头会同20个部门、25个试点城市，启动跨境贸易便利化专项行动，全力推动29项 措施落地落实。我省南京、无锡、盐城三市列入试点。几个月过去，跨境贸易是否更便利，让企业更加 可知可感？ 图片来源：视觉中国 9月29日，爱尔集新能源科技（南京）有限公司生产的一批1200万元的锂电池组顺利出口海外。"该批锂 电池使用'循环包装'进行打包，每件包装成本约节省80%，大幅降低了我们的成本。"该公司关务负责人 说。 "从监管创新与物流织网，到多式联运与产业赋能，再到口岸升级与模式创新，南京海关正将跨境贸易 便利化专项行动转化为企业可知可感的实效。"南京海关综合业务处二级巡视员掌孝恩说。 新华日报·交汇点记者 宋晓华 传统模式下，搭乘国内航班抵达盐城的出口货物，首先需要在国内货物库区完成国内提货，再通过社会 道路进行短驳运输，完成二次安检后方可进入国际出口库区等待发运，全程需要进行多次货物交接。实 施"空侧直通"货物监管模式后，货物交接次数减少至1次，单票货物通关效率提升约70%，物流成本降 低约30%。盐城海关统计，截至今年9月，已有7批次总计4.6吨货物通过这条"空中高速"实现快速出境。 联运织网贯通 ...

【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 ...

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 ...

Pricing - The price of Wuxi Hongwang 304 cold-rolled steel is stable at 13,100 yuan/ton, while Foshan Hongwang is at 13,200 yuan/ton, both showing no daily change [1] - The basis has decreased by 50 yuan/ton to 360 yuan/ton [1] Raw Materials - Nickel ore prices remain strong, with a rise in transaction volume; however, the quality of nickel ore from Indonesia is declining [1] - Nickel pig iron prices are stable around 950 yuan/nickel (including tax), but ongoing losses in stainless steel production are expected to suppress demand for nickel pig iron [1] - Chrome ore prices are rising due to strong cost support and reduced supply in August [1] Supply - In August, the estimated crude steel output from 43 domestic stainless steel plants was 3.2795 million tons, a month-on-month increase of 68,700 tons (2.14%) but a year-on-year decrease of 2.37% [1] - The forecast for September crude steel output is 3.4021 million tons, a month-on-month increase of 3.74% and a year-on-year increase of 3.57% [1] Inventory - Social inventory is decreasing slowly, with a total of 472,000 tons of 300 series stainless steel in Wuxi and Foshan, a week-on-week decrease of 6,000 tons [2] - As of September 22, stainless steel futures inventory is at 89,377 tons, a week-on-week decrease of 6,972 tons [2] Market Dynamics - The stainless steel market is experiencing narrow fluctuations, with downstream sectors beginning to restock ahead of the holiday, but overall demand remains stable [3] - Nickel ore prices are supported by strong demand, while the supply from Indonesia is relatively ample [3] - The forecast for crude steel production in September indicates continued increases, primarily in the 300 series, which may exert pressure on supply [3] - Despite a decrease in social inventory, the absolute volume remains high, indicating ongoing challenges in demand fulfillment [3]

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].

