Report Title - Nickel and Stainless Steel Industry Chain Weekly Report, dated May 19, 2025 [1] Core Views Bullish Factors - Tight supply of nickel ore in Indonesia has pushed up ore prices, strengthening cost-side support [3] - High spot premiums indicate relatively strong spot demand [3] Bearish Factors - Continuous accumulation of pure nickel social inventory, with high levels in SHFE nickel and LME inventories [3] - Slowing consumption growth in the new energy sector and a decline in the proportion of ternary batteries have weakened nickel demand [3] Trading Advisory Views - The fundamentals are mixed. In the short term, it should be treated as oscillating with a slight upward bias. Attention should be paid to the cost support at the ore end and the marginal changes in inventory [3] Market Data Nickel Futures - SHFE Nickel Main Contract: Latest value 124,060 yuan/ton, weekly increase of 200 yuan, weekly increase rate of 0.16% [4] - SHFE Nickel Continuous 1: Latest value 124,230 yuan/ton, weekly decrease of 1,900 yuan, weekly decrease rate of -1.51% [4] - SHFE Nickel Continuous 2: Latest value 124,430 yuan/ton, weekly decrease of 1,860 yuan, weekly decrease rate of -1.47% [4] - SHFE Nickel Continuous 3: Latest value 124,660 yuan/ton, weekly decrease of 1,780 yuan, weekly decrease rate of -1.47% [4] - LME Nickel 3M: Latest value 15,805 US dollars/ton, weekly decrease of 45 US dollars, weekly decrease rate of -1.41% [4] Stainless Steel Futures - Stainless Steel Main Contract: Latest value 12,965 yuan/ton, weekly increase of 35 yuan, weekly increase rate of 0% [4] - Stainless Steel Continuous 1: Latest value 12,965 yuan/ton, weekly increase of 75 yuan, weekly increase rate of 0.58% [4] - Stainless Steel Continuous 2: Latest value 13,005 yuan/ton, weekly increase of 75 yuan, weekly increase rate of 0.58% [4] - Stainless Steel Continuous 3: Latest value 13,025 yuan/ton, weekly increase of 60 yuan, weekly increase rate of 0.46% [4] Other Data - Nickel Futures: Open interest decreased by 22.4% to 55,628 lots; trading volume decreased by 22.12% to 124,511 lots; warehouse receipts increased by 1.20% to 23,501 tons; main contract basis decreased by 52.17% to -825 yuan/ton [4] - Stainless Steel Futures: Open interest increased by 0.45% to 125,581 lots; trading volume decreased by 20.49% to 94,985 lots; warehouse receipts decreased by 1.48% to 157,878 tons; main contract basis increased by 3.85% to 675 yuan/ton [4] - Spot Nickel: Jinchuan Nickel, Imported Nickel, 1 Electrolytic Nickel, and Nickel Beans all decreased by 0.16%, and Electrowon Nickel decreased by 0.12% [4] - Inventory: Domestic social nickel inventory increased by 63 tons to 44,151 tons; LME nickel inventory decreased by 3,924 tons to 195,222 tons; stainless steel social inventory decreased by 8.4 tons to 980.7 tons; nickel pig iron inventory increased by 1,158 tons to 29,554.5 tons [4][6] Data Charts Nickel - Nickel internal and external market trends [8] - Nickel spot average price [11] - China's refined nickel monthly production seasonality [13] - China's primary nickel monthly total supply including imports seasonality [13] - Domestic social inventory (nickel plates + nickel beans) seasonality [14] - LME nickel inventory seasonality [14] - Philippine laterite nickel ore 1.5% (FOB) price [15] - China's port nickel ore inventory by port seasonality [15] Nickel Iron - Ni≥14% Indonesian high-nickel pig iron (arrival duty-paid) average price [17][19] - China's nickel iron monthly production seasonality [18] - China's 8 - 12% nickel pig iron ex-factory price (national average) [19] - Indonesia's nickel pig iron monthly production seasonality [20] Downstream Nickel Sulfate - Profit margin seasonality of producing nickel sulfate from nickel beans [22][23] - Profit seasonality of producing electrowon nickel from externally purchased nickel sulfate in China [22][23] - Average price of battery-grade nickel sulfate [24] - Premium of battery-grade nickel sulfate [24] - China's nickel sulfate monthly production (metal tons) [25] - Ternary precursor monthly production capacity seasonality [25] Stainless Steel - Profit margin seasonality of China's 304 stainless steel cold-rolled coils [26] - Stainless steel monthly production seasonality [27] - Stainless steel inventory seasonality [28][29]

