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]

Investment Rating - The industry rating is "Recommended" [4] Core Views - The report highlights that high oil prices driven by Middle Eastern conflicts are expected to strengthen the demand for lithium as an energy alternative, indicating a potential upside for lithium prices [2] - Nickel prices are supported by supply uncertainties due to delays in the approval process for nickel mining quotas in Indonesia, which may lead to a tight supply situation [2][17] - Cobalt prices are anticipated to rise due to ongoing supply uncertainties from the Democratic Republic of Congo, with expectations of structural tightness in cobalt supply [3][18] - The report notes a significant increase in carbonated lithium prices, driven by supply disruptions and rising demand expectations, particularly in the context of the electric vehicle market [21] - The tungsten market is expected to see continued price increases due to long-term supply tightness and strategic importance in global supply chains [24] Summary by Sections Nickel and Cobalt Industry - As of March 27, LME nickel spot price was $17,010 per ton, up 1.43% from March 20, with total LME nickel inventory at 281,574 tons, down 0.68% [2] - Cobalt prices are under pressure but are expected to rise due to supply constraints from the DRC, with the current electrolytic cobalt price at 430,500 CNY per ton [3][18] Lithium Industry - Domestic carbonate lithium futures closed at 168,400 CNY per ton, up 17.09% from March 20, indicating strong demand and supply constraints [21] - The report emphasizes the impact of geopolitical tensions on lithium demand, particularly in the context of energy security [21] Tungsten Industry - The report indicates that tungsten prices are expected to continue rising due to supply constraints and strategic importance, with white tungsten concentrate prices at 1,001,000 CNY per ton [24] Antimony Industry - Antimony prices have seen a slight decline, but supply constraints are expected to provide support for future prices, with average antimony ingot prices at 165,500 CNY per ton [7][19] Uranium Industry - The report notes that uranium supply is expected to remain tight, supporting prices, with the global uranium market price at $71.3 per pound [15][25]

Investment Rating - The industry rating is "Recommended" [4] Core Views - High oil prices are expected to persist due to ongoing conflicts in the Middle East, which may benefit lithium as a substitute energy source [2] - Nickel prices are supported by supply uncertainties from Indonesia, with a current LME nickel spot price of $17,010 per ton, up 1.43% from March 20 [2] - Cobalt prices are anticipated to rise due to supply tightness from the Democratic Republic of Congo, with electrolytic cobalt priced at 430,500 CNY per ton as of March 27, down 0.35% from March 20 [3] - The lithium market is experiencing upward pressure on prices, with carbonate lithium reaching 168,400 CNY per ton, a 17.09% increase from March 20 [21] - Supply constraints in the tungsten market are expected to continue, supporting price increases [24] - Uranium prices are expected to remain high due to supply tightness and geopolitical factors, with the global uranium market price at $71.3 per pound [25] Summary by Sections Nickel and Cobalt Industry - Nickel prices are supported by slow approval processes for mining quotas in Indonesia, with a total inventory of 281,574 tons as of March 27 [2] - Cobalt supply remains tight, with expectations of structural shortages leading to price increases in the coming years [3][18] Lithium Industry - The lithium market is experiencing upward price movements due to supply disruptions and increased demand from the electric vehicle sector, with significant price increases noted [21] - Companies with substantial lithium resource supply are expected to benefit, including major players in the sector [21] Tungsten Industry - The tungsten market is characterized by supply constraints due to strict mining regulations and environmental checks, which are expected to support prices in the long term [24] Uranium Industry - The uranium market is facing supply tightness, with geopolitical tensions contributing to price stability, and companies involved in uranium mining are expected to benefit from this trend [25]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The nickel and stainless - steel markets continue to show a volatile trend under macro - level pressure. The nickel market is in a state of policy - fundamental