> 数据图表如何了解短期基本面数据：镍铁边际累库2025-5-1短期基本面数据：镍铁边际累库◆ 镍铁边际重回累库，镍铁价格承压，转高冰镍经济性修复，但窗口尚未打开。Special report on Guotai Junan Futures6363数据来源：SMM，上海钢联，同花顺iFind，彭博，上海金属网，国泰君安期货研究不锈钢总产量2019202320202024202120252022万吨40035030025020015010050001-31 02-28 03-31 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31RKEF利润率20202021202220232024202525%20%15%10%5%0%-5%-10%-15%20-1041-1062-1070-2091-2030-3051-3072-3090-4012-4060-5081-5003-5011-6032-6050-7071-7092-7001-8022-8030-9051-9072-9061-0182-0190-1112-1130-2151-2172-21SS主力价格-现金成本利润率（非一体化）20202021202220232024202525%20%15%10%5%0%-5%-10%-15%20-1041-1062-1070-2091-2030-3051-3072-3090-4012-4060-5081-5003-5011-6032-6050-7071-7092-7001-8022-8030-9051-9072-9061-0182-0190-1112-1130-2151-2172-21SMM主要地区镍生铁库存202020212022202320242025金属吨600005000040000300002000010000010-1062-1010-2051-2072-2010-3051-3003-3010-4051-4003-4051-5013-5041-6082-6010-7071-7013-7051-8013-8041-9082-9010-0161-0113-0151-1103-1151-2192-2113-21开工率120%100%80%60%40%20%0%10/020240/020270/020201/020210/120240/120270/120201/120210/220240/220270/220201/220210/320240/320270/320201/320210/420240/420270/420201/420210/520240/5202NPI转高冰镍经济性美金/吨6000500040003000200010000-1000-2000-3000国泰君安期货能源矿产
