Group 1: Report Overview - Report Name: Nickel Daily Report [1] - Date: July 18, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] Group 2: Market Review and Operation Suggestions - Nickel Market Performance: On the 17th, Shanghai nickel was under pressure at the 120,000 integer mark and operated weakly. The main contract 2508 closed down 0.6% at 119,880. The total index position increased by 4,627 to 155,945 lots. [9] - Spot Market: In the off - season, the spot trading of refined nickel was average. Enterprises mainly purchased on demand, and the spot supply was sufficient. The average premium of Jinchuan nickel was 2,050 yuan/ton, and the premium and discount range of mainstream brand electrowon nickel was - 100 - 300 yuan/ton. [9] - Market Outlook: The support at the mine end in the front - end of the industrial chain has weakened. The overall bargaining range of nickel iron has moved down, and some nickel iron plants have cut production. The sulfuric acid nickel price may rise from a low level. Currently, all links in the nickel industrial chain are weak, and the macro - sentiment temporarily dominates the market. Wait for a lower price to go long. [9] Group 3: Industry News - Indonesia Nickel Industry: In 2025, Indonesia's actual nickel ore production was only 120 million tons, while the approved RKAB quota in the first half of the year was 364.1 million tons. The industry is facing cost pressure due to policies and taxes. The APNI is working on ESG norms to enhance its international reputation. [10][11] - Bulgaria Battery Storage System: Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This is a step towards its 10,000 MWh battery storage capacity target. [11] - Nickel - based Solar Cell: A research team in Turkey developed a TOPCon solar cell with nickel contact and almost no silver, which can significantly reduce production costs while maintaining high efficiency. [11] - UK Battery Storage Project: Apatura obtained planning permission for a 100 MW battery energy storage system project in Scotland, which will help the region achieve its net - zero and renewable energy goals. [11]

Report Overview - Report Title: Nickel Daily Report - Date: July 10, 2025 - Research Team: Non-ferrous Metals Research Team of Jianxin Futures - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - Trump's announcement of tariff implementation on August 1st has increased macro uncertainty, leading to a decline in market risk appetite. The weakening macro support has caused nickel prices to fall under the pressure of fundamental oversupply. The Shanghai nickel main contract fell below 120,000 yuan on the 9th, with a closing decline of 1.2%. The total index positions increased by 10,628 to 158,316 lots. Given the current weak performance of each link in the nickel industry chain, previous long positions should be closed, and a rolling operation strategy should be continued [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Situation**: Macro uncertainty has increased, causing a decline in market risk appetite. The weakening macro support has led to a continuous decline in nickel prices under the pressure of fundamental oversupply. On the 9th, the Shanghai nickel main contract fell below 120,000 yuan, with a closing decline of 1.2%, and the total index positions increased by 10,628 to 158,316 lots [8]. - **Spot Market**: During the off - season of demand, the spot trading of refined nickel is average. Enterprises mainly purchase on demand, and the spot supply is sufficient. The average premium of Jinchuan nickel is 2,100 yuan/ton, and the premium range of mainstream brand electrowon nickel is - 100 - 300 yuan/ton [8]. - **Supply Side**: The decline in mine - end interference has weakened the support. The premium of Indonesian domestic red clay nickel ore has declined, and there is a risk of subsequent ore price decline. The price of high - nickel ferro continues to fall, with an average price of 905 yuan/nickel point on the 9th. Nickel iron plants are facing increasing losses, and some have cut production [8]. - **Demand Side**: The demand for new energy batteries is in the off - season, and the support for nickel sulfate is limited. Although nickel sulfate has rebounded slightly to 27,420, some enterprises have cut production to support prices due to losses [8]. - **Operation Suggestion**: Given the current weak performance of each link in the nickel industry chain, previous long positions should be closed, and a rolling operation strategy should be continued [8]. 3.2 Industry News - **Bulgaria**: Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This project is a step towards the country's goal of deploying 10,000 MWh of battery energy storage capacity within a year [9]. - **Turkey**: A research team in Turkey has developed a TOPCon solar cell using nickel (Ni) contacts with almost no silver (Ag). The silver consumption is less than 0.5 mg/W, far lower than that of traditional silver - contact cells, while achieving almost the same efficiency. This innovation is expected to significantly reduce production costs [11]. - **UK**: Renewable energy storage company Apatura has obtained planning permission for a 100 - MW battery energy storage system (BESS) project in Scotland. This is the tenth approved project in the past 17 months, with the total approved storage capacity exceeding 1.6 GW [11].

