【现货】据Mysteel，截至2月24日，无锡宏旺304冷轧价格14250元/吨，日环比上涨100元/吨；佛山宏旺 304冷轧价格14100元/吨，日环比持平；基差335元/吨，日环比下跌125元/吨。 【操作建议】主力参考13800-14500 【短期观点】区间震荡 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。 【供应】据Mysteel统计，2026年1月国内43家不锈钢厂粗钢预估产量342.6万吨，月环比增加16.55万 吨，增幅5.08%，同比增加24.83%；300系179.57万吨，月环比增加4.85万吨，增幅2.78%，同比增加 20.76%。2月不锈钢粗钢预计排产265.1万吨，月环比减少22.62%，同比减少12.49%；其中300系131.59 万吨，月环比减少26.72%，同比减 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - The stainless steel market is expected to show a wide - range oscillation pattern after the Spring Festival. The key factors affecting prices in the short - term are post - festival inventory accumulation and demand recovery rhythm. Supply contraction is obvious with a 23% month - on - month decrease in February production, which may relieve post - festival inventory pressure. The actual demand recovery of downstream manufacturing after the Lantern Festival needs to be observed. Attention should be paid to the changes in Indonesia's nickel - iron policy, downstream demand recovery, and macro - sentiment [6] 3. Summary by Directory 3.1 Futures Market - On February 12, 2026, the closing price of the stainless steel futures main contract was 13,970 yuan/ton. The trading volume was 115,890 lots, an increase of 12,040 lots compared to the previous trading day. The open interest was 100,602 lots, and the settlement price was 14,075 yuan/ton, a rise of 205 yuan/ton compared to the previous trading day [2] 3.2 Spot Market - Stainless steel main product prices remained stable. In the South China market, 304 cold - rolled coil prices were in the range of 13,800 - 13,890 yuan/ton, 430 cold - rolled coil prices were in the range of 7,250 - 7,400 yuan/ton, and 201 series prices were in the range of 7,100 - 8,100 yuan/ton. Stainless steel wire prices were mainly stable, with the 304 φ5.5 - 16 Qingshan white - line quoted at 14,600 yuan/ton in the Dainan market and 316L φ5.5 - 16 Qingshan quoted at 26,800 yuan/ton. In the stainless steel round - bar market, the Qingshan 304 round - bar was quoted at 13,900 yuan/ton and 316L round - bar at 25,100 yuan/ton in the Wenzhou market. Due to the approaching Spring Festival, market trading was light, and actual transactions were scarce [3] 3.3 Influencing Factors - In the raw material market, nickel prices showed an upward trend. On February 12, the nickel spot price index was 143,057 yuan/ton, a rise of 2,765 yuan/ton compared to the previous day. Chromium - iron prices remained stable, with the JCr99 - A Shanghai market price at 73,000 yuan/ton and the Jinzhou market price at 75,000 yuan/ton [4] - Technically, stainless steel futures prices have shown an oscillating trend recently. After hitting a low on February 2, the main contract rebounded but remained at a relatively low level. Trading volume gradually shrank before the festival, and changes in open interest indicated a decrease in market participation [5] 3.4 Market Outlook - After the Spring Festival, the stainless steel market is expected to be in a wide - range oscillation pattern. In the short - term, post - festival inventory accumulation and demand recovery rhythm are key price - influencing factors. Supply contraction is significant, with a 23% month - on - month decrease in February production, which may relieve post - festival inventory pressure. Downstream manufacturing is expected to gradually resume work after the Lantern Festival, and the actual demand recovery needs to be observed. Attention should be paid to changes in Indonesia's nickel - iron policy, downstream demand recovery, and macro - sentiment [6]

