Core Viewpoint - Nickel prices have broken down due to a combination of supply-demand imbalances and pessimistic demand expectations, with projections indicating a potential price drop to around 100,000-110,000 yuan per ton by 2026 [1][30]. Group 1: Price Movement and Market Conditions - Nickel prices have been on a downward trend since November, breaking key support levels and reaching the lowest prices in nearly three years [3][4]. - The recent decline in nickel prices is attributed to a persistent oversupply in the market, particularly in the refined nickel segment, exacerbated by weak demand in the stainless steel sector [5][11]. Group 2: Supply-Demand Dynamics - The nickel industry is facing significant oversupply, with refined nickel production in China maintaining a high growth rate of around 33% over the past two years, while downstream demand remains limited [11][12]. - Current inventories of refined nickel are at elevated levels, nearing the highs seen during periods of low demand in 2020 [15][28]. Group 3: Future Outlook - Despite potential policy disruptions from resource countries, the likelihood of significant reductions in nickel ore production is low, maintaining a bearish outlook for prices [28][30]. - The anticipated increase in high-nickel solid-state battery production is not expected until 2027, further complicating the demand recovery for refined nickel [1][17]. Group 4: Investment Strategy - A bearish strategy is recommended, with opportunities for selling out-of-the-money call options following the recent rapid price decline [2][30].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - This week, nickel prices fluctuated weakly, and trading improved. The price of nickel ore remained firm, the rainy season in the Philippines was approaching, the tender price was firm, and the ocean freight was stable. The price of nickel iron continued to decline, and the cost line loosened and moved down. The inventory of stainless steel increased slightly, and the de - stocking after the "Golden September and Silver October" was tested again. There was new production capacity of primary nickel put into operation, and at the same time, there was a certain amount of production cut. The short - term output might decline, but the supply was still strong in the medium and long term, and the inventory continued to accumulate at home and abroad. The production and sales data of new energy vehicles were good, and the installation of ternary batteries increased, but the overall boost was limited. The medium - and long - term surplus pattern remained unchanged [8]. - The main contract of Shanghai nickel will fluctuate weakly and test the cost support downward. The main contract of stainless steel will fluctuate widely around the 20 - day moving average [9][10]. 3. Summary According to the Directory 3.1 Viewpoints and Strategies - **Nickel Viewpoint**: This week, nickel prices fluctuated weakly, and trading improved. The price of nickel ore remained firm, the rainy season in the Philippines was approaching, the tender price was firm, and the ocean freight was stable. The price of nickel iron continued to decline, and the cost line loosened and moved down. The inventory of stainless steel increased slightly, and the de - stocking after the "Golden September and Silver October" was tested again. There was new production capacity of primary nickel put into operation, and at the same time, there was a certain amount of production cut. The short - term output might decline, but the supply was still strong in the medium and long term, and the inventory continued to accumulate at home and abroad. The production and sales data of new energy vehicles were good, and the installation of ternary batteries increased, but the overall boost was limited. The medium - and long - term surplus pattern remained unchanged [8]. - **Operation Strategy**: The main contract of Shanghai nickel will fluctuate weakly and test the cost support downward. The main contract of stainless steel will fluctuate widely around the 20 - day moving average [9][10]. 3.2 Fundamental Analysis 3.2.1 Industry Chain Weekly Price Changes - **Nickel Ore**: The price of red - soil nickel ore (CIF) NI1.5%, Fe30 - 35% remained at 56, and the price of red - soil nickel ore (CIF) NI1.4%, Fe30 - 35% remained at 50, with a 0.00% change [13]. - **Sulfuric Acid Nickel**: The price of battery - grade sulfuric acid nickel decreased from 28400 to 28200, a decrease of 0.70%. The price of electroplating - grade sulfuric acid nickel remained at 29700, with a 0.00% change [13]. - **Nickel Iron**: The price of low - nickel iron (Shandong) remained at 3400, with a 0.00% change. The price of high - nickel iron (Shandong) decreased from 935 to 925, a decrease of 1.07% [13]. - **Electrolytic Nickel**: The price of Shanghai electrolytic nickel decreased from 123350 to 122360, a decrease of 0.80%. The price of Shanghai Russian nickel decreased from 121450 to 120100, a decrease of 1.11%. The price of Jinchuan's ex - factory price increased from 123100 to 123300, an increase of 0.16% [14]. - **Stainless Steel**: The price of 304 stainless steel decreased from 13712.5 to 13550, a decrease of 1.19% [14]. 