Report Industry Investment Rating - No information provided regarding the report industry investment rating. Core Viewpoints - Nickel prices are experiencing wide - range fluctuations due to inconsistent statements from Indonesia, while stainless steel prices are influenced by contradictions in the mining end, with ferronickel price increases supporting the price center [1]. Summary by Relevant Catalogs Fundamental Tracking - Futures Data: The closing price of the Shanghai Nickel main contract is 141,350, down 5,400 compared to T - 1; the closing price of the stainless - steel main contract is 14,275, down 140 compared to T - 1. The trading volume of the Shanghai Nickel main contract is 1,325,220, down 412,913 compared to T - 1; the trading volume of the stainless - steel main contract is 500,299, down 172,285 compared to T - 1 [1]. - Industrial Chain Data: The price of 1 imported nickel is 146,550, up 50 compared to T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,018, up 5 compared to T - 1. The price of 304/2B coil - rough edge (Wuxi) Hongwang/Beibuwan is 14,400, up 50 compared to T - 1 [1]. Macro and Industry News - The Indonesian government has suspended issuing new smelting licenses through the OSS platform, targeting projects producing "restricted products" such as Nickel matte, MHP, FeNi, and NPI [1]. - China's Ministry of Commerce and General Administration of Customs have decided to implement export license management for some steel products starting from January 1, 2026 [2]. - Indonesia's ESDM will revise the benchmark price formula for nickel ore commodities in early 2026, considering cobalt as an independent commodity for royalty collection [2]. - Indonesia plans to cut its 2026 nickel ore production target from 379 million tons to 250 million tons [4]. - Some Indonesian mining companies are facing potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and are negotiating with the government [4]. - Indonesian officials stated that nickel production in 2026 will be adjusted according to industry demand and smelter production capacity, with the output likely to be around 250 - 260 million tons [4]. Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is also 0, both indicating a neutral trend [5].
镍：印尼言论反复扰动情绪，镍价宽幅震荡运行，不锈钢：盘面锚定矿端矛盾，镍铁跟涨支撑重心