Investment Rating - Industry rating: Recommended [3] Core Insights - In Q4 2025, the company's own copper production increased by 9% year-on-year to 268,100 tons, with a quarter-on-quarter increase of 12%. The guidance for copper production in 2026 is set at 810,000 to 870,000 tons [1][3] - The company's cobalt production in Q4 2025 was 7,600 tons, a decrease of 35% year-on-year and 21% quarter-on-quarter. The total cobalt production for 2025 was 36,100 tons, down 5% year-on-year [1][3] - Zinc production in Q4 2025 was 260,000 tons, a decrease of 1% year-on-year but an increase of 6% quarter-on-quarter. The total zinc production for 2025 was 969,400 tons, up 7% year-on-year [1][3] - The company reported a total gold production of 156,000 ounces (4.85 tons) in Q4 2025, down 20% year-on-year but up 6% quarter-on-quarter. The total gold production for 2025 was 604,000 ounces (18.79 tons), down 18% year-on-year [2][3] - The Democratic Republic of Congo lifted its cobalt export ban in Q4 2025 and implemented an export quota system, which is expected to impact the company's cobalt export strategy positively [5][3] Production Overview - Q4 2025 production figures: - Copper: 268,100 tons, up 9% YoY, up 12% QoQ - Cobalt: 7,600 tons, down 35% YoY, down 21% QoQ - Zinc: 260,000 tons, down 1% YoY, up 6% QoQ - Lead: 46,200 tons, down 7% YoY, up 11% QoQ - Nickel: 19,500 tons, down 3% YoY, up 23% QoQ - Gold: 156,000 ounces (4.85 tons), down 20% YoY, up 6% QoQ - Silver: 5,607,000 ounces (174.40 tons), up 5% YoY, down 2% QoQ [1][2][3] Future Guidance - The company expects to produce between 810,000 and 870,000 tons of copper in 2026, with cobalt production not specified [6][3] - The cobalt export quota for 2026 includes 16,100 tons from KCC and 6,700 tons from Mutanda, with a total allocation of 22,800 tons [6][3]

【库存】整体买卖氛围趋于平静，贸易商多以交付节前加工订单为主，节前补库需求不足，社会库存转 为小幅累积，仓单近期增加。截至2月6日，无锡和佛山300系社会库存45.86万吨，周环比增加0.09万 吨。2月9日上期所不锈钢期货库存53523吨，周环比增加9705吨。 【逻辑】昨日不锈钢盘面维持窄幅震荡，现货方面节前现货交投一般，市场询单冷清，多以点价资源成 交为主。宏观方面，海外关注后续美联储降息节奏及表态；近期中国人民银行信贷市场工作会议要求建 设多层次金融服务体系，着力支持扩大内需、中小微企业等重点领域。镍矿来看，近期菲律宾矿山招标 价格连续上涨；印尼矿企RKAB配额逐步推进，但通过量级较申请量有所收缩，2月一期镍矿升水上涨 至+28美金附近，叠加基准价格上涨，镍矿价格明显上涨。目前供方高镍生铁报价主要集中在1050元/镍 (舱底含税)附近，市场情绪转冷，前钢厂加大减产力度，谨慎采购原料。节前钢厂加大减产力度，国内 部分钢厂开始停产检修，春节前后300系不锈钢预计影响产量48.5万吨。需求提振不足，传统和新兴板 块分化，施工项目放缓采购乏力、下游企业资金压力凸显，需求端难以承接高价涨幅。节前补库需求不 足， ...

研究员: 陈思嘉 期货从业资格证F03118799 期货投资咨询从业证书号Z0022803 不锈钢产业日报 2026-02-09 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:不锈钢(日,元/吨) | 13735 | 65 03-04月合约价差:不锈钢(日,元/吨) | -105 | -20 | | | 期货前20名持仓:净买单量:不锈钢(日,手) | -6580 | -480 主力合约持仓量:不锈钢(日,手) | 41399 | -5769 | | | 仓单数量:不锈钢(日,吨) | 53523 | 5723 | | | | 现货市场 | 304/2B卷:切边:无锡(日,元/吨) | 14650 | 0 市场价:废不锈钢304:无锡(日,元/吨) | 9350 | 0 | | | 基差:不锈钢(日,元/吨) | 600 | 140 | | | | 上游情况 | 电解镍产量(月,吨) | 29430 | 1120 镍铁产量合计(月,万金属吨) | 2.14 | ...