Group 1: Report Information - Report Name: Nickel Daily Report [1] - Date: July 9, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Group 2: Investment Rating - No investment rating information provided Group 3: Core View - The macro atmosphere has turned weak, and uncertainty has increased, leading to a decline in risk appetite. On the 8th, Shanghai nickel continued to be weak in the non - ferrous sector under the pressure of fundamental surplus, temporarily stabilizing above 120,000. The nickel industry chain shows weak performance in all links. Be cautious about the rebound space, reduce long positions on rallies, and adopt a rolling operation strategy [8] Group 4: Market Review and Operation Suggestions - **Macro and Market Conditions**: The macro atmosphere is weak, and risk appetite has declined. Shanghai nickel is weak in the non - ferrous sector under fundamental surplus pressure [8] - **Supply - Side Conditions**: Since the end of June, the support from the ore end has weakened, and the price of Indonesian domestic red clay nickel ore has loosened. The high - nickel iron price continued to fall, with the average price on the 8th dropping by 2.5 to 905 yuan/nickel point. Nickel iron plants' losses have intensified, and some have cut production. The steel mills are sluggish, with reduced production schedules and high inventories, and can only maintain the rigid demand for raw materials [8] - **Sulfuric Acid Nickel Situation**: Sulfuric acid nickel remained flat at 27,410. The recent rise in LME nickel prices has increased the immediate production cost of nickel salt plants. Some nickel salt plants have stopped production for maintenance due to losses, and some are holding up prices. The short - term price of sulfuric acid nickel is expected to remain stable [8] - **Operation Suggestions**: Be cautious about the rebound space of nickel, reduce long positions on rallies, and adopt a rolling operation strategy [8] Group 5: Industry News - Bulgaria officially launched the largest - scale operating battery energy storage system in the EU, with a capacity of 124 megawatts/496.2 megawatt - hours, located in the Balkan Industrial Park in the north - central city of Lovech [9] - A research team from Turkey's Odtu - Gunam Institute and Necmettin Erbakan University developed a TOPCon solar cell using nickel (Ni) contacts and almost no silver (Ag), with silver usage below 0.5 mg/watt, far lower than traditional silver - contact cells [11] - Renewable energy storage company Apatura obtained planning permission for a 100 - megawatt battery energy storage system (BESS) project near Kilwinning, North Ayrshire, Scotland [11]

Core Viewpoint - The article discusses the implications of Trump's "Great Beautiful Act" on the energy storage sector, particularly how it affects AI data centers and the challenges they face in power management [1] Group 1: Energy Storage and AI Data Centers - Battery storage is essential for managing the power fluctuations associated with AI data centers, which can experience load variations up to ten times greater than traditional cloud data centers [7][10] - The AI data centers' load fluctuations can reach between 10 to 20 megawatts during pre-training phases, posing significant challenges for existing power grids [10][11] - Tesla's Megapack energy storage system is highlighted as a crucial solution for stabilizing power supply to AI data centers, capable of responding to load changes with hundreds of megawatts of power [15][19] Group 2: Legislative Impact on Energy Sector - Recent legislation has avoided imposing additional taxes on renewable energy, allowing for a more favorable environment for energy storage development, which may alleviate some concerns for industry leaders like Musk [3] - The legislation's provisions include delaying subsidy reductions as long as certain conditions are met, providing a temporary reprieve for the energy sector [3] Group 3: Future of Energy Infrastructure - The need for a new power system to support AI data centers is emphasized, as traditional grids struggle to handle the instantaneous load changes caused by AI workloads [4][5] - Google has identified infrastructure, particularly power systems, as a critical area for innovation to support the growing demands of AI technologies [11] - The potential costs of building battery storage systems for future gigawatt-level AI data centers could reach up to $1 billion, raising concerns about the economic viability of such projects [18]

Core Viewpoint - The article discusses the acquisition of Northvolt's assets by Lyten, highlighting the challenges faced by Northvolt and the potential for Lyten to revitalize the acquired facilities [2][5][6]. Group 1: Northvolt's Challenges - Northvolt, once a promising European battery manufacturer, faced significant operational challenges leading to its bankruptcy in 2023 due to inability to meet production targets and loss of investor confidence [3][4]. - The company had ambitious plans, including multiple large-scale battery production facilities, but failed to deliver on these projects, resulting in substantial financial losses [4][5]. Group 2: Acquisition by Lyten - Lyten, a California-based startup, announced the acquisition of Northvolt's 6GWh battery storage facility in Poland, with plans to restart operations and fulfill existing customer orders [5][6]. - The acquisition is part of Lyten's broader strategy to expand its product line and enhance its production capabilities, including a planned investment of over $1 billion in a new lithium-sulfur battery factory in Nevada [6]. Group 3: Future Prospects - Lyten aims to leverage its advanced technology, including the LytCell EV™ lithium-sulfur battery platform, which promises high energy density, to capture market opportunities in the electric vehicle sector [6]. - The company has secured contracts extending to 2026, indicating a strong demand for its products and a positive outlook for its operations post-acquisition [6].

据韩国媒体 edaily 6月26日报道， 宁德时代韩国子公司宁德时代韩国目前正在招聘经理和总经理（科长 部长） 级 的技术解决方案工程师， 主要任务是收集和分析海外ESS项目的技术要求、设计ESS解决方案 并准备招标文件、收集和分析当地市场的技术要求。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ -广告- 本文来源：科研云平台 END 事实上， 今年 1月，宁德时代已官宣将在韩国成立子公司，并加快其动力电池和储能电池业务的扩张。 报道指出，宁德时代此次 ESS人员招聘与韩国正在进行的大规模ESS项目不无关系。韩国业界认为，该项 目的启动，意味着未来韩国将重启大规模电池储能系统市 5月22日，韩国贸易、工业和能源部下属的韩国电力交易所宣布开启储能项目招标，计划在韩国全国范围 内引入540MW/3240MWh电池储能系统。项目要求运营企业在2026年之前建造储能系统，与电力交易 所达成为期15年的长期固定电价交易协议，并根据电力交易所的指示供应电力。这些储能所需的充放电时 间长达6小时。 这是韩国政府首次在全国范围内开展的第一个万亿韩元级项目，并计划在今年下半年进 ...

Core Viewpoint - EIG has established Fidra Energy, focusing on developing large-scale battery energy storage projects in the UK, aiming for a 10 GW platform by 2030 [2]. Group 1: Project Developments - Fidra Energy is developing three major battery storage projects in the UK: Thorpe Marsh (1.45 GW/3.3 GWh), Bicker Fen 1&2 (1.2 GW/2.4 GWh, in planning), and West Burton C (0.5 GW/1.1 GWh) [2]. - The Thorpe Marsh project is the largest battery storage project in the UK, with a capacity of 1.45 GW/3.1 GWh, located near a former coal power station and adjacent to a major substation [4]. - The West Burton C project, with a capacity of 0.5 GW/1.1 GWh, is situated in Nottinghamshire, near an existing gas power station and a proposed nuclear fusion site [6]. Group 2: Project Milestones - For the Thorpe Marsh project, key milestones include planning permission approval from Doncaster City Council in January 2025 and securing a 15-year contract for 1.4 GW capacity in the NESO T-4 auction in March 2025 [3][8]. - The West Burton C project is expected to finalize investment decisions by the end of 2025, with commercial operations anticipated in Q4 2027 [7][8].

Report Information - Report Title: Nickel Daily Report [1] - Date: July 2, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Investment Rating - No investment rating provided in the report. Core View - Shanghai nickel remained strong above the 120,000 mark, with the total index position decreasing by 3,110 to 149,735 lots. The spot premium adjusted slightly, with the Jinchuan premium at 2,600 yuan/ton and the domestic mainstream brand electrowinning nickel spot premium at -100 - 400 yuan/ton. The support from the ore end declined, and the subsequent ore price may weaken further. The nickel iron plant still faced pressure, and the nickel iron price was in a dilemma. The nickel salt end also performed poorly. Benefiting from the warming macro - atmosphere and the high elasticity of nickel prices at low levels, Shanghai nickel returned above the 120,000 mark, but the rebound space of nickel prices may be limited. Previous long positions could be appropriately reduced, and a rolling operation strategy should be maintained [9]. Section Summaries 1. Market Review and Operation Suggestions - Market Performance: Shanghai nickel remained strong above 120,000, with the total index position decreasing by 3,110 to 149,735 lots. The spot premium adjusted slightly, with the Jinchuan premium at 2,600 yuan/ton and the domestic mainstream brand electrowinning nickel spot premium at -100 - 400 yuan/ton [9]. - Ore End: The support from the Indonesian nickel ore end decreased. The HMA decline in the first half of July led to a downward adjustment of the nickel ore benchmark price HPM, and the domestic red - soil nickel ore premium also loosened. The subsequent ore price may weaken further [9]. - Nickel Iron: Nickel iron plants faced pressure, with high costs and weakening prices. Stainless steel plants were sluggish, with reduced production and high inventories, only maintaining rigid demand for raw materials. The nickel iron price was in a dilemma [9]. - Nickel Salt: The price of nickel sulfate has not stopped falling [9]. - Operation Suggestions: Due to the warming macro - atmosphere and the high elasticity of nickel prices at low levels, Shanghai nickel returned above 120,000. However, considering the weak performance of each link in the industrial chain, the rebound space of nickel prices may be limited. Previous long positions could be appropriately reduced, and a rolling operation strategy should be maintained [9]. 2. Industry News - Bulgaria: Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. It was developed by Advance Green Energy AD and completed in six months with local government support, breaking the previous domestic record [10][11]. - Turkey: A research team in Turkey developed a TOPCon solar cell using nickel contact and almost no silver, with silver usage below 0.5 mg/W, achieving almost the same efficiency as traditional silver - contact cells. This innovation can significantly reduce production costs [11]. - UK: Apatura obtained planning permission for a 100 - MW battery energy storage system project in Scotland. It is the tenth approved project in the past 17 months, with the total approved energy storage capacity exceeding 1.6 GW. The project will help Scotland achieve its energy and emission reduction goals [11].

Report Information - Report Title: Nickel Daily Report [1] - Date: June 6, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The nickel industry continues to face a supply-demand surplus, but the firm support from the Indonesian nickel ore end provides a bottom support for nickel prices. It is recommended to buy at low levels [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - On the 5th, Shanghai nickel fluctuated narrowly and weakened in the late session. The main contract 2507 closed at 121,570, down 0.43% from the previous day. The total open interest of the index increased by 2,523 to 165,179 lots [8]. - In the spot market, trading was relatively light. The premium of Jinchuan nickel was 2,450 yuan/ton, and the premium of Russian nickel was reported at 350 yuan/ton [8]. - Regarding nickel ore, the subsequent supplementary quotas of RKAB are expected to start the approval process in June and July of the second half of the year. The previous market rumor that a large number of RKAB quotas were approved in the past few weeks is not true. The supply shortage of nickel ore has not been alleviated [8]. - The cost of NPI remains high due to the firm nickel ore prices. Both Indonesia and China are generally facing losses, with high pressure on capacity clearance, and prices may be relatively firm [8]. - Nickel sulfate prices are slowly declining. On the 5th, the average price was reported at 27,815 yuan/ton. The weak ternary battery market has dragged down the demand for nickel [8]. - Stainless steel mills are in the red, with reduced production schedules and high inventories. The demand for nickel can only maintain the minimum requirement [8]. 3.2 Industry News - SMM expects the HPM of Indonesian domestic trade nickel ore to remain stable with a slight decline in the first half of June, with an estimated month-on-month decrease of 0.06%. The HMA in the first half of June is 15,405 US dollars/ton, down 10 US dollars/ton [11]. - Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [12]. - A research team in Turkey has developed a TOPCon solar cell using nickel (Ni) contacts with almost no silver (Ag), significantly reducing silver usage while maintaining high performance [12]. - Renewable energy storage company Apatura has obtained planning permission for a 100 MW battery energy storage system (BESS) project in Scotland, increasing its approved total energy storage capacity to over 1.6 GW [12][13]

Core Viewpoint - The partnership between Sunshine Power and Globeleq marks a significant advancement in battery energy storage in Africa, with the Red Sands BESS project set to become the largest independent battery storage system on the continent, addressing energy supply challenges in South Africa [1][2]. Group 1: Project Overview - The Red Sands BESS project will have a capacity of 153MW and 612MWh, and is part of South Africa's first battery energy storage independent power producer procurement program (BESIPPPP) [1]. - The project will occupy approximately 5 hectares (12 acres) of land and will connect to the grid via the Eskom Garona substation [1]. - The project aims to support South Africa's electricity system by providing load shifting and grid stability services, facilitating the integration of renewable energy [1]. Group 2: Contractual Details - Sunshine Power will supply its advanced PowerTitan 2.0 liquid-cooled energy storage system and will provide comprehensive operation and maintenance (O&M) services under a 15-year contract with Globeleq [1][2]. - The financial closure of the Red Sands BESS project is expected by 2025, with operations commencing in 2027 [2]. Group 3: Strategic Importance - The project is strategically positioned to address ongoing energy supply challenges in South Africa, enhancing the reliability and efficiency of the power grid [1][2]. - Globeleq's renewable energy head emphasized the importance of long-term strategic commitments from all project partners to ensure the project's success [2].