Group 1: Report General Information - Report Name: Nickel Daily Report [1] - Date: April 1, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Nickel Price Movement: On the 31st, the nickel price dropped from a high, with the main 2505 contract closing below 130,000 at the end of the session, down 1.25% from the previous trading day. The total open interest of the index decreased by 3342 to 184,613 lots [8] - Spot Market: Due to the slower - than - expected recovery of downstream demand, the market mainly replenished inventory for immediate needs. Traders moderately reduced prices to test market demand. The premium of Jinchuan nickel dropped to 1450 yuan/ton, and the discount of Russian nickel was - 50 [8] - Ore End: Indonesian pyrometallurgical nickel ore prices may rise in April due to the long - lasting rainy season in Sulawesi, which affected nickel ore mining and transportation, resulting in a relatively slow supply recovery in main mining areas [8] - Nickel Sulfate: Nickel sulfate remained strong. As nickel salt plants had limited acceptance of MHP prices and some had cut production, the supply of nickel sulfate was relatively limited, and its price was expected to rise further [8] - Pure Nickel: The pressure of pure nickel surplus remained unchanged, and global nickel inventories continued to increase [8] - Operation Suggestion: The Shanghai nickel futures oscillated around 130,000. Considering that most of the industrial chain valuations were near the cost line, pay attention to overseas policy changes and wait for low - level buying opportunities [8] Group 3: Industry News - China's Nickel Sulfate Trade: In February 2025, China's total imports of nickel sulfate were 3613 metal tons, a month - on - month increase of 17% and a year - on - year increase of 13%. Exports were 129 metal tons, a month - on - month increase of 13% and a year - on - year decrease of 44%. The net imports were 3483 metal tons, a month - on - month and year - on - year increase of 17% [9] - Corporate Developments: Chinese companies like Luoyang Molybdenum, Huayou Cobalt, and Hanrui Cobalt operate normally in Congo (Kinshasa), and more giants are actively deploying in the Indonesian market through hydrometallurgical projects to obtain more nickel and cobalt resources. Lanshi Heavy Equipment will jointly invest 270 million yuan with Jinchuan Group to build a 10,000 - ton nickel - based alloy project in Lanzhou New Area, with an expected total investment of 400 million yuan, and an expected annual revenue of 1.6 billion yuan after reaching full production [11] - LME Fine: The UK Financial Conduct Authority (FCA) fined the London Metal Exchange (LME) 9.2 million pounds (about 11.9 million US dollars) for its lack of sufficient systems and controls in dealing with the 2022 nickel market short - squeeze event. The LME got a 30% fine reduction for accepting the FCA's investigation results [11]