3.2.2 Nickel Ore Market Conditions - The price of nickel ore remained stable, and the ocean freight was the same as last week. - As of October 30, 2025, the total nickel ore inventory at 14 ports in China was 14.791 million wet tons, a decrease of 188,100 wet tons or 1.26% from the previous period. Among them, the nickel ore from the Philippines was 14.3054 million wet tons, a decrease of 199,200 wet tons or 1.37%. The nickel ore from other countries was 485,600 wet tons, an increase of 11,100 wet tons or 2.44%. - In September 2025, the nickel ore import volume was 6.1145 million tons, a decrease of 232,200 tons or 3.66% from the previous month, and an increase of 1.5483 million tons or 33.91% year - on - year. From January to September 2025, the total nickel ore import volume was 32.2481 million tons, a year - on - year increase of 10.77% [17]. 3.2.3 Electrolytic Nickel Market Conditions - The nickel price fluctuated weakly, and the transaction improved. There was new production capacity put into operation at home and abroad, and at the same time, there was a certain amount of planned production cut. The long - term surplus contradiction was more prominent. - In October 2025, China's refined nickel output was 33,345 tons, a month - on - month decrease of 9.38% and a year - on - year increase of 8.09%. From January to October 2025, China's cumulative refined nickel output was 353,335 tons, a cumulative year - on - year increase of 32.70%. - In September 2025, China's refined nickel import volume was 28,367.371 tons, a month - on - month increase of 4181 tons or 17.29%, and a year - on - year increase of 22,779 tons or 407.65%. The net import of refined nickel this month was 14,255.276 tons, a month - on - month decrease of 207.24% and a year - on - year decrease of 57.65%. - The price of battery - grade sulfuric acid nickel decreased by 200 yuan/ton compared with last week, and the price of electroplating - grade sulfuric acid nickel remained the same as last week [22][25][33]. 3.2.4 Nickel Iron Market Conditions - The price of nickel iron declined. The price of low - nickel iron remained flat, and the price of high - nickel iron decreased. - In September 2025, China's actual nickel pig iron production in terms of metal was 21,700 tons, a month - on - month decrease of 5.06% and a year - on - year decrease of 13.64%. - In September 2025, China's nickel iron import volume was 1.085 million tons, a month - on - month increase of 211,000 tons or 24.2%, and a year - on - year increase of 348,000 tons or 47.2%. - In September, the nickel iron inventory was 202,900 physical tons available for circulation, equivalent to 19,900 nickel tons [43][47][50]. 3.2.5 Stainless Steel Market Conditions - The price of 304 stainless steel decreased. The average price of 304 stainless steel in four places decreased by 162.5 yuan/ton compared with last week. - In September, the stainless steel crude steel output was 3.4267 million tons, of which the output of 200 - series was 1.039 million tons, the output of 400 - series was 525,000 tons, and the output of 300 - series was 1.7627 million tons, a month - on - month increase of 1.43%. - The latest data showed that the stainless steel import volume was 120,300 tons, and the export volume was 418,500 tons. - As of November 7, the inventory in Wuxi was 599,000 tons, the inventory in Foshan was 310,400 tons, and the national inventory was 1.034 million tons, a month - on - month increase of 2900 tons. Among them, the inventory of 300 - series was 639,500 tons, a month - on - month decrease of 12,400 tons [58][63][66]. 3.2.6 New Energy Vehicle Production and Sales - In September, the production and sales of new energy vehicles were 1.617 million and 1.604 million respectively, a year - on - year increase of 23.7% and 24.6% respectively. From January to September, the production and sales of new energy vehicles were 11.243 million and 11.228 million respectively, a year - on - year increase of 35.2% and 34.9% respectively. - In September, the total production of power and other batteries in China was 151.2 GWh, a month - on - month increase of 8.3% and a year - on - year increase of 35.4%. The installed capacity of power batteries in China was 76.0 GWh, a month - on - month increase of 21.6% and a year - on - year increase of 39.5%. Among them, the installed capacity of ternary batteries was 13.8 GWh, accounting for 18.2% of the total installed capacity, a month - on - month increase of 26.5% and a year - on - year increase of 5.2%. The installed capacity of lithium iron phosphate batteries was 62.2 GWh, accounting for 81.8% of the total installed capacity, a month - on - month increase of 20.5% and a year - on - year increase of 50.4% [74][77]. 