建信期货镍日报-20250606

Report Information - Report Title: Nickel Daily Report [1] - Date: June 6, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The nickel industry continues to face a supply-demand surplus, but the firm support from the Indonesian nickel ore end provides a bottom support for nickel prices. It is recommended to buy at low levels [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - On the 5th, Shanghai nickel fluctuated narrowly and weakened in the late session. The main contract 2507 closed at 121,570, down 0.43% from the previous day. The total open interest of the index increased by 2,523 to 165,179 lots [8]. - In the spot market, trading was relatively light. The premium of Jinchuan nickel was 2,450 yuan/ton, and the premium of Russian nickel was reported at 350 yuan/ton [8]. - Regarding nickel ore, the subsequent supplementary quotas of RKAB are expected to start the approval process in June and July of the second half of the year. The previous market rumor that a large number of RKAB quotas were approved in the past few weeks is not true. The supply shortage of nickel ore has not been alleviated [8]. - The cost of NPI remains high due to the firm nickel ore prices. Both Indonesia and China are generally facing losses, with high pressure on capacity clearance, and prices may be relatively firm [8]. - Nickel sulfate prices are slowly declining. On the 5th, the average price was reported at 27,815 yuan/ton. The weak ternary battery market has dragged down the demand for nickel [8]. - Stainless steel mills are in the red, with reduced production schedules and high inventories. The demand for nickel can only maintain the minimum requirement [8]. 3.2 Industry News - SMM expects the HPM of Indonesian domestic trade nickel ore to remain stable with a slight decline in the first half of June, with an estimated month-on-month decrease of 0.06%. The HMA in the first half of June is 15,405 US dollars/ton, down 10 US dollars/ton [11]. - Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [12]. - A research team in Turkey has developed a TOPCon solar cell using nickel (Ni) contacts with almost no silver (Ag), significantly reducing silver usage while maintaining high performance [12]. - Renewable energy storage company Apatura has obtained planning permission for a 100 MW battery energy storage system (BESS) project in Scotland, increasing its approved total energy storage capacity to over 1.6 GW [12][13]