Core Insights - The stainless steel market is experiencing stable prices with a slight decrease in inventory levels, indicating a cautious market sentiment [1][2][3] Pricing - As of August 28, the price of 304 cold-rolled stainless steel in Wuxi is 13,100 yuan/ton, and in Foshan, it is 13,050 yuan/ton, both remaining unchanged from the previous day [1] - The basis price is 420 yuan/ton, which has decreased by 10 yuan/ton compared to the previous day [1] Raw Materials - The nickel ore market is relatively stable, with 1.3% nickel ore resources trading at FOB 32 and CIF 42, showing a month-on-month increase [1] - Nickel pig iron prices are showing a slight upward trend, with a recent bid price of 940 yuan/nickel, up by 40 yuan/nickel from the last public inquiry [1] - The chromium ore market is experiencing tight supply, leading to rising prices due to strong cost support [1] Supply - In August, the estimated crude steel output from 43 domestic stainless steel mills is 3.3041 million tons, a month-on-month increase of 2.29% but a year-on-year decrease of 1.64% [1] - The output for the 300 series is estimated at 1.7598 million tons, reflecting a month-on-month increase of 3% and a year-on-year increase of 4.4% [1] Inventory - As of August 29, social inventory for the 300 series in Wuxi and Foshan is 499,000 tons, a week-on-week decrease of 5,500 tons [2] - The stainless steel futures inventory is 100,431 tons, down by 18,209 tons week-on-week [2] Market Dynamics - The stainless steel market is currently in a state of fluctuation, with prices stable but affected by overall market sentiment and reduced high-priced resource circulation [3] - Downstream purchasing activity remains low, primarily driven by essential needs [3] - The recent expectations of interest rate cuts by the Federal Reserve and easing export pressures from U.S.-China tariff negotiations are contributing to a cautious market outlook [3] - Despite improvements in steel mill profits and increased production motivation, the overall demand remains weak, with traditional downstream sectors showing sluggish demand [3]

【供应】据Mysteel统计，8月国内43家不锈钢厂粗钢预计排产330.41万吨，月环比增加2.29%，同比减 少1.64%；其中300系175.98万吨，月环比增加3%，同比增加4.4%。7月国内43家不锈钢厂粗钢预估产量 323.02万吨，月环比减少6.14万吨，减幅1.87%，同比减少2.36%。 免责声明：本报告中的信息均来源于被广发期货有限公司认为可靠的已公开资料，但广发期货对这些信 息的准确性及完整性不作任何保证。在任何情况下，报告内容仅供参考，报告中的信息或所表达的意见 并不构成所述品种买卖的出价或询价，投资者据此投资，风险自担。本报告的最终所有权归报告的来源 机构所有，客户在接收到本报告后，应遵循报告来源机构对报告的版权规定，不得刊载或转发。 【现货】据Mysteel，截至8月25日，无锡宏旺304冷轧价格13100元/吨，日环比上涨100元/吨；佛山宏旺 304冷轧价格13050元/吨，日环比上涨100元/吨；基差390元/吨，日环比下跌30元/吨。 【操作建议】主力参考12600-13400 【原料】镍矿市场近期比较平静，矿价持稳为主，9月1.3%镍矿资源FOB32成交居多；1.3%镍矿至 ...