game, with long - term support from Indonesian policy on the cost side and suppression from the macro and supply - demand pattern. The stainless - steel market has a strong supply growth expectation compared to the demand side, but cost support remains, and it will follow the nickel price trend and maintain volatility in the short term [1][4][5][6] 3. Summary by Related Catalogs Nickel Variety Market Analysis - On March 24, 2026, the main contract of Shanghai nickel opened at 134,000 yuan/ton and closed at 133,480 yuan/ton, a change of - 0.42% from the previous trading day's closing price. The trading volume was 442,345 (- 21,537) lots, and the open interest was 181,146 (+ 1,440) lots. The nickel market is in a state of policy - fundamental game. Policy - wise, the nickel ore mining quota has decreased from 3.79 billion tons to 2.6 - 2.7 billion tons, leading to a tight supply at the ore end. Fundamentally, the supply output continues to rise, inventories at home and abroad are increasing, and the market supply is sufficient. The demand side has stable support from stainless - steel mills and new - energy vehicles, but it is in the off - season with limited improvement [1] Nickel Ore - The cost - side of raw materials has a stronger expectation of price increase, and the bargaining center of the nickel ore market continues to move up. In the Philippines, the tense Middle - East geopolitical situation has led to a significant increase in nickel ore shipping costs and mining costs, and the price of Philippine nickel ore is under short - term pressure. In Indonesia, the approval progress of RKAB ore quotas is slow, and the premium of domestic trade nickel ore remains strong, with some premiums rising to $45 - 50 per wet ton [2] Spot - The domestic refined nickel spot market continues to show a weak and volatile trend, with a slight downward movement in the price center. The supply side has increased the enthusiasm of traders to sell goods, and some holders have lowered the premium to recover funds. The demand side has a strong wait - and - see atmosphere, with only rigid - demand users replenishing inventory at low prices. The trading is light. The premium of Jinchuan nickel has changed by - 300 yuan/ton to 6,250 yuan/ton, the premium of imported nickel has changed by 0 yuan/ton to - 150 yuan/ton, and the premium of nickel beans is 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 58,006 (+ 374) tons, and the LME nickel inventory was 282,888 (+ 96) tons [3] Strategy - The Shanghai nickel has shown strong resilience recently, maintaining a wide - range volatile pattern in a macro - bearish environment. It is expected to remain in an interval - volatile state in the short term. The recommended strategy is mainly interval operation [4] Stainless - Steel Variety Market Analysis - On March 24, 2026, the main contract of stainless steel opened at 14,070 yuan/ton and closed at 14,290 yuan/ton. The trading volume was 262,223 (+ 87,100) lots, and the open interest was 124,889 (- 4,171) lots. The supply side is expected to have a total production of 3.5364 million tons of stainless - steel crude steel in March, with a month - on - month increase of 36.5% and a year - on - year increase of 1.8%. The demand side has a slower - than - expected recovery in the "Golden March and Silver April" peak season, with only rigid - demand replenishment. In April, consumption is expected to continue to pick up, and inventory is unlikely to rise, providing bottom support for prices. The spot market has seen some recovery in confidence, with an increase in inquiries and transactions [5] Strategy - The supply growth expectation on the fundamental side is stronger than the demand side, but cost support remains. The stainless - steel price will follow the nickel price trend in the short term and is expected to maintain volatility. The recommended strategy is neutral [6]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the non-ferrous metals industry, focusing on aluminum, gold, silver, tin, rare earths, nickel, antimony, tungsten, and silicon iron. Core Insights and Arguments Aluminum - Geopolitical disturbances in the Middle East have triggered a reduction in electrolytic aluminum production by approximately 650,000 tons, accounting for about 0.86% of global output, which is expected to support aluminum prices in the short term [2][4] - The cost of energy constitutes about 40% of aluminum production costs, and rising energy prices or supply shortages could lead to further production cuts [3] - Historical