【逻辑】昨日不锈钢盘面大跌，主要受宏观情绪整体疲弱和原料镍的带动。现货方面临近节前现货交投 一般，市场待假氛围浓厚，多以点价资源成交为主。宏观方面，美国总统特朗普提名凯文.沃什为下一 任美联储主席，引发市场对美联储政策的"鹰派"预期，强美元预期之下商品板块情绪快速调整承压。镍 矿来看，菲律宾矿山招标价格连续上涨；印尼地区矿山出货有限，旧配额部分矿山MOMS系统审核未 能通过，新配额ESDM审批缓慢，镍矿升水大幅拉涨。原料收紧预期下，镍铁报价坚挺，议价区间多在 1060-1080元/镍(舱底含税)，但现货实际成交偏淡；叠加铬铁供应增量放缓，铬铁零售价格仍较坚挺。 节前钢厂加大减产力度，国内部分钢厂开始停产检修，春节前后300系不锈钢预计影响产量48.5万吨。 需求提振不足，传统和新兴板块分化，施工项目放缓采购乏力、下游企业资金压力凸显，需求端难以承 接高价涨幅。节前补库需求不足，社会库存转为小幅累积，仓单维持趋势性回落。总体上，近期成本支 撑强化，钢厂减产供应缩量预期，淡季需求提振和库存消化仍不足。宏观预期走弱施压情绪，供需缓慢 修复基本面相对平淡，短期预计偏弱调整为主，主力参考13200-14500，后续仍关 ...

Core Viewpoint - The stainless steel market is experiencing fluctuations with a strong overall sentiment, driven by supply reductions and cost support, despite weak demand conditions [3] Supply - As of January 2026, the estimated crude steel production from 43 domestic stainless steel mills is 3.426 million tons, a month-on-month increase of 165,500 tons (5.08%) and a year-on-year increase of 248,300 tons [2] - The production forecast for February is 2.651 million tons, a month-on-month decrease of 226,200 tons (12.49%) [2] - Some steel mills are increasing production cuts and initiating maintenance ahead of the holiday season [2] Inventory - Social inventory has slightly accumulated, with a trend of decreasing warehouse receipts [2] - As of January 30, the social inventory of 300 series stainless steel in Wuxi and Foshan is 457,600 tons, a week-on-week increase of 3,700 tons [2] - The Shanghai Futures Exchange's stainless steel inventory is 43,579 tons, a week-on-week increase of 4,950 tons [2] Market Dynamics - The nickel ore market is tight due to limited shipments from Indonesian mines, with nickel ore premiums rising to $28-32 per wet ton [3] - The high-nickel pig iron market is experiencing weak inquiries, leading to a narrowing of price increases [3] - The chromium iron market remains firm due to limited resource circulation and slowed supply growth [3] Demand - Demand is weak, with traditional and emerging sectors showing reduced purchasing activity due to financial pressures on downstream enterprises [3] - The expected impact on production from the 300 series stainless steel is 485,000 tons due to maintenance and production cuts [3] Price Outlook - The main price reference is set between 14,200 and 15,200, with expectations of strong fluctuations in the short term [4]

【现货】据Mysteel，截至1月28日，无锡宏旺304冷轧价格14500元/吨，日环比持平；佛山宏旺304冷轧 价格14300元/吨，日环比下跌50元/吨；基差205元/吨，日环比上涨75元/吨。 【原料】镍矿方面，印尼地区矿山出货有限，旧配额部分矿山MOMS系统审核未能通过，新配额ESDM 审批缓慢，镍矿升水大幅拉涨至28-32美元/湿吨。高镍生铁市场询单冷清，供方一口价报价多在1080- 1100元/镍(舱底含税)附近，长协报价多在升水10-20，市场低价资源较少；铬铁现货资源流通较少，叠 加铬铁供应增量放缓，铬铁零售价格仍较坚挺。 【供应】据Mysteel统计，12月国内43家不锈钢厂粗钢产量326.05万吨，月环比减少23.26万吨，减幅 6.7%，同比减少5.3%；300系174.72万吨，月环比减少1.45万吨，减幅0.8%，同比减少5.9%。1月不锈钢 粗钢预计排产340.65万吨，月环比增加4.48%，同比增加19.05%；其中300系176.32万吨，月环比增加 0.92%，同比增加12.58%。节前钢厂加大减产力度，近期多有钢厂减停产消息传出。 【库存】社会库存转为小幅累积，仓单维持趋势 ...