3.3 Technical Analysis - From the daily K - line, the price began to be under downward pressure, breaking below the 120,000 level. The position increased, indicating that the main short - sellers were exerting force and were relatively bearish on the future. The MACD indicator also showed green bars spreading, indicating a downward trend. The KDJ entered the oversold area and might have a rebound demand. Overall, it will fluctuate weakly [80]. 3.4 Industry Chain Sorting and Summary - **Nickel Ore**: Neutral. The quotation remained stable, the ocean freight was the same, and the rainy season was approaching [83]. - **Nickel Iron**: Neutral. The price of nickel iron decreased steadily, and the cost line decreased to a certain extent [83]. - **Refined Nickel**: Slightly bearish. The long - term surplus pattern remained unchanged, and the inventory continued to accumulate at home and abroad [83]. - **Stainless Steel**: Neutral. The inventory increased slightly, and the 300 - series decreased slightly [83]. - **New Energy**: Neutral. The production data was good, and the installation of ternary batteries increased year - on - year [83].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - This week, nickel prices fluctuated weakly with average trading volume, mainly affected by macro factors. The nickel ore price remained firm, the nickel iron price continued to decline, the stainless - steel inventory increased slightly, and the long - term surplus pattern remained unchanged. The production and sales data of new energy vehicles were good, but the overall boost was limited [8]. - The Shanghai nickel main contract will fluctuate around the 20 - day moving average, with support from the cost line below. The stainless - steel main contract will have a wide - range fluctuation around the 20 - day moving average [9][10]. Group 3: Summary by Directory 1. Views and Strategies - **Shanghai Nickel View**: This week, nickel prices fluctuated weakly, affected by macro factors. The nickel ore price was firm, the nickel iron price declined, the stainless - steel inventory increased slightly, and the long - term surplus pattern remained unchanged. The new energy vehicle production and sales data were good, but the overall boost was limited [8]. - **Operation Strategy**: The Shanghai nickel main contract will fluctuate around the 20 - day moving average, with support from the cost line below. The stainless - steel main contract will have a wide - range fluctuation around the 20 - day moving average [9][10]. 2. Fundamental Analysis - **Industry Chain Weekly Price Changes** - Nickel ore prices (red clay nickel ore with different grades) remained unchanged compared to last week. The price of battery - grade and electroplating - grade nickel sulfate also remained unchanged. The price of low - nickel iron in Shandong remained the same, while the high - nickel iron price decreased by 0.53%. The price of electrolytic nickel (Shanghai electrolytic nickel, Shanghai Russian nickel, and Jinchuan ex - factory price) decreased, and the 304 stainless - steel price decreased by 0.36% [13][14]. - **Nickel Ore Market Conditions** - Nickel ore prices remained stable, and the freight remained the same as last week. As of October 30, 2025, the total nickel ore inventory at 14 ports in China was 14.791 million wet tons, a decrease of 1.26%. The imported nickel ore volume in September 2025 decreased by 3.66% month - on - month but increased by 33.91% year - on - year. The northern Philippines had a tender with a firm price, and the rainy season in Surigao was approaching [17]. - **Electrolytic Nickel Market Conditions** - Nickel prices fluctuated weakly with average trading volume. In the long - term, the supply and demand will both increase, but the surplus pattern will not change. The substitution of ternary materials in the new energy industry chain is becoming more obvious, and the growth of nickel demand is slowing down. In September 2025, China's refined nickel production increased both month - on - month and year - on - year. The import and export volume also changed, with an increase in imports and a decrease in exports in September 2025 compared to the previous month. The LME and SHFE inventories increased [22][26][30]. - **Nickel Iron Market Conditions** - The nickel iron price declined. In September 2025, China's nickel pig iron production decreased both month - on - month and year - on - year. The nickel iron import volume increased both month - on - month and year - on - year. The inventory in September 2025 was 202,900 physical tons, equivalent to 19,900 nickel tons [44][48][51]. - **Stainless - Steel Market Conditions** - The 304 stainless - steel price decreased by 50 yuan/ton this week. In September 2025, the stainless - steel crude steel production was 3.4267 million tons, with an increase in the 300 - series production. The import volume was 120,300 tons, and the export volume was 418,500 tons. As of October 31, 2025, the national stainless - steel inventory increased by 370 tons [59][65][71]. - **New Energy Vehicle Production and Sales** - In September 2025, the production and sales of new energy vehicles were 1.617 million and 1.604 million respectively, with year - on - year growth of 23.7% and 24.6%. From January to September 2025, the cumulative production and sales were 11.243 million and 11.228 million respectively, with year - on - year growth of 35.2% and 34.9%. In September 2025, the total battery production was 151.2 GWh, and the power battery loading volume was 76.0 GWh [75][78]. 3. Technical Analysis - From the daily K - line, the price fluctuated around the 20 - day moving average. During the price decline this week, there was obvious position - increasing, and position - reducing occurred around 120,000. The MACD direction was not clear, and the KDJ was downward but not in the oversold area [81]. 4. Industry Chain Sorting Summary - **Fundamental View** - Nickel ore: Neutral, with stable quotes, flat freight, and the approaching rainy season. - Nickel iron: Neutral, with a stable - to - decreasing price and a certain decline in the cost line. - Refined nickel: Slightly bearish, with the long - term surplus pattern remaining unchanged and continuous inventory build - up at home and abroad. - Stainless - steel: Neutral, with a slight increase in inventory. - New energy: Neutral, with good production data and a year - on - year increase in ternary battery loading [84]. - **Trading Strategy** - Unilateral strategy: The Shanghai nickel main contract will fluctuate around the 20 - day moving average, with support from the cost line below. The stainless - steel main contract will have a wide - range fluctuation around the 20 - day moving average [86][87].

Report's Investment Rating for the Industry The provided content does not mention the report's investment rating for the industry. Core Viewpoints of the Report - In the short term, the improvement in downstream stainless - steel demand is limited, and nickel prices still face correction pressure. However, in the medium to long term, the US easing expectations and China's anti - involution policies will provide strong support for nickel prices, and the new - year RKAB approval also poses potential positive factors. The downside space for nickel prices is limited. It is recommended to build long positions on dips. The short - term price range for the SHFE nickel main contract is expected to be between 115,000 - 128,000 yuan/ton, and for the LME 3M nickel contract, it is between 14,500 - 16,500 US dollars/ton [12]. Summary by Directory 1. Weekly Assessment and Strategy Recommendation - **Resource end**: The rainy season in Sulawesi ended this week, leading to a short - term increase in nickel ore supply. Most RKAB approvals in Indonesia are nearly completed, with approved quotas of about 3.1 - 3.3 billion wet tons. The tight supply of nickel ore has eased, and short - term ore prices may decline slightly. On August 15, the arrival price of 1.6% grade Indonesian domestic laterite nickel ore was 52.3 US dollars/wet ton (unchanged from last week), and that of 1.2% grade was 24.5 US dollars/wet ton (down 0.3 US dollars/ton from last week) [12]. - **Ferronickel**: Supply decreased slightly due to low profit levels at iron plants. Stainless - steel supply remains low, with August production expected to be flat month - on - month. Downstream speculative restocking in the demand side provides some support for stainless - steel demand, and social inventories have declined for five consecutive weeks. It is expected that stainless - steel supply will increase slightly, driving up ferronickel demand. Overall, the surplus pressure of ferronickel has eased slightly, and prices are stable with an upward trend. A domestic iron plant's high - nickel ferronickel was traded at 950 yuan/nickel (ex - works tax - included) this week, and mainstream quotes rose to 940 - 950 yuan/nickel (cargo - in - hold tax - included) [12]. - **Intermediate products**: For MHP, the external procurement demand from downstream nickel sulfate has been released, while the trading volume from traders is limited, resulting in a shortage of supply and a significant increase in coefficient prices. For high - grade nickel matte, the purchasing enthusiasm of downstream enterprises is relatively weak, market transactions are sluggish, and coefficient prices remain stable [12]. - **Refined nickel**: Nickel prices rebounded slightly this week and then declined, closing at 120,600 yuan/ton on Friday, down 1.2% from last week. The release of US July CPI data strengthened market expectations of monetary easing, but the subsequent PPI data showed resilience, slightly cooling market expectations of interest - rate cuts. In the spot market, downstream orders in the alloy and electroplating industries are scarce, market transactions are dull, and spot prices mainly fluctuate with the futures market, with stable premiums and discounts [12]. 