Report Industry Investment Rating - Not provided Core Viewpoints - **Likely Positive Factors**: Strong cost support at the mining end, with Indonesian nickel ore policies driving up costs and strengthening the bottom support; Intermediate product supply is temporarily tight, nickel sulfate prices are rising moderately, and the cost - pricing mechanism supports nickel prices [3] - **Likely Negative Factors**: The pattern of strong supply and weak demand continues, refined nickel production capacity is expected to increase, and new - energy consumption growth has slowed down; High social inventories of pure nickel continue to suppress price rebound [3] - **Trading Advice**: The fundamentals are mixed. In the short term, the market is expected to be volatile and slightly bullish. Attention should be paid to cost support at the mining end and marginal changes in inventories [3] Summary by Related Catalogs Market Information - **Nickel Futures**: The latest value of SHFE Nickel Main Contract is 123,450 yuan/ton, down 1,180 yuan (-0.95%) week - on - week; LME Nickel 3M is 15,575 dollars/ton, up 345 dollars week - on - week, but the week - on - week change is - 0.27%. The trading volume is 111,203 lots, up 9,286 lots (9.11%) week - on - week, and the open interest is 70,991 lots, up 3,051 lots (4.5%) week - on - week [4] - **Stainless Steel Futures**: The latest value of Stainless Steel Main Contract is 12,720 yuan/ton, down 15 yuan (0%) week - on - week. The trading volume is 64,097 lots, down 86,016 lots (-57.30%) week - on - week, and the open interest is 67,770 lots, down 21,583 lots (-24.15%) week - on - week [4] - **Spot Prices**: The latest price of Jinchuan Nickel is 125,925 yuan/ton, down 25 yuan (-0.02%); Imported nickel is 123,775 yuan/ton, down 75 yuan (-0.06%); 1 Electrolytic Nickel is 124,825 yuan/ton, down 75 yuan (-0.06%); Nickel beans are 123,175 yuan/ton, down 75 yuan (-0.06%); Electrowon nickel is 123,775 yuan/ton, up 75 yuan (0.06%) [4] - **Inventories**: Domestic social inventory of nickel is 44,088 tons, down 13 tons; LME nickel inventory is 197,670 tons, down 642 tons; Stainless steel social inventory is 989.1 thousand tons, up 13.7 thousand tons; Nickel pig iron inventory is 28,396.5 thousand tons, up 4,223 thousand tons [4][6] Charts - **Nickel and Stainless Steel Futures Prices**: Present the historical closing prices of SHFE Nickel Futures Main Contract, LME Nickel (3 - month) electronic - trading prices, and Stainless Steel Futures Main Contract [8][9] - **Nickel Spot Average Price**: Shows the average prices of nickel beans, 1 imported nickel, and SMM 1 electrolytic nickel [11] - **Primary Nickel Supply and Inventory**: Includes China's monthly refined nickel production, total monthly primary nickel supply (including imports), domestic social inventories of nickel plates and nickel beans, LME nickel inventory, Philippine laterite nickel ore prices, and China's port nickel ore inventories [13][14][15] - **Ferronickel**: Covers the average price of Indonesian high - grade ferronickel (Ni≥14%, duty - paid at port), China's monthly ferronickel production, the ex - factory price of 8 - 12% ferronickel in China, and Indonesia's monthly ferronickel production [17][18][19][20] - **Downstream Nickel Sulfate**: Involves the average price of battery - grade nickel sulfate, its premium over primary nickel (plates), the profit margin of producing nickel sulfate from nickel beans, the profit of producing electrowon nickel from externally - purchased nickel sulfate in China, China's monthly nickel sulfate production, and the monthly production capacity of ternary precursors [22][23][24][25][26] - **Stainless Steel**: Includes the profit margin of China's 304 stainless - steel cold - rolled coils, monthly stainless - steel production, and stainless - steel inventories [27][28][29][30]