data shows that during energy price surges, aluminum has demonstrated significant price elasticity, outperforming copper due to its high energy consumption nature [5] Gold and Silver - Gold is expected to maintain a positive long-term outlook, driven by U.S. fiscal expansion and changes in dollar credit, despite short-term fluctuations due to geopolitical events and liquidity issues [2][9] - Silver is anticipated to have a higher rebound elasticity compared to gold, supported by tight physical supply [10] Tin - Tin supply is constrained, with AI data centers contributing a 2.3% increase in demand. The company 兴业银锡 is highlighted as a top pick due to its expected capacity doubling by 2028, which could lead to a 200% increase in silver and tin production [2][17] Rare Earths - The supply-demand balance for rare earths remains tight, with production disruptions in Myanmar and domestic regulatory constraints supporting price increases. 北方稀土 is favored for trading strategies [2][19] - The demand for rare earths in 2026 is expected to be slightly weaker than in 2025, primarily due to slower growth in electric vehicles, but industrial robots and wind power sectors are projected to remain strong [21] Nickel - Nickel supply is under strong constraints due to reduced quotas in Indonesia and environmental policies. The company 利星资源 is noted for its high cost-performance ratio [2][14][15] Antimony and Tungsten - Antimony is gaining strength due to its strategic value in military applications, with potential for over 50% price appreciation compared to rare earths [2][18] - Tungsten prices are expected to remain stable due to strong demand from tool manufacturers, with limited new supply expected until late 2026 [23] Additional Important Insights - The impact of geopolitical events on the supply chain, particularly in the Middle East, is a significant concern for the aluminum market, affecting both raw material imports and finished product exports [3] - The overall sentiment in the precious metals market is shifting towards a recovery phase after recent volatility, with expectations of a V-shaped rebound in prices [8] - The strategic value of metals like antimony and rare earths is becoming increasingly recognized in the context of global geopolitical tensions, which may lead to higher valuations [18][22] This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of various metals within the industry.

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View - The nickel market shows a contradiction between macro and mine - end factors, leading to intensified short - term long - short games. The stainless - steel market is suppressed by overseas macro factors but supported by real - world costs [1] 3. Summary by Directory 3.1 Fundamentals Tracking - **Futures Data**: The closing price of the Shanghai Nickel main contract is 133,160, with a change of 1,610 compared to T - 1. The closing price of the stainless - steel main contract is 14,065, up 210 from T - 1. The trading volume of the Shanghai Nickel main contract is 537,401, and that of the stainless - steel main contract is 326,125 [1] - **Industrial Chain Data**: The price of 1 imported nickel is 134,500, with a change of 3,050 compared to T - 1. The price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,084, down 3 from T - 1. The price of 304/2B roll - rough edge (Wuxi) is 14,300, up 100 from T - 1 [1] 3.2 Macro and Industry News - **Policy Changes**: The Indonesian Ministry of Energy and Mineral Resources (ESDM) will revise the benchmark price formula for nickel ore products in early 2026, considering cobalt as an independent commodity and levying royalties. The ESDM aims to complete the approval of the 2026 mining work plan and budget (RKAB) by the end of March 2026 [1][7] - **Production and Operation**: Solway Investment Group plans to restart its nickel mine business in Guatemala in a few months. PT Weda Bay Nickel's production quota is cut by 70% compared to 2025. The ESDM estimates Indonesia's 2026 nickel ore production to be about 209 million tons, including 540,000 tons of ferronickel and 92,000 tons of nickel ice [2][4][6] - **Accidents and Sanctions**: A landslide occurred in the Morowali Industrial Park in Indonesia, causing one death and suspending operations in the affected area. Four nickel - mining companies in North Maluku Province, Indonesia, were sanctioned [5][6] 3.3 Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is also 0, indicating a neutral outlook [8]

