镍日报-20250520

Report Summary 1. Report Date - The report is dated May 20, 2025 [2] 2. Research Team - The non - ferrous metals research team includes researchers Yu Feifei, Zhang Ping, and Peng Jinglin [3] 3. Industry Investment Rating - Not provided in the report 4. Core Viewpoint - With the macro - atmosphere easing and basic - face news being temporarily empty, nickel prices continue to fluctuate narrowly. On the 19th, Shanghai nickel oscillated slightly weakly, closing at 123,850, down 0.67%. The overall spot premium remained stable. Fundamentally, Indonesian nickel ore prices are still strong, while Philippine ore prices declined slightly due to increased shipments and weakened demand but are overall prone to rise and hard to fall. London inventories increased again to 202,000 tons, and the inventory - building trend continued, weakening price support. Weak demand led to a slight decline in nickel sulfate prices. It is expected that nickel prices will maintain a narrow - range oscillation, and there are opportunities to go long at low levels [8] 5. Summary by Directory 5.1 Market Review and Operation Suggestions - On the 19th, Shanghai nickel oscillated slightly weakly, closing at 123,850, down 0.67%, with the index's total open interest increasing by 5,663 to 159,001 lots. The spot premium remained stable, with Jinchuan's premium at 2,100 yuan/ton and Russian nickel's premium at 200 yuan/ton. Indonesian nickel ore prices are strong, and Philippine ore prices declined slightly. London inventories increased to 202,000 tons, and the demand for nickel sulfate was weak, causing its price to fall. It is expected that nickel prices will maintain a narrow - range oscillation [8] 5.2 Industry News - Indonesian domestic trade ore benchmark price: In the second half of May, HMA was $15,415/ton, up $366/ton. SMM predicted that the HPM prices of different - grade nickel ores in the second half of May would increase compared to the first half. The mainstream premium of Indonesian pyrometallurgical domestic trade ore in May was $26 - 28/wet ton, up about $2/wet ton from April, and the price of hydrometallurgical ore decreased slightly within the month [11][12] - Talon Metals: The company found a high - grade nickel sample in Minnesota, which is part of a $65 - million exploration plan. The proposed underground mine project faces less opposition but still needs an environmental review. The company is conducting a feasibility study and starting the approval process, planning to transport the mined ore to North Dakota for processing [12] - Global Ferronickel Holdings, Inc. (GFNI): In April 2025, it first exported 56,625 wet metric tons of low - grade nickel ore to Indonesia. This year's target is to complete 91 shipments totaling 5 million WMT, with an expected shipment structure of 53% low - grade and 47% medium - grade ores. It is expected to achieve double - digit revenue growth in 2025. The 2025 capital expenditure budget is 711.8 million pesos for various projects [12] - Ivanhoe Mining: On May 7, 2025, its subsidiary Ivanplats achieved a major milestone by completing the first high - grade ore blasting of the Flatreef ore body. Ore will be stored on the surface for the first feeding of the concentrator in the fourth quarter [13]