Core Viewpoint - The stainless steel market is experiencing a mixed sentiment with cautious pricing strategies amid fluctuating raw material costs and demand pressures [3] Supply - In December, the crude steel output from 43 domestic stainless steel mills was 3.2605 million tons, a month-on-month decrease of 232,600 tons (6.7%) and a year-on-year decrease of 5.3% [2] - The production forecast for January is 3.4065 million tons, reflecting a month-on-month increase of 4.48% and a year-on-year increase of 19.05% [2] - The 300 series output is expected to be 1.7632 million tons in January, with a month-on-month increase of 0.92% and a year-on-year increase of 12.58% [2] Inventory - Social inventory continues to decrease, albeit at a slower pace compared to the previous week, with a total of 450,700 tons of 300 series stainless steel in Wuxi and Foshan, a week-on-week decrease of 6,700 tons [2] - As of January 20, the Shanghai Futures Exchange's stainless steel inventory was 38,256 tons, a week-on-week decrease of 8,635 tons [2] Raw Materials - Nickel ore prices in the Philippines have been rising, with the Benguet mine's 1.25% nickel ore auction price reaching $32.5 [1] - Indonesia's HPM benchmark price for January has been raised to $29.04 per wet ton for 1.6% grade, significantly higher than the previous half-month [1] - High nickel pig iron prices are trending upwards, with market negotiation ranges moving to 1,020-1,030 yuan per nickel (tax included) [1] Market Dynamics - The stainless steel market is characterized by narrow fluctuations, with cautious selling sentiment among agents and limited inquiries [3] - The People's Bank of China has lowered the re-lending and rediscount rates by 0.25 percentage points, creating space for further interest rate cuts [3] - Despite improved profits leading to increased production plans, demand remains weak due to seasonal factors and financial pressures on downstream enterprises [3] - Overall, while raw material cost support is strengthening, the combination of ample supply and weak demand is limiting upward price movement, with short-term expectations of range-bound trading between 13,800 and 14,600 [3]

拉莫豪帕表示，铬铁行业的企业已经遭受重创，因为电力成本过高导致他们缺乏竞争力。中国企业 提供的电力价格大约只有我们的一半，而电力成本占加工固定成本的45%左右，在这种情况下，企业根 本无法盈利。由于电价高昂，当地冶炼厂被迫关闭，这不仅大幅降低了经济价值创造，还导致了就业岗 位流失和税收减少。铬矿石的原价约为每吨150美元，但经过提炼后，其价值可达每吨1150美元。拉表 示，从高价值产品中获得的税收收入可以用来支持财政收入，但这项干预措施的成本不能"社会化"地转 嫁给其他消费者。 拉莫豪帕表示他正在与一些全球矿业公司的首席执行官会面，讨论一项拟议的解决方案。拉未透露 更多细节，但再次确认，正在考虑的"独特"解决方案是从"搁浅资产"中获取低成本煤炭，用于发电厂， 从而使南非国家电力公司（Eskom）能够将冶炼厂的电价从每千瓦时约135分降至62分。 （原标题：南非电能部长称铬铁冶炼厂电力交易成本不能"社会化"） 南非工程新闻网站1月21日报道，南非电力和能源部长拉莫豪帕重申，为挽救南非铬铁冶炼厂（其 中大部分因电价飙升而关闭）而正在寻求的解决方案的成本不能由其他消费者补贴。2025年12月，南非 国家电力公司（E ...