镍：节前资金离场冲击，中线矛盾仍在印尼，不锈钢：二月检修减产频出，成本支撑重心上移

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The nickel market is affected by pre - holiday capital outflows, and the medium - term contradiction lies in Indonesia; the stainless - steel market has frequent maintenance and production cuts in February, and the cost support center has shifted upward [1] - The trend intensities of both nickel and stainless steel are neutral, with a value of 0 [7] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Futures Data: The closing price of the Shanghai nickel main contract is 131,840, down 2,590 compared to T - 1; the closing price of the stainless - steel main contract is 13,670, down 140 compared to T - 1. The trading volume of the Shanghai nickel main contract is 554,444, down 28,080 compared to T - 1; the trading volume of the stainless - steel main contract is 287,657, down 42,500 compared to T - 1 [1] - Industrial Chain Data: The price of 1 imported nickel is 130,900, down 4,300 compared to T - 1; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,040, up 3 compared to T - 1. The price of 304/2B roll - rough edge (Wuxi) Hongwang/Beibuwan is 14,100, unchanged compared to T - 1; the price of 304/2B roll - trimmed edge (Wuxi) Taiyuan Iron and Steel/Zhangpu is 14,650, unchanged compared to T - 1 [1] 3.2 Macro and Industry News - The Indonesian government has suspended issuing new smelting licenses through the OSS platform for projects producing "restricted products" such as Nickel matte, MHP, FeNi, and NPI [1] - The Chinese Ministry of Commerce and the General Administration of Customs have decided to implement export license management for some steel products starting from January 1, 2026 [2] - The Indonesian Ministry of Energy and Mineral Resources will revise the benchmark price formula for nickel ore commodities in early 2026, and will start treating cobalt as an independent commodity and collecting royalties [2] - The Indonesian government plans to significantly reduce the 2026 nickel ore production target from 379 million tons to 250 million tons [4] - Some Indonesian mines are facing potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and are negotiating with the government [4] - The Indonesian Minister of Energy and Mineral Resources said that the 2026 nickel ore production quota will be adjusted according to industry demand, and the production may be around 250 - 260 million tons [4] - The KPPU found monopoly behavior in the port storage and logistics of the IMIP park in Indonesia, and the park is negotiating with the KPPU [4] - A Singapore - flagged bulk carrier carrying about 50,000 tons of nickel ore sank on its way from the Philippines to Yangjiang, China [5] - The Indonesian Ministry of Energy and Mineral Resources has started approving the 2026 mining work plan and budget (RKAB) [5] - The Solway Investment Group plans to restart its nickel mine business in Guatemala in a few months due to the rebound in nickel prices and the lifting of restrictions [5] - The Indonesian investment department said that the Indonesian Qing Shan Stainless Steel Co., Ltd. under Tsingshan Holding Group has never submitted an investment activity report [6]