镍日报-20260107

Group 1: Report Information - Report Type: Nickel Daily Report [1] - Date: January 7, 2026 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided. Group 3: Core View - The macro - atmosphere is positive. Due to intensified global resource competition, nickel prices continued to rise on the 6th, surging 4.13% and approaching the phased high of 140,000 yuan/ton. Total positions increased slightly by 3,889 lots to 360,000 lots. Nickel price increases drove up prices of other products in the industry chain. The NPI quote increased by 6.5 to 936.5 yuan/nickel point on the 6th, and nickel salt prices increased by 500 to 28,700 yuan/ton. The rebound of LME nickel prices will also drive up the spot cost of nickel salts. The market is highly volatile, and participation should be cautious [7]. Group 4: Market Review and Operation Suggestions - Macro - atmosphere is positive. Global resource competition is intensifying, and nickel prices continued to rise on the 6th, up 4.13% and approaching 140,000 yuan/ton. Total positions increased slightly by 3,889 lots to 360,000 lots. The increase in nickel prices drove up prices of other products in the industry chain. The NPI quote increased by 6.5 to 936.5 yuan/nickel point on the 6th, and nickel salt prices increased by 500 to 28,700 yuan/ton. The rebound of LME nickel prices will drive up the spot cost of nickel salts. The market is highly volatile before the RKAB quota decision is finalized, and participation should be cautious [7]. Group 5: Industry News - The Indonesian Ministry of Energy and Mineral Resources (ESDM) stated that the 2026 RKAB will be used as a strategic tool to align mineral production with domestic industrial demand, setting the nickel production target at about 290 million tons to match smelter capacity. The adjustment of production quotas for nickel and coal aims to prevent global oversupply, stabilize falling prices, and protect national resource reserves. Although the APNI is worried that production may drop to 250 million tons, the government says the data is still being integrated [8][10]. - Due to the non - approval of the 2026 RKAB, PT Vale Indonesia has suspended its nickel mining operations. However, management expects the license to be approved soon, and the temporary suspension will not affect the long - term operational sustainability of the joint venture. The approval delay only temporarily affects the Pomalaa and Bahodopi nickel projects, while the Sorowako mine and the integrated RKEF project are still operating normally, so the impact on market supply and demand is relatively limited [10]. - The Indonesian Nickel Smelters Association estimates that the domestic nickel smelting industry's nickel ore demand in 2026 will be about 340 - 350 million tons [10].