Core Insights - The stainless steel market is experiencing a transition from a consumption off-season to a peak season, with cautious purchasing behavior from downstream buyers [3] - Nickel ore prices remain stable, with mainstream transaction prices for 1.3% nickel ore around CIF 42 and for 1.4% nickel ore around CIF 50 [3] - Domestic stainless steel production is expected to increase in August, with a projected output of 330.41 million tons, a month-on-month increase of 2.29% [1] Pricing and Inventory - As of August 18, the price of 304 cold-rolled stainless steel in Wuxi is 13,150 yuan/ton, up 50 yuan/ton from the previous day, while in Foshan it remains stable at 13,050 yuan/ton [1] - Social inventory of 300 series stainless steel in Wuxi and Foshan is 49.65 million tons, a week-on-week decrease of 0.5 million tons [2] Supply and Demand Dynamics - The overall profit margins for steel mills have improved, leading to increased production motivation, which may exert pressure on supply in August [3] - Despite seasonal and policy improvements in demand expectations, the actual terminal demand remains weak, with traditional downstream sectors showing sluggish demand [3] - The chromium iron price is expected to remain strong due to cost support from chromium ore [1][3]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - After nearly four months of consolidation, the stainless steel market is regaining upward momentum, and it is expected that this year's peak - season market may exceed seasonal norms and show stronger performance. The multi - wheel drive includes the continuous optimization of the supply - demand structure at the industrial level and the synchronous improvement of the domestic and foreign economic environment at the macro level. The systematic repair of market expectations will provide more lasting support for stainless steel prices than just supply - demand improvement [6][21]. 3. Summary by Related Content Price and Market Sentiment - Since the Trump administration's tariff increase policy in early April 2025, stainless steel futures prices have been at a low level, even dropping to the 12,000 - yuan mark. With the improvement of the domestic commodity market sentiment and industry prosperity, the prices have recovered the April 7th high [3][6]. - The basis between the spot and futures of stainless steel in Wuxi and Foshan is in a reasonable range, with strong linkage between the futures and spot markets and no obvious price divergence. Supported by the steady recovery of demand, the spot market quotation shows a mild upward trend, and the trading atmosphere has improved [7]. Cost and Profit - The prices of upstream ferronickel and ferrochrome have remained stable recently, providing relatively stable support for the production cost of stainless steel. Under the double benefits of steadily rising spot prices and stable raw material costs, the profit margin of steel mills has been gradually repaired, and some loss - making steel mills have turned losses into profits [7]. Supply and Demand and Inventory - Affected by seasonal weak demand, the market could not digest the previous supply, resulting in low trading volume, high inventory (both implicit and explicit), and a significant blow to steel mills' production enthusiasm, leading to many production cut announcements in early July [14]. - With increased production cuts by steel mills and the release of macro - favorable policies, the stainless steel futures market stabilized and rebounded first, driving up spot prices. The supply contraction expectation increased, and the spot market adopted a price - stabilizing and sales - promoting strategy, resulting in improved trading volume in July and a gradual decline in inventory levels [14]. Macroeconomic Factors - The M1 - M2 gap is continuously narrowing, and the M1 growth rate has significantly increased recently, indicating an increase in corporate current deposits, higher market trading activity, and a strengthening investment willingness in the real economy. Although key indicators in the downstream real estate industry are still in negative growth, the decline is narrowing, showing signs of bottoming out. Speculative demand has increased significantly due to improved market expectations, which is expected to support stainless steel prices [17].

Core Insights - As of August 6, the price of 304 cold-rolled stainless steel in Wuxi is 13,000 yuan/ton, remaining stable day-on-day, while in Foshan it is 12,950 yuan/ton, also unchanged [1] - The nickel ore market is currently stable, with mainstream transaction prices for 1.3% nickel ore around CIF 42 and for 1.4% nickel ore around CIF 50 [1] - Domestic stainless steel production is expected to decrease, with July's output from 43 stainless steel plants estimated at 3.2531 million tons, a month-on-month decline of 2.87% and a year-on-year decline of 1.67% [1] Price Trends - The base price has increased by 25 yuan/ton to 235 yuan/ton [1] - Nickel iron prices have risen to 930-940 yuan/nickel, while ferrochrome prices remain weak and stable with slight room for adjustment [1] - The stainless steel futures inventory as of August 6 is 102,803 tons, a week-on-week decrease of 431 tons [1] Market Dynamics - Social inventory of 300 series stainless steel in Wuxi and Foshan is 514,800 tons, with a week-on-week decrease of 1,100 tons [1] - The market is currently experiencing weak demand, with purchases primarily driven by essential stock replenishment [1] - The overall market sentiment is influenced by macroeconomic factors, including weak U.S. data raising expectations for interest rate cuts [1] Production Insights - The production of 300 series stainless steel in July was 1.7133 million tons, a month-on-month decrease of 3.8% but a year-on-year increase of 4.7% [1] - The expected increase in the domestic nickel ore benchmark price in Indonesia is projected to rise by 0.2 - 0.3 USD in August [1] - The short-term supply pressure is unlikely to ease significantly due to insufficient production cuts despite maintenance at stainless steel plants [1] Future Outlook - The market is expected to remain in a narrow range, with the main operational range referenced at 12,600 - 13,200 yuan/ton [1] - The short-term view indicates a range-bound movement driven by policy and macroeconomic sentiment [1]