镍：冶炼累库与宏观情绪共振，矿端紧缺托底下方，不锈钢：基本面与宏观施压，现实成本支撑

Group 1: Report's Industry Investment Rating - No information about the report's industry investment rating is provided in the content Group 2: Report's Core View - The report focuses on the nickel and stainless - steel markets, stating that for nickel, the accumulation of smelting inventories resonates with the macro - sentiment, and the shortage at the mine end supports the lower limit; for stainless steel, both the fundamentals and the macro - environment exert pressure, while the current cost provides support [1] Group 3: Summary by Relevant Catalogs 1. Fundamental Data Tracking - Futures Data: The closing price of the Shanghai Nickel main contract is 136,400, down 530 from the previous day; the closing price of the stainless - steel main contract is 14,120, down 70. The trading volume of the Shanghai Nickel main contract is 350,916, a decrease of 52,020, while the trading volume of the stainless - steel main contract is 242,978, an increase of 59,058 [1] - Industrial Chain Data: The price of 1 imported nickel is 135,250, down 2,700; the price of 8 - 12% high - nickel pig iron (ex - factory price) is 1,095, unchanged. The price of 304/2B coil - rough edge (Wuxi) is 14,400, down 50, and the price of battery - grade nickel sulfate is 32,095, unchanged [1] 2. Macro and Industry News - Policy - related: Indonesia's Energy and Mineral Resources Ministry (ESDM) will revise the benchmark price formula for nickel ore products in early 2026, considering cobalt as an independent commodity and levying royalties. The approved nickel ore production quota in 2026 is between 2.6 billion and 2.7 billion tons. The revision of the 2026 Work Plan and Budget (RKAB) is expected to be approved in July, with the possibility of increasing the nickel production quota by up to 30% [1][4][7] - Company - related: Solway Investment Group plans to restart its nickel mine business in Guatemala in a few months. PT Weda Bay Nickel (PT WBN) received a preliminary notice to submit an RKAB with an annual production and sales volume of 12 million tons, a 70% reduction from 2025. Four nickel - mining companies in North Maluku, Indonesia, were sanctioned [2][4][6] - Accident - related: A landslide occurred in the tailings area of the Morowali Industrial Park (IMIP) in Indonesia, resulting in one death and the suspension of operations in the affected area. Sherritt International Corporation scaled back the operation of its joint - venture in Cuba due to limited fuel supply [5] 3. Trend Intensity - The trend intensity of nickel and stainless steel is 0, indicating a neutral view. The range of trend intensity is an integer from -2 to 2, where -2 is the most bearish and 2 is the most bullish [8]