Investment Rating - The industry rating is "Recommended" [3] Core Views - The report highlights that rising oil prices and ongoing market panic are suppressing non-ferrous metals, but there is optimism for a comprehensive market for key metals in the future [27] - Nickel prices may find bottom support due to slow approval progress of RKAB quotas in Indonesia and supply uncertainties [1] - Cobalt prices are expected to continue rising due to tight supply expectations from the Democratic Republic of Congo [2] - Antimony prices are anticipated to remain strong due to supply contraction [6] - Lithium demand is expected to increase against a backdrop of high oil prices, despite recent price declines [7] - The rare earth sector is facing tightening supply expectations, supporting prices [9] - Tin prices are supported by uncertainties in overseas supply [11] - Tungsten prices are expected to rise further due to tightening domestic supply [13] - Uranium prices are supported by ongoing supply tightness [15] Summary by Sections Nickel and Cobalt Industry - As of March 20, LME nickel spot price was $16,770 per ton, down 3.29% from March 13, with total LME nickel inventory at 283,512 tons, a decrease of 0.40% [1] - The approval of nickel mining quotas in Indonesia is lagging, which may lead to short-term supply tightness [1] - Cobalt prices are expected to rise due to supply tightness from the Democratic Republic of Congo, with the current price of electrolytic cobalt at 432,000 yuan per ton [2] Antimony Industry - Antimony prices have remained stable, with average prices for antimony ingots at 167,500 yuan per ton [6] - Supply is expected to remain tight due to production cuts and regulatory measures [6] Lithium Industry - Domestic lithium carbonate futures closed at 143,900 yuan per ton, down 5.41% [7] - Supply tightness is expected to continue, with a focus on the impact of high oil prices on lithium demand [7] Rare Earth Industry - Prices for praseodymium and neodymium are under upward pressure due to stable demand and supply constraints [9] - The global rare earth supply chain remains heavily reliant on China, which dominates production [10] Tin Industry - LME tin spot price was $43,700 per ton, down 8.86% from March 13, with ongoing uncertainties in overseas supply affecting prices [11] - Supply concerns from Myanmar and the Democratic Republic of Congo continue to impact the market [12] Tungsten Industry - Domestic tungsten prices are expected to rise due to tightening supply, with white tungsten concentrate prices at 1,021,000 yuan per ton [13] - The overall supply situation remains tight, with limited new production expected [13] Uranium Industry - Global uranium prices remain high, with a market price of $69.71 per pound, supported by supply tightness and geopolitical factors [15] - The supply-demand gap for uranium is expected to persist in the medium to long term [24]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights that the rising oil prices and ongoing market panic are suppressing non-ferrous metals, but there is optimism for a comprehensive market for key metals in the future [27] - Nickel prices are expected to find support due to supply uncertainties from Indonesia, particularly with the slow approval process for nickel mining quotas [1] - Cobalt prices are anticipated to continue rising due to tight supply expectations stemming from export approval delays in the Democratic Republic of Congo [2] - The report indicates that antimony prices are expected to remain strong due to supply constraints [6] - Lithium prices are projected to maintain a strong performance supported by demand amid high oil prices [7] - The rare earth sector is facing tightening supply expectations, with stable demand from downstream industries [9] - Tin prices are supported by uncertainties in overseas supply chains [11] - Tungsten prices are expected to rise further due to tightening domestic supply [13] - Uranium prices are supported by ongoing supply tightness and geopolitical factors [15] Summary by Sections Nickel and Cobalt - As of March 20, LME nickel spot price was $16,770 per ton, down 3.29% from March 13, with total LME nickel inventory at 283,512 tons, a decrease of 0.40% [1] - The Indonesian nickel mining association has set the 2026 production quota at 260-270 million tons, significantly reduced from the previous year's quota [16] - Cobalt prices are expected to rise due to ongoing supply tightness, with the Democratic Republic of Congo's export processes still facing delays [2][17] Antimony - Antimony prices have remained stable, with