1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report Bullish Factors - The implementation of mining quotas in Indonesia and the rainy season in the Philippines support costs, leading to a tightening supply at the mining end [3]. - The high - nickel trend in the new energy sector continues, providing structural incremental support for the demand for nickel sulfate [3]. Bearish Factors - LME nickel inventories have exceeded 252,000 tons, reaching a five - year high, and domestic electrolytic nickel production has surged year - on - year. The oversupply pressure continues to suppress the market [3]. - Orders in the stainless steel sector are weak, external demand is blocked, and the weak terminal consumption situation remains unchanged [3]. Trading Advisory Viewpoint - Market sentiment is cautious. In the short term, it is difficult to break the oscillation dilemma of "cost support and high inventory pressure." Interval operation is recommended [3]. 3. Summary by Relevant Catalogs Market Data - **Nickel Futures and Spot Prices**: The latest value of the main contract of Shanghai nickel is 119,750 yuan/ton, down 1,200 yuan (-0.99%) week - on - week. The LME nickel 3M is 15,055 dollars/ton, down 195 dollars (-0.80%) week - on - week. The prices of various nickel spot products, such as Jinchuan nickel, imported nickel, etc., all declined [4]. - **Stainless Steel Futures and Spot Prices**: The main contract of stainless steel is 12,590 yuan/ton, down 40 yuan (0%) week - on - week. The prices of stainless steel continuous contracts also showed different degrees of decline [4]. - **Inventory Data**: Domestic social nickel inventory is 48,104 tons, down 698 tons; LME nickel inventory is 253,104 tons, down 24 tons; stainless steel social inventory is 946,800 tons, up 400 tons; nickel pig iron inventory is 29,564 tons, up 502 tons [7]. Supply - Side Situation - **Primary Nickel Supply and Inventory**: The monthly production of refined nickel in China and the total monthly supply of primary nickel (including imports) show certain seasonal characteristics. Domestic and LME nickel inventories also have seasonal trends [11][13][14]. - **Upstream Nickel Ore**: The price of Philippine laterite nickel ore 1.5% (FOB) and the inventory of nickel ore at Chinese ports have their own trends. The production of nickel iron in China and Indonesia also shows seasonal characteristics [16][18][19]. Demand - Side Situation - **Downstream Nickel Sulfate**: The average price of battery - grade nickel sulfate, its premium over primary nickel, and the profit margins of nickel beans producing nickel sulfate and externally purchased nickel sulfate producing electrowon nickel all show certain trends. The monthly production of nickel sulfate in China and the monthly production capacity of ternary precursors also have seasonal characteristics [20][24][25]. - **Stainless Steel**: The profit margin of Chinese 304 stainless steel cold - rolled coils, monthly stainless steel production, and stainless steel inventory all show seasonal trends [27][28][30].