节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：7/10
镍与不锈钢市场：原料偏强但需求存拖累
本文聚焦镍及不锈钢市场，从供给、需求、库存等方面分析市场现状，并给出相关观点。该分析来源于光大期货2025年9月30日发布的内容。
在供给层面，不同镍产品呈现不同态势。镍矿市场内贸价格与升水平稳，截至9月底，港口库存为983万湿吨。镍铁市场成交冷清，但价格中枢维持在950元/镍点左右。镍盐方面，受钴价强势影响，MHP延续偏强走势，硫酸镍价格小幅上涨。
需求端来看，不锈钢市场成本支撑有效，库存实现五连降。上周，全国主流市场不锈钢89仓库口径社会总库存98.45万吨，周环比下降0.26%，不过降幅较上期有所放缓。新能源领域正值“ɇ..
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