基本面情况 从基本面看，供应端：10月印尼操铁产量13.99万镇吨，环比+1.5%，同比+14%。10月印尼冰镇产量2.26万镇吨，环比+31%，同比-2%。10月印尼MHP产量4.07万镇吨，环 比2-2%，同比+33%。 10月国内精炼镜产量共计3.59万吨，环比+1%，同比+17%。2025年1-10月国内精版章量33.55万吨，同比+23%。需求端： 10月全国不锈钢厂量401万吨，环比 +3%，同比+6%； 1-10月国内不锈钢产量2873万吨，同比+6%； 10月印尼不锈钢产量41万吨，环比+2%，同比-2%； 1-10月印尼不锈钢累计产量410万吨，同比+3%。 10月三元材料产 量753600吨，环比+3%，同比+32%；1-10月三元材料产量85万吨，同比+15%。当前供给总体仍大于需求，俗镇库存持续累库至25.7604万吨，沪摸周度库存持续累年至3.5828万吨。 总结及策略 当前镇供需整体偏宽松，承压镇价偏弱运行。预期仍屈RKAB致敲与量仍存在抗动，但官方公布配额时间预期。预计在今年12月-2020年1月之间公布配额。市场预期配额总量存在 下滑，但实际供需基本面改善主要在2026年二季度 ...

Core Insights - The current spot price of electrolytic nickel in Shanghai is reported at 123,300.00 CNY/ton, with a premium of 1,130.00 CNY/ton over the futures main price of 122,170.00 CNY/ton [1] - The futures market shows a closing price of 122,170.00 CNY/ton for the main contract, reflecting a decrease of 0.55% [2] - Nickel inventory in the Shanghai Futures Exchange has decreased by 130 tons to 22,120 tons, with a cumulative reduction of 1,022 tons (4.42%) over the past week and 2,680 tons (10.81%) over the past month [3] Price Overview - The market prices for 1 nickel (Ni9990) vary, with quotes of 124,750 CNY/ton in Guangzhou, 125,000 CNY/ton in Shanghai from Shanghai Jincang Material Company, and 123,350 CNY/ton from Shanghai Huato Nonferrous Metals Market [2] - The ex-factory price for Jinchuan electrolytic nickel is reported at 124,300 CNY/ton in Jinchang, Gansu Province [2] Supply and Demand Analysis - Domestic nickel pig iron supply has significantly decreased year-on-year, while Indonesian supply remains high [4] - April saw an increase in electrolytic nickel production, and stainless steel production remained at high levels [4] - The demand outlook may be affected by ongoing trade disputes, but short-term improvements in macroeconomic conditions are anticipated to support prices [4]