Group 1: Report Overview - Report Title: Nickel Daily Report [1] - Date: May 15, 2025 [2] - Research Team: Nonferrous Metals Research Team, including Yu Feifei, Zhang Ping, and Peng Jinglin [3] Group 2: Market Review and Operation Suggestions - Nickel Price Movement: With the further easing of Sino-US tariff trade tensions, the macro environment improved again. The Shanghai nickel futures opened lower and closed higher at 125,230 yuan/ton, up 0.8%. The total open interest of the index decreased by 10,293 to 164,836 lots. The spot premium remained generally stable, with the Jinchuan premium at 2,150 yuan/ton and the Russian nickel premium at 200 yuan/ton [8]. - Fundamental Analysis: Nickel ore prices remained strong due to Indonesia's policy of raising royalties. The premium of domestic pyrometallurgical nickel ore increased by $2/wet ton month-on-month to $26 - $28/wet ton in April, and the ore price was prone to rise and difficult to fall. The pure nickel inventory continued to decline, with the London inventory dropping to 198,432 tons, and the marginal pressure of inventory accumulation weakened. The supply of intermediate products remained tight due to the production cuts of high - grade nickel matte and MHP by leading enterprises in Indonesia, which would affect the pure nickel output in the future. At the same time, the price of nickel sulfate was expected to maintain a moderate recovery trend due to the enhanced cost support [8]. - Investment Outlook: Fundamentally, the pattern was long - term bearish and short - term bullish. The long - term supply of primary nickel was in surplus, but the support at the mine end was strong at the bottom. The surplus pressure weakened under the short - term inventory reduction and the tight supply of intermediate products. The short - term macro environment improved, but there were still uncertainties. It was recommended to maintain an oscillating and bullish mindset and seize the opportunity to go long at low levels [8]. Group 3: Industry News Indonesia's Domestic Ore Benchmark Price - HMA: In the second half of May, the HMA was $15,415/ton, up $366/ton [11]. - HPM: SMM predicted that the HPM prices of Indonesian domestic nickel ore (MC35%) in the second half of May would increase compared with the first half. For example, the HPM price of Ni1.2% grade nickel ore was $15.63/wet ton, up $0.37/wet ton; the Ni1.6% grade was $27.25/wet ton, up $0.65/wet ton; the Ni1.7% grade was $30.66/wet ton, up $0.73/wet ton; the Ni1.8% grade was $34.27/wet ton, up $0.81/wet ton; the Ni1.9% grade was $38.08/wet ton, up $0.9/wet ton; and the Ni2.0% grade was $42.08/wet ton, up $1/wet ton [11][12]. - Premium: The mainstream premium of Indonesian pyrometallurgical domestic ore in May was $26 - $28/wet ton, about $2/wet ton higher than that in April, while the price of hydrometallurgical ore decreased slightly within the month [12]. Talon Metals' Discovery - High - Grade Nickel Sample: Talon Metals discovered the highest - grade nickel sample to date, with a nickel content of 12.65%, along with copper, gold, and platinum - group metals, in a location nearly half a mile underground near Tamarack, Minnesota. This discovery was part of an exploration plan that has drilled more than 290 holes and cost $65 million since 2020 [12]. - Project Progress: The company was conducting a feasibility study and starting the relevant approval process, planning to transport the mined ore to North Dakota for processing. The proposed underground mine project faced less opposition than other controversial mining projects in the state but still required a detailed environmental review [12]. Philippine Nickel Miner's Export - GFNI's Export: Philippine nickel miner Global Ferronickel Holdings, Inc. (GFNI) exported 56,625 wet metric tons (WMT) of low - grade nickel ore (1.25% nickel content and less than 20% iron content) to Indonesia for the first time on April 30, 2025, marking an important step in its market expansion strategy [12]. - Business Goals: Although China remained its largest market, the demand from Indonesia had increased significantly in recent years. PGMC aimed to complete 91 shipments, totaling 5 million WMT, in 2