2. Futures and Spot Markets - **Refined nickel prices**: The spot price of Jinchuan nickel was 122,550 yuan/ton (down 410 yuan/ton, - 0.33% from last week), and that of Russian nickel was 120,750 yuan/ton (down 370 yuan/ton, - 0.31% from last week). The LME closing price was 15,195 US dollars (up 80 US dollars, + 0.53% from last week), and the SHFE closing price was 120,600 yuan (down 580 yuan, - 0.48% from last week) [16]. - **Inventory**: LME inventory was 211,700 tons (down 600 tons, - 0.27% from last week), SHFE inventory was 27,000 tons (up 800 tons, + 2.93% from last week), bonded - area inventory was 5,400 tons (unchanged from last week), nickel plate spot inventory was 37,500 tons (up 2,000 tons, + 5.53% from last week), and nickel bean spot inventory was 2,900 tons (unchanged from last week) [16]. - **Premium and discount**: As of August 15, the average premium of Russian nickel spot to the near - month contract was 400 yuan/ton (up 50 yuan/ton from last week), and the average premium of Jinchuan nickel spot was 2,100 - 2,300 yuan/ton (down 50 yuan/ton from last week). The LME Cash/3M nickel discount was 207.88 US dollars/ton, slightly lower than the same period last week [22]. - **Secondary nickel prices**: The ex - works price of domestic high - nickel pig iron on Friday was 916 - 935 yuan/nickel point (average up 7 yuan/nickel point from last week), and the domestic spot price of nickel sulfate was 27,300 - 27,790 yuan/ton (average up 105 yuan/ton from last week) [26]. 3. Cost Side - **Nickel ore**: Domestic port inventories continued to accumulate. As of August 15, nickel ore port inventories reached 1,095.16 million tons, up 6.0% from the same period last week. Nickel ore prices remained stable. On August 15, the arrival price of 1.6% grade Indonesian domestic laterite nickel ore was 52.3 US dollars/wet ton (unchanged from last week), that of 1.2% grade was 24.5 US dollars/wet ton (down 0.3 US dollars/ton from last week), and the CIF price of 1.5% grade Philippine nickel ore was 57 US dollars/ton (unchanged from last week) [34][37]. - **Intermediate products**: In June, Indonesia's MHP production was 39,000 nickel tons (basically flat month - on - month), and high - grade nickel matte production was 25,000 nickel tons (significantly up month - on - month). As of August 15, the FOB price of Indonesian MHP was 12,684 US dollars/metal ton, with an MHP coefficient to LME nickel of 0.86 (unchanged from last week); the price of high - grade nickel matte was 13,054 US dollars/metal ton, with a coefficient to LME nickel of 0.88 (unchanged from last week) [44][49]. 4. Refined Nickel - **Supply**: In July 2025, China's refined nickel production reached 36,200 tons, maintaining a historically high level [54]. - **Demand**: The report analyzes stainless - steel production, inventory, and terminal demand in the manufacturing and real - estate sectors, but specific demand trends are not clearly summarized [56][58]. - **Inventory**: Global refined nickel inventories increased slightly this week. According to Mysteel data, on August 15, the combined visible inventory in China and LME reached 252,000 tons, up 1,027 tons from the same period last month [63]. 5. Nickel Sulfate - **Supply**: The report shows production and net import volume data of nickel sulfate in China, but specific supply trends are not clearly summarized [69]. - **Demand**: The report analyzes the loading volume of ternary power batteries and the production of ternary precursors in China, but specific demand trends are not clearly summarized [72]. - **Cost and price**: The report presents the production cost, price, and profit - margin data of battery - grade nickel sulfate, but specific trends are not clearly summarized [74]. 6. Supply - Demand Balance The report provides quarterly supply - demand balance data from 2023 to 2025, showing that the overall supply of nickel exceeds demand, but the surplus is gradually narrowing. In 2025, the total supply is expected to be 3.7688 million nickel tons, and the total demand is 3.6024 million nickel tons, with a surplus of 166,400 nickel tons [79].