average prices for antimony ingots at 167,500 RMB per ton as of March 19 [6] - Supply constraints are expected to provide a bottom support for antimony prices [19] Lithium - Domestic lithium carbonate futures closed at 143,900 RMB per ton as of March 20, down 5.41% from March 13 [7] - The report notes that the Zimbabwean government has suspended all raw material and lithium concentrate exports, impacting supply [20] - Demand for lithium is expected to be supported by adjustments in export tax policies for battery products [20] Rare Earths - The average price of praseodymium oxide was 785 RMB per kilogram as of March 20, down 9.77% from March 13 [9] - Supply constraints are expected to persist due to regulatory measures and stable demand from the magnetic materials sector [21] Tin - The LME tin spot price was $43,700 per ton as of March 20, down 8.86% from March 13 [11] - Supply uncertainties from Myanmar and the Democratic Republic of Congo are expected to support tin prices [12][22] Tungsten - Domestic tungsten prices are under pressure due to tightening supply, with white tungsten concentrate prices at 1,021,000 RMB per ton as of March 20 [13] - The report anticipates further price increases due to ongoing supply constraints [23] Uranium - Global uranium prices remain high, with the market price at $69.71 per pound as of January [15] - Supply tightness is expected to continue due to geopolitical factors and production delays [24]

Summary of Conference Call Records Industry Overview - The records primarily focus on the **aluminum and nickel industries** and their current market dynamics, influenced by geopolitical factors, particularly in the Middle East [1][2][10]. Key Points on Aluminum Market - **Supply and Demand Dynamics**: The global supply of electrolytic aluminum is trending towards a shortage, with an expected average price exceeding **22,000 CNY/ton** by 2026, potentially reaching **30,000 CNY/ton** due to Middle Eastern geopolitical tensions [1][5]. - **Cost Structure**: The cost of aluminum production is significantly influenced by three main components: electricity (30%-40%), alumina (30%), and anode (10%-20%). Rising energy prices and logistical issues are expected to support aluminum prices [5][6]. - **Production Capacity**: Global electrolytic aluminum capacity is approximately **75 million tons**, with China accounting for **60%**. The production utilization rate is nearing **100%**, and new capacity additions are minimal due to supply-side reforms [5][6]. - **Investment Recommendations**: Companies with low-cost electricity advantages and high dividend capabilities are recommended, including **Tianshan Aluminum**, **Shenhuo Co.**, and **Yun Aluminum**. The average PE ratio for the electrolytic aluminum sector is currently around **8 times**, indicating undervaluation [1][9]. Key Points on Nickel Market - **Market Conditions**: Nickel prices are expected to rise due to tightening nickel ore quotas in Indonesia and rising sulfur prices, which are crucial for nickel production. Indonesia's MHP production accounts for **11%** of global nickel supply [10]. - **Geopolitical Impact**: The ongoing geopolitical tensions in the Middle East are causing supply chain disruptions, particularly affecting sulfur imports to Indonesia, which could lead to reduced MHP production and subsequently higher nickel prices [10]. Additional Insights - **Cost Competitiveness**: The domestic metal chain shows a high dependency on coal and electricity, providing a competitive cost advantage amid global energy price fluctuations. The dependency on oil and gas is relatively low [1][2]. - **Liquidity and Capital Expenditure**: The capital expenditure in the non-ferrous metals and steel sectors has been low over the past five years, with a recent uptick due to improved cash flows and balance sheet repairs in the corporate sector. This is expected to lead to a recovery in PPI by Q2 2026 [2][3]. - **Cost Transmission**: The cost transmission ability of the metal industry is robust, particularly in upstream manufacturing sectors. However, the competitive landscape in the domestic manufacturing sector may limit actual transmission effectiveness [4][6]. Conclusion - The aluminum and nickel markets are poised for significant changes driven by geopolitical tensions, supply constraints, and cost dynamics. Investment opportunities exist in companies with strong cost structures and dividend policies, while the overall market remains sensitive to external shocks and internal demand fluctuations.

