Group 1 - The nickel price experienced significant fluctuations in early 2023, initially rising to over 136,000 yuan/ton due to macroeconomic factors and Indonesian policy changes, before dropping to a low of 115,000 yuan/ton in April amid rising global market risk aversion [1] - The Indonesian government implemented a new PNBP policy on April 26, adjusting tax rates for nickel mining, which is expected to impact production costs for nickel miners and subsequently affect downstream prices [2] - Despite the recent price drop, the supply of nickel ore remains tight due to adverse weather conditions, providing a bottom support for nickel prices, which are currently stable between 120,000 and 130,000 yuan/ton [3][8] Group 2 - The refined nickel supply in April reached 36,300 tons, a year-on-year increase of 47.26%, indicating a high supply level historically, while demand from the stainless steel sector remains weak due to slow recovery in real estate transactions [6] - The market for ternary batteries showed a significant increase in production, with a total of 56.6 GWh in March, but the market share for ternary batteries is declining due to the competitive advantage of lithium iron phosphate batteries [6] - Social inventory of refined nickel in China was 43,700 tons as of May 2, showing a slight decrease of 1% month-on-month but a 24% increase year-on-year, indicating a trend of inventory accumulation [6][8]