雅加达讯 —— 印尼镍矿商协会（APNI）于 12 月 22 日（周一）发布印尼镍价指数（INPI）。最新数据 显示，镍下游产品价格出现上涨态势，而镍矿价格相较往期发布则趋于稳定。 来源：市场资讯 | Products (USD/mt) | Price Range | | Average Change | Date Release | | --- | --- | --- | --- | --- | | Nickel Ore 1.2% (CIF) | 22-23 | 22.5 | 0 | Dec 22, 2025 | | Nickel Ore 1.6% (CIF) | 50.8-52.8 | 51.8 | -0.1 | Dec 22, 2025 | | Nickel Pig Iron (FOB) | 110.47 - 110.47 | 110.47 | +0.15 | Dec 22, 2025 | | High-Grade Nickel Matte (FOB) | 13,017 - 13,017 | 13,017 | 1 +48 | Dec 22, 2025 | | MHP FOB Price | 12,736 ...

Report Title - Nickel and Stainless Steel Daily Review 20251203: Weak Recovery after Decline [1] Industry Investment Rating - Not provided in the report Core Views - On December 2nd, the main nickel contract fluctuated within a range. With a weak fundamental situation and inventory pressure, but due to the repeated expectations of the Fed's interest - rate cuts and the low valuation, the nickel price is expected to have a weak recovery after getting support around 115,000 [1] - On December 2nd, the main stainless - steel contract also fluctuated within a range. Given the loose fundamentals and the weakening cost support, stainless steel is expected to have a weak and volatile trend [1] Summary by Related Content Nickel Market Price and Trading Volume - On December 2nd, the closing price of the Shanghai Futures Exchange's nickel near - month contract was 117,700 yuan/ton, up 240 yuan from the previous day. The trading volume was 88,522 lots, a decrease of 57,307 lots, and the open interest was 121,924 lots, a decrease of 967 lots [2] - The LME 3 - month nickel spot official price was 14,900 US dollars/ton, with the closing price of the electronic trading session at 14,740 US dollars/ton, a decrease of 135 US dollars, and the closing price of the on - site trading session at 14,800 US dollars/ton, a decrease of 128 US dollars. The trading volume was 8,350 lots, a decrease of 2,233 lots [2] Price Spreads - The basis (spot - to - futures) of SMM I electrolytic nickel average price and the active nickel futures contract closing price was 1,850 yuan/ton, a decrease of 50 yuan [2] - The spreads between different - term contracts of Shanghai nickel futures showed different changes. For example, the spread between the near - month and the first - continuous contract was - 390 yuan/ton [2] Supply and Demand - On the supply side, nickel ore prices remained flat. The amount of nickel ore arriving at the port last week increased, and the port inventory decreased. Nickel iron plants' losses deepened, with domestic and Indonesian production schedules decreasing in December. The electrolytic nickel production schedule in China increased in December, and the loss of electrolytic nickel imports decreased [1] - On the demand side, the production schedule of ternary materials decreased, stainless - steel plants' production schedules decreased, and the demand for alloys and electroplating remained stable [1] Inventory - The inventory of the Shanghai Futures Exchange decreased, the LME inventory decreased, the social inventory increased, and the bonded - area inventory decreased [1] Stainless - Steel Market Price and Trading Volume - On December 2nd, the closing price of the stainless - steel near - month contract was 12,275 yuan/ton, up 25 yuan from the previous day. The trading volume was 95,108 lots, a decrease of 68,491 lots, and the open interest was 102,135 lots, a decrease of 6,334 lots [2] Price Spreads - The basis (spot - to - futures) of 304/2B coil - trimmed edge (Wuxi) average price and the active stainless - steel futures contract decreased by 20 yuan to 735 yuan/ton [2] Supply and Demand - On the supply side, the stainless - steel production schedule decreased in December, especially for the 300 - series [1] - On the demand side, the terminal demand was weak [1] Inventory - The inventory of the Shanghai Futures Exchange decreased. The 300 - series social inventory last week was 630,500 tons, an increase of 10,100 tons [1] Cost - The price of high - grade nickel pig iron and high - carbon ferrochrome remained flat [1] Indonesian Nickel - Related Commodities - The Indonesian Nickel Price Index (INPI) showed that the prices of various nickel - related commodities in Indonesia had different trends. The prices of some products were stable, while others had small increases. For example, the average price of 1.2% - grade nickel ore (CIF) was 22 US dollars/ton, remaining the same as the previous period, and the average price of 1.6% - grade nickel ore (CIF) was 52.5 US dollars/ton, also stable. The price of downstream products such as NPI (high - grade, FOB) increased slightly by 0.03 US dollars to 109.61 US dollars/ton, and the price of high - grade nickel sulfate (FOB) increased significantly by 69 US dollars to 13,259 US dollars/ton [1] Inventory of Nickel and Stainless - Steel in China - The total inventory of nickel ore at Chinese ports was 9790,000 wet tons in the week of November 28th, a decrease of 30,000 wet tons compared with the previous week [2] - The total inventory of stainless - steel in China was 935,300 tons in the week of November 28th, an increase of 7,900 tons compared with the previous week. Among them, the inventory of 200 - series stainless - steel was 180,400 tons, an increase of 100 tons; the inventory of 300 - series was 630,500 tons, an increase of 10,100 tons; and the inventory of 400 - series was 129,400 tons, a decrease of 2,200 tons [2] Trading Strategies - For nickel, the trading strategy is to wait and see [1] - For stainless - steel, the trading strategy is to short at high prices [1]