Report Industry Investment Rating - No relevant content provided Core Viewpoints - **沪镍**: The outer market continues to decline slightly, showing a weak and volatile trend. In terms of supply, the production schedule in March is increasing, and domestic inventory is piling up, indicating sufficient market supply. On the industrial chain, the sentiment of bullish on nickel ore is strong, the RKAB policy in Indonesia continues to ferment, and there is a sharp contrast between the strong demand in Indonesia and the sluggish transactions due to cost inversion in China. The price of nickel iron is weakly stable, and the cost line is firm. The inventory of stainless steel continues to decline slightly, and the demand is weak. The production and sales data of new energy vehicles meet expectations, but the month - on - month decline is large in the off - season. The conclusion is that Shanghai Nickel 2605 will run weakly in a volatile manner [2]. - **Stainless Steel**: The price of spot stainless steel has decreased. In the short term, the price of nickel ore is firm, the demand in Indonesia is strong, the price of nickel iron is weakly stable, and the cost line has strong support. The inventory of stainless steel has decreased slightly, and the demand is weak. The conclusion is that Stainless Steel 2605 will run in a wide - range oscillation around the 20 - day moving average [4]. Summary by Relevant Catalogs 1. Nickel and Stainless Steel Price Overview - **Futures Prices**: On March 18, the price of Shanghai Nickel's main contract was 135,200, down 740 from March 17; the price of LME Nickel was 17,160, down 95; the price of stainless steel's main contract was 14,020, down 75. The nickel index was 134,050, down 1,200, and the cold - rolled index was 13,563, down 68 [9]. - **Spot Prices**: On March 18, the price of SMM1 electrolytic nickel was 138,000, down 1,950; the price of 1 Jinchuan nickel was 141,350, down 2,000; the price of 1 imported nickel was 134,700, down 2,050; the price of nickel beans was 137,250, down 2,000. The prices of cold - rolled 304*2B in Wuxi, Hangzhou, and Shanghai remained unchanged, while the price in Foshan was 14,900, down 100 [9]. 2. Nickel Warehouse Receipts and Inventory - **LME and SHFE Inventory**: As of March 18, LME nickel inventory was 283,950, an increase of 210 from the previous day; SHFE nickel warehouse receipts were 57,194, a decrease of 53. The total inventory was 341,144, an increase of 157 [12]. - **Previous Inventory Data**: As of March 13, the SHFE nickel inventory was 63,681 tons, with the futures inventory at 56,462 tons, an increase of 1,912 tons and 2,894 tons respectively [11]. 3. Stainless Steel Warehouse Receipts and Inventory - **Futures Inventory**: On March 18, the stainless steel warehouse receipts were 53,481, a decrease of 421 from March 17 [17]. - **Regional Inventory**: On March 13, the inventory in Wuxi was 610,300 tons, the inventory in Foshan was 389,500 tons, and the national inventory was 1,142,500 tons, a decrease of 75,000 tons month - on - month. Among them, the inventory of 300 - series stainless steel was 707,100 tons, a decrease of 92,000 tons month - on - month [16]. 4. Nickel Ore and Nickel Iron Prices - **Nickel Ore Prices**: On March 18, the price of red - soil nickel ore CIF with Ni1.5% was 80 US dollars per wet ton, and the price of red - soil nickel ore CIF with Ni0.9% was 34.5 US dollars per wet ton, both remaining unchanged. The sea freight from the Philippines to Lianyungang was 15 US dollars per ton, an increase of 0.5; the sea freight from the Philippines to Tianjin Port was 17 US dollars per ton, an increase of 1.5 [20]. - **Nickel Iron Prices**: The price of high - nickel wet ton (8 - 12) was 1,093.48 yuan per nickel point, a decrease of 0.75; the price of low - nickel wet ton (below 2) was 3,675 yuan per ton, remaining unchanged [20]. 5. Stainless Steel Production Cost - **Cost Types**: The traditional production cost was 14,186, the production cost using scrap steel was 14,081, and the production cost using low - nickel and pure nickel was 17,882 [22]. 6. Nickel Import Cost - The calculated import price was 133,893 yuan per ton [25].