General Information - Report title: Nickel Daily Report [1] - Date: May 13, 2025 [2] - Research analysts: Yu Feifei, Zhang Ping, Peng Jinglin [3] Report Industry Investment Rating - Not provided Core Viewpoints - The nickel market shows a long - term bearish and short - term bullish pattern. With improved macro - atmosphere due to progress in Sino - US tariff negotiations, asset prices rise.沪镍 opened high and closed 2% higher at 126,130, with the total open interest of the index decreasing by 2,661 to 162,205 lots. It's recommended to treat the market as oscillating strongly and continue the low - buying strategy [8] Section Summaries 1. Market Review and Operation Suggestions - Sino - US tariff negotiations led to a better macro - environment, pushing up asset prices.沪镍 rose 2% to 126,130, and the total open interest decreased. The spot premium remained stable, with Jinchuan's premium at 2,150 yuan/ton and Russian nickel's at 150 yuan/ton. The fundamentals are long - term bearish and short - term bullish. Nickel ore prices are strong due to Indonesia's policy, and the HMA in mid - May was $15,415/ton, up $366/ton. The domestic benchmark price of HPM increased, and the premium of domestic pyrometallurgical ore rose by $2/wet ton compared to April. Pure nickel inventory is still weak but de - stocking has begun, and the supply of refined nickel raw materials is tight due to production cuts in Indonesia, which supports the price of nickel sulfate. The oversupply of primary nickel cannot be reversed, but with strong support from the ore end and short - term supply pressure relief, the market should be treated as oscillating strongly and the low - buying strategy should be continued [8] 2. Industry News - **Indonesian domestic trade ore benchmark price**: The HMA in mid - May was $15,415/ton, up $366/ton. The HPM prices of different - grade nickel ores all increased. The mainstream premium of pyrometallurgical domestic trade ore in May was $26 - 28/wet ton, up $2/wet ton from April, and the price of hydrometallurgical ore decreased slightly [11] - **Talon Metals**: It discovered a high - grade nickel sample in Minnesota, with a nickel content of 12.65% and other metals. This is a major breakthrough in its exploration for supplying battery - grade nickel to Tesla. The project needs environmental review, and the company is conducting a feasibility study and starting the approval process, planning to transport the ore to North Dakota for processing [12] - **Global Ferronickel Holdings, Inc. (GFNI)**: It exported 56,625 wet metric tons of low - grade nickel ore to Indonesia in April 2025. Its target for 2025 is 91 shipments totaling 5 million wet metric tons, with 53% low - grade and 47% medium - grade ores. It expects double - digit revenue growth in 2025 due to capacity expansion in Palawan, improved production efficiency in Surigao, and better port operations in Bataan. In 2024, it had a revenue of 7.611 billion pesos and a net profit of 743.9 million pesos. Its 2025 capital expenditure budget is 711.8 million pesos for mine development, exploration, and high - value - added processing projects [12] - **Ivanhoe Mining**: Its subsidiary Ivanplats achieved a major milestone on May 7, 2025, by completing the first high - grade ore blasting of the Flatreef ore body at the 850 - meter level. The project has completed a 996 - meter shaft and 5.5 kilometers of tunnels at three levels. Ore will be stored on the surface for the first feeding of the concentrator in Q4 this year [13]