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - In the short term, stainless steel prices have stabilized, and some traders have started speculative stocking. However, with high stainless - steel inventories, the impact of speculative demand is expected to be limited, and the oversupply situation is difficult to reverse. In the context of weak demand, although the ore price has fallen, downstream smelters lack the motivation to expand production. It is expected that the ore price will continue to decline, driving the price center of the industrial chain to move down further. It is recommended to sell high in the operation. The short - term price range of the main contract of Shanghai Nickel is expected to be 115,000 - 128,000 yuan/ton, and that of the LME 3M contract is 14,500 - 16,500 US dollars/ton [11] Group 3: Summaries According to the Directory 1. Weekly Assessment and Strategy Recommendation - **Resource end**: The nickel ore price has generally declined. The supply of wet - process ore is stable with a stable price, while the price of pyrometallurgical ore is under pressure. It is expected that the nickel ore price will continue to decline due to weak demand [11] - **Ferronickel**: The market sentiment has slightly improved, and the supplier's quotation has increased. The market price of scattered orders has risen to 920 yuan/nickel (including tax at the hatch bottom). The ferronickel price is running steadily and strongly, but there is still an oversupply pressure [11] - **Intermediate products**: The supply of intermediate products is expected to loosen. The supply of high - grade nickel matte in July is expected to increase significantly compared with the previous month, and the output of MHP is expected to remain at a high level [11] - **Refined nickel**: The nickel price is running strongly driven by the rise of ferronickel price. The spot trading has turned cold, and the global nickel visible inventory has decreased by 1.43% to 243,000 tons, with inventory accumulation in China and inventory reduction in LME [11] 2. Spot and Futures Market - **Spot market**: The prices of Jinchuan nickel and Russian nickel have decreased, with a decline of 0.52% and 0.58% respectively. The LME closing price has increased slightly by 0.07%, and the SHFE closing price has decreased by 0.73%. The import loss has decreased [15] - **Futures market**: The LME nickel open interest has decreased by 3.73%, and the SHFE open interest has increased by 7.71%. The LME inventory has increased by 0.68%, and the SHFE inventory has increased by 0.92% [15] - **Inventory**: The bonded - area inventory has increased by 3.71%, the nickel plate spot inventory has increased by 4.97%, and the nickel bean spot inventory has increased by 0.34% [15] - **Nickel spot premium**: The domestic refined nickel spot premium is relatively strong. The Russian nickel spot premium is 350 yuan/ton, unchanged from last week. The LME nickel Cash/3M discount is 204.70 US dollars/ton, slightly lower than last week [22] - **Secondary nickel price**: The ferronickel price is running steadily and strongly, and the market price of scattered orders has risen to 920 yuan/nickel (including tax at the hatch bottom) [25] 3. Cost End - **Nickel ore**: The domestic port inventory has increased significantly, reaching 9.8787 million tons as of July 25, an increase of 4.2% compared with the same period last week. The nickel ore price is under pressure, and the prices of some grades of nickel ore in Indonesia and the Philippines are unchanged from last week [32][35] - **Ferronickel**: Not further elaborated in this part - **Intermediate products**: In June, the output of MHP in Indonesia was 39,000 nickel tons, basically unchanged from the previous month, and the output of high - grade nickel matte was 25,000 nickel tons, a significant increase from the previous month. As of July 25, the FOB prices of Indonesian MHP and high - grade nickel matte and their coefficients to LME nickel are unchanged from last week [42][47] 4. Refined Nickel - **Supply**: In June 2025, the national refined nickel output reached 34,500 tons, maintaining a historically high level [52] - **Demand**: Not further elaborated in this part - **Import and export**: Not further elaborated in this part - **Inventory**: The global refined nickel inventory has decreased slightly. The global nickel visible inventory has decreased by 1.43% to 243,000 tons, with inventory accumulation in China and inventory reduction in LME. The LME nickel inventory has decreased by 3,654 tons to 204,000 tons, a decline of 1.76% [61] - **Cost**: Not further elaborated in this part 5. Nickel Sulfate - **Supply**: Not further elaborated in this part - **Demand**: Not further elaborated in this part - **Cost and price**: Not further elaborated in this part 6. Supply - Demand Balance - From 2023 to 2025, the total supply of nickel is generally greater than the total demand, and the supply - demand gap shows an increasing trend year by year. In 2025, the supply - demand gap is expected to reach 166,400 tons [77]