镍：印尼镍矿计价改变，政策抬升冶炼成本；不锈钢：现实基本面偏弱，政策抬升镍铁成本

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The policy of changing the pricing of Indonesian nickel mines will increase the smelting cost, and the current fundamentals of stainless steel are weak while the policy will increase the cost of ferronickel [1] 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - Futures Data: The closing price of Shanghai Nickel main contract was 136,900, with a change of 3,890 compared to T - 1; the closing price of stainless steel main contract was 14,535, with a change of 70 compared to T - 1. The trading volume of Shanghai Nickel main contract was 293,438, and that of stainless steel main contract was 448,919 [1] - Industrial Chain Data: The price of 1 imported nickel was 133,100, with a change of - 400 compared to T - 1; the ex - factory price of 8 - 12% high - nickel pig iron was 1,079, with a change of - 2 compared to T - 1. The price of 304/2B roll - rough edge (Wuxi) Hongwang/Beibuwan was 14,550, with a change of 100 compared to T - 1 [1] 3.2 Macro and Industry News - In March 2026, the Indonesian Minister of Energy and Mineral Resources planned to adjust the benchmark price of nickel mines as a new source of income for the mineral industry. The revision of the benchmark price involves the pricing of cobalt and other elements [1] - In February 2026, Philippine miners said that the export volume of nickel ore to Indonesia might double [2] - In February 2026, a landslide occurred in a tailings area of the Morowali Industrial Park in Indonesia, resulting in one worker's death and the suspension of operations in the affected area [2] - The Indonesian Energy and Mineral Resources Ministry estimated that the nickel ore production in 2026 would be about 209 million tons, including 540,000 tons of ferronickel and 92,000 tons of nickel ice [4] - The Indonesian Nickel Miners Association said that the revision of the 2026 work plan and budget (RKAB) was expected to be approved in July, and the revised RKAB might increase the nickel production quota by up to 30% [4] - On March 25, the Indonesian Minister of Energy and Mineral Resources said that the production targets of coal and nickel might be relaxed this year [4] - The Indonesian Energy and Mineral Resources Ministry has approved a work plan and budget (RKAB) of 210 million tons for nickel mines. The national nickel production quota target for the 2026 RKAB is about 260 million tons, lower than the previous year's 379 million tons [4] - On April 13, 2026, the Indonesian ESDM held a meeting on revising the Indonesian nickel ore benchmark price (HPM). The correction coefficient of 1.6% grade nickel ore was raised from 17% to 30%, and new pricing for associated minerals was introduced [5] 3.3 Inventory Weekly Tracking - Refined Nickel: On April 10, China's social inventory of refined nickel increased by 1,486 tons to 89,378 tons. LME nickel inventory increased by 174 tons to 281,670 tons [6] - New Energy: On April 9, the inventory days of SMM nickel sulfate upstream, downstream, and integrated production lines increased by 1, 0, and 1 respectively to 6, 9, and 8 days. The precursor inventory remained flat at 13.0 days, and the ternary material inventory remained flat at 7.1 days [6] - Nickel - Iron - Stainless Steel: On April 9, the SMM nickel - iron full - industry chain inventory decreased by 14% month - on - month to 112,000 metal tons and 6% week - on - week. In March, the SMM stainless steel factory inventory was 1.6 million tons, with a year - on - year and month - on - month decrease of 3%. On April 9, the steel union's stainless steel social inventory was 1.186 million tons, with a week - on - week increase of 0.21% [6] 3.4 Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is 0. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [7]