Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoint of the Report Short - term nickel and stainless - steel prices are weakened by market sentiment. The overall fundamentals change little. There is support from nickel - iron and intermediate product prices at the lower end and demand suppression at the upper end, so they still show a volatile trend [4]. 3. Summary According to the Directory 3.1 Price - Monthly changes:沪镍 fell 1.2%, LME nickel fell 2.1%, nickel - iron prices rose, and nickel sulfate prices fell slightly. Stainless - steel spot prices generally increased, and the spot premium rose 220 yuan/ton to 350 yuan/ton [5][57] - Specific price data: For example,沪镍 dropped from 121,220 yuan/ton to 119,770 yuan/ton; LME nickel decreased from 15,340 dollars/ton to 15,020 dollars/ton [6] 3.2 Supply - **Nickel - related supply** - Nickel ore: The price of Indonesian laterite nickel ore 1.2% decreased by 0.2 dollars/wet ton to 24.8 dollars/wet ton, 1.6% remained at 52.1 dollars/wet ton. Indonesian nickel ore premium dropped 1 dollar/wet ton to 24 dollars/wet ton, and Philippine nickel ore 1.5% stayed at 7 dollars/wet ton [4][5][18] - Refined nickel: In August, the production is expected to increase 2% month - on - month to 33,000 tons [4][5] - Nickel - iron: The market was inactive, and the transaction price center shifted slightly upward [4][5][21] - Intermediate products: Spot prices declined slightly, and market activity remained stable [4][5][24] - Nickel sulfate: In August, the production is expected to drop 3% month - on - month to 28,349 nickel tons [4][5][29] - **Stainless - steel supply** - In July 2025, the estimated crude - steel output of 43 domestic stainless - steel plants was 3.2302 million tons, a month - on - month decrease of 61,400 tons (1.87%) and a year - on - year decrease of 2.36%. In August, the planned output is 3.3041 million tons, a month - on - month increase of 2.29% and a year - on - year decrease of 1.64% [4][57][71] 3.3 Demand - **Stainless - steel demand** - Inventory: The warehouse - receipt inventory decreased 429 tons to 103,000 tons month - on - month. The total social inventory of 89 warehouses in the national mainstream stainless - steel market decreased 7,000 tons to 1.111 million tons week - on - week, with the 300 - series increasing 7,000 tons to 677,000 tons [4][57][64] - Consumption: According to the production schedule report of three major white goods released by Industrial Online, the total planned production of air conditioners, refrigerators, and washing machines in August 2025 is 26.97 million units, a 4.9% decrease compared to the actual production in the same period last year [4][57][82] - **New - energy demand** - Ternary precursor: In August, the production is expected to increase 5% month - on - month to 76,160 tons [4][5][41] - Ternary material: In August, the production is expected to increase 3% month - on - month to 70,750 tons, and the weekly inventory decreased 53 tons to 16,499 tons [4][5][43] - Power cells: The weekly cell production decreased 0.5% to 22.57 Wh, with lithium - iron increasing 0.5% to 15.66 GWh and ternary decreasing 2.7% to 6.91 GWh [4][5][46] - New - energy vehicles: From July 1st to 20th, the wholesale volume of new - energy passenger vehicles was 514,000 units, a 25% year - on - year increase and a 12% decrease compared to the previous month; the retail volume was 537,000 units, a 23% year - on - year increase and a 12% decrease compared to the previous month. The retail penetration rate of the new - energy market was 54.9%, and the wholesale penetration rate of new - energy manufacturers was 53.6% [4][5][51] 3.4 Inventory - Nickel inventory: During the week, LME inventory increased 5,160 tons to 209,082 tons;沪镍 inventory decreased 331 tons to 21,374 tons, social inventory decreased 795 tons to 39,486 tons, and bonded - area inventory increased 500 tons to 5,200 tons [5][12][16] - Stainless - steel inventory: As mentioned above, the warehouse - receipt and social inventory of stainless - steel changed as described in the demand section [4][57][64] 3.5 Cost - profit - Stainless - steel: Raw material prices were stable, while finished - product prices fluctuated greatly. The profit margins of stainless - steel smelting, cold - rolling 304, and hot - rolling 304 were also presented in relevant charts [57][80] 3.6 Supply - demand Balance - Nickel: There are charts showing the supply - demand balance of primary nickel and nickel sulfate [53][54][56] - Stainless - steel: There is a chart presenting the supply - demand balance of Chinese stainless - steel [91][92]

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The recent market sentiment may partially ebb. Amid the game between weak reality and strong expectations, the fundamentals and macro - logic of nickel may fluctuate. This week, the ore price declined slightly month - on - month, and the cost support for nickel is weak. Attention should still be paid to the policy guidance from Indonesia, such as the APNI Association's hope to re - evaluate the nickel ore pricing formula [3][4]. - The stainless steel market has improved somewhat, but it is still in the off - season, with limited overall demand release and insufficient price increase momentum. Currently, the supply remains high, and the short - term supply - demand pattern improvement is limited. Stainless steel may maintain a range - bound trend [4]. 3. Summary by Relevant Catalogs Nickel - **Price and Cost**: - As of July 28, the CIF prices of 0.9%, 1.5%, and 1.8% Philippine laterite nickel ore were $29, $58, and $79.5 per wet ton respectively, down $1, $0.5, and $1 from last week [3][32]. - As of July 25, the ex - factory prices of Ni1.2% and Ni1.6% domestic trade nickel ore in Indonesia were $25 and $52.1 per wet ton respectively, down $0 and $0.1 from last week [3][32]. - As of July 28, the average price of 8 - 12% high - nickel pig iron was $912 per nickel point, up $10.5 or 1.16% from last week [3][28]. - As of July 28, the FOB price of MHP was $12,716 per ton, up $407 or 3.30% from last week; the FOB price of high - grade nickel matte was $13,281 per ton, up $392 or 3.03% from last week [38]. - As of July 28, the spot price of electrolytic nickel was $123,200 per ton, up $350 or 0.28% from last week [16]. - As of July 28, the price of Jinchuan nickel was $124,250 per ton, up $400 or 0.32% from last week; the premium of Jinchuan nickel increased by $150 to $2,150 per ton [17]. - As of July 28, the price of imported nickel was $122,500 per ton, up $300 or 0.25% from last week; the premium of imported nickel increased by $50 to $400 per ton [17]. - **Supply**: - As of July 2025, China's monthly electrolytic nickel production increased by 0.04 million tons to 3.22 million tons, a month - on - month increase of 1.26% [3][43]. - As of June 2025, the national nickel pig iron production (metal content) decreased by 0.16 thousand tons to 25.64 thousand tons, a month - on - month decrease of 0.59% [3][73]. - As of June 2025, Indonesia's nickel pig iron production decreased by 0.46 million tons to 13.68 million tons, a month - on - month decrease of 3.26% [73]. - As of July 2025, Indonesia's MHP production increased by 0.07 million tons to 3.87 million tons, a month - on - month increase of 1.84%; high - grade nickel matte production increased by 0.08 million tons to 1.35 million tons, a month - on - month increase of 6.30% [38]. - As of June 2025, the monthly MHP import volume was 12.82 million tons, a month - on - month decrease of 10.21%; the monthly high - grade nickel matte import volume was 2.25 million tons, a month - on - month decrease of 0.3% [38]. - **Inventory**: - As of July 25, the nickel ore port inventory increased by 32 million tons to 747 million wet tons, a month - on - month increase of 4.48% [34]. - As of July 28, the SHFE nickel warehouse receipts decreased by 158 tons to 2.19 million tons, a month - on - month decrease of 0.71%; the LME nickel warehouse receipts decreased by 0.38 million tons to 20.4 million tons, a month - on - month decrease of 1.85% [47]. - Last week, the pure nickel social inventory (including the SHFE) decreased by 57 tons to 4.03 million tons, a month - on - month decrease of 0.14% [3][47]. Stainless Steel - **Price and Cost**: - As of July 28, the 304/2B coil - rough edge Wuxi quotation was $12,900 per ton, unchanged from last week [84]. - As of July 25, the cash cost of Chinese 304 cold - rolled stainless steel coils decreased by $97 per ton to $13,076 per ton, a month - on - month decrease of 0.71%; the profit margin increased by 1.41 percentage points to - 4.42% [94]. - **Supply and Demand**: - As of June 2025, the national stainless steel crude steel production decreased by 17.13 million tons to 329.16 million tons, a month - on - month decrease of 4.95% [3][90]. - As of June 2025, China's monthly stainless steel import volume was 10.95 million tons, a month - on - month decrease of 12.48% and a year - on - year decrease of 16.61%; the monthly export volume was 39.0 million tons, a month - on - month decrease of 10.63% and a year - on - year decrease of 13.51% [90]. - **Inventory**: - As of July 25, the stainless steel market inventory decreased by 2.92 million tons to 111.86 million tons, a month - on - month decrease of 2.54% [3][86]. - As of July 28, the stainless steel warehouse receipt quantity decreased by 303 tons to 10.33 million tons, a month - on - month decrease of 0.29% [86]. Tin - The tin monthly balance sheet shows data from January to December 2025, including total production, imports, exports, total consumption, surplus, supply year - on - year, consumption year - on - year, supply cumulative year - on - year, and consumption cumulative year - on - year [4].

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - Nickel prices are expected to continue to oscillate at low levels in the short term, with short - term support from the ore end and concerns about the long - term market easing, and ample supply expectations from the smelting end [1] - Stainless steel prices may oscillate within a range, with negative feedback pressure transmitted to the supply side, resulting in a weakening of both supply and demand at the margin [2] Summary by Related Contents Nickel Fundamental Analysis - Ore end: High - grade nickel ore in Indonesia is tight, supporting the cost of the integrated pyrometallurgical process. The premium of 1.6% nickel ore has increased to $27 per wet ton, with the total price rising by 26% year - on - year to $54.3 per wet ton. However, the upward speed of the Indonesian ore end is expected to slow down, and the third quarter may be a key stage for quota release and premium adjustment. The market still anticipates quota release [1] - Smelting end: Due to the negative feedback of stainless steel production cuts on ferronickel, ferronickel has returned to inventory accumulation. The ferronickel inventory in mid - May was 29,554.5 tons, up 36% year - on - year and 4% month - on - month. The supply of intermediate products has increased marginally, which may drag down the valuation of refined nickel [1] - Inventory: LME nickel inventory has increased this week, and refined nickel still has the possibility of returning to inventory accumulation in the long term [1] Stainless Steel Fundamental Analysis - Supply: Negative feedback has led to an increase in production cuts. The stainless steel production plan for May is 3.425 million tons, with a year - on - year increase of 2% and a month - on - month increase of 0%. The cumulative year - on - year growth rate has declined to 5%. The cumulative year - on - year growth rate of domestic stainless steel imports is expected to decline to nearly - 29% in June, and the supply growth rate may be adjusted down to about 3.3% [2] - Demand: From January to April, the cumulative year - on - year growth rate of stainless steel apparent demand plus exports was + 3.0% [2] - Inventory: Stainless steel social inventory has increased by 0.85% week - on - week, with cold - rolled stainless steel inventory decreasing by 5.39% and hot - rolled stainless steel inventory increasing by 10.59%. The inventory accumulation is mainly in the 400 series, while the 300 series inventory has decreased by 3.42% [6] Inventory Changes - Refined nickel: Chinese refined nickel social inventory has decreased by 840 tons to 42,088 tons. LME nickel inventory has increased by 3,414 tons to 198,636 tons [3] - Ferronickel: The ferronickel inventory at the end of mid - May was 29,554.5 tons, up 36% year - on - year and 4% month - on - month [4] - Stainless steel: Stainless steel social inventory is 1,117,668 tons, with a week - on - week increase of 0.85% [6] - Nickel ore: The nickel ore inventory at 14 Chinese ports has increased by 252,700 wet tons to 7.3151 million wet tons, mainly from the Philippines [6] Market News - Policy adjustment: Indonesia has increased the resource tax rates for nickel ore, ferronickel, nickel pig iron, and nickel matte [7] - Production news: The first - phase project of Indonesia's CNI ferronickel RKEF has successfully produced ferronickel and entered the trial production stage. A nickel smelter in Indonesia has resumed production, and its capacity has recovered to 70% - 80%. An Indonesian cold - rolling mill will continue its shutdown for maintenance in June and July, which is expected to affect the production volume of 110,000 - 130,000 tons, mainly for the 300 series [7][8] - Export ban news: The Philippines is discussing a bill to ban nickel ore exports, and there are also rumors about a nickel ore export ban starting in June 2025, but the authenticity and start time are yet to be verified [8]