镍日报-20250723

Report Information - Report Title: Nickel Daily Report [1] - Date: July 23, 2025 [2] - Research Team: Non-ferrous 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 macro - optimistic atmosphere supports the continued strength of Shanghai nickel. On the 22nd, Shanghai nickel 2509 closed up 1.52% at 123,720 yuan/ton, and the total open interest of the index increased by 12,011 to 176,532 lots. However, the nickel surplus pattern has not reversed, and price pressure still exists. The nickel fundamentals have not changed significantly, and the overall performance of each industrial link continues to weaken. Currently, the macro - sentiment dominates the market, and the nickel price is temporarily strong, but the rebound space should be viewed with caution [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Macro - optimism supports Shanghai nickel's strength, with the 2509 contract rising 1.52% to 123,720 yuan/ton and the index's total open interest increasing by 12,011 to 176,532 lots [8]. - The nickel surplus situation remains, and prices face pressure. As the supplementary quotas of Indonesia's RKAB are gradually approved, nickel ore supply will be abundant, and premiums and ore prices may decline [8]. - Nickel - iron prices rebounded slightly at a low level, but most Indonesian smelters are still at a loss at this price. After the conversion to high - grade nickel matte, the reduction is limited, and the support for prices is also limited. Stainless steel is in the traditional off - season with high inventories, making it difficult to support the raw material end. The weak atmosphere of nickel - iron and stainless steel drags down the nickel ore end [8]. - The price of nickel sulfate continued to rise to 27,250. It is expected to stop falling temporarily under the support of low inventories of nickel salt plants and the rigid restocking demand of precursors [8]. 3.2 Industry News - In 2025, Indonesia's actual nickel ore production was only 120 million tons, while the approved RKAB quota from January to June was 364.1 million tons, about three times the actual production. The low utilization rate of RKAB quotas was mainly due to the rainy season in major mining areas such as Sulawesi. In the first half of the year, Indonesia still imported 4.6 million tons of nickel ore from the Philippines [9]. - Since January 2025, the cost pressure on Indonesia's nickel industry has continued to rise due to policies such as the Domestic Sales Obligation (DMO), the increase in the biodiesel blending ratio from B40 to B50, new export fees, and the Global Minimum Tax (GMT). The APNI is formulating ESG regulations in line with IRMA standards and conducting a gap analysis of 57 local regulations to enhance the international reputation of Indonesia's nickel industry [11]. - Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This project is an important step towards the goal of deploying 10,000 MWh of battery energy storage capacity within a year [11]. - A research team in Turkey developed a TOPCon solar cell using nickel (Ni) contacts with almost no silver (Ag). The silver consumption is less than 0.5 mg/W, far lower than that of traditional silver - contact cells, while achieving almost the same efficiency. This innovation is expected to significantly reduce production costs [11]. - Renewable energy storage company Apatura obtained planning permission for a 100 - MW battery energy storage system (BESS) project in Scotland. This is the tenth approved energy storage project in the past 17 months, with the total approved energy storage capacity exceeding 1.6 GW [11]