1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The situation of the Indonesian nickel - related events is undetermined, with a game between hedging and speculative positions in the nickel market. The concerns about nickel ore in Indonesia have intensified, and the rising price of ferronickel supports the center of the stainless - steel market [2] 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Data**: The closing price of the Shanghai nickel main contract was 145,380, down 2,630 compared to T - 1; the closing price of the stainless - steel main contract was 14,645, down 80 compared to T - 1. The trading volume of the Shanghai nickel main contract was 718,003, down 34,837 compared to T - 1; the trading volume of the stainless - steel main contract was 555,399, up 67,119 compared to T - 1 [2] - **Industrial Chain Data**: The price of 1 imported nickel was 150,800, up 6,000 compared to T - 1; the ex - factory price of 8 - 12% high - nickel pig iron was 1,050, up 8 compared to T - 1. The price of 304/2B coil - rough edge (Wuxi) Hongwang/Beibuwan was 14,550, up 100 compared to T - 1; the price of 304/2B coil - trimmed edge (Wuxi) Taigang/Zhangpu was 15,050, up 100 compared to T - 1 [2] 3.2 Macro and Industry News - The Indonesian government has suspended issuing new smelting licenses through the OSS platform, targeting projects producing "restricted products" such as Nickel matte, MHP, FeNi, and NPI [2] - China's Ministry of Commerce and General Administration of Customs have decided to implement export license management for some steel products, effective from January 1, 2026 [3] - The Indonesian government plans to revise the benchmark price formula for nickel ore products in early 2026, and will start treating cobalt as an independent commodity and levy royalties [3] - The Indonesian government plans to significantly reduce the 2026 nickel ore production target from 379 million tons to 250 million tons [5] - Some Indonesian mines are facing potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and are negotiating with the government [5] - The Indonesian energy and mineral resources minister said that the 2026 nickel production quota will be adjusted according to industry demand, and the output may be around 250 - 260 million tons [5] - The KPPU found monopoly behavior in the port storage and logistics of the IMIP park in Indonesia, and the park is negotiating with the KPPU [5] - A Singapore - flagged bulk carrier carrying about 50,000 tons of nickel ore sank on its way from the Philippines to Yangjiang, Guangdong, China [6] 3.3 Trend Intensity - The trend intensity of nickel is 0, and the trend intensity of stainless steel is 0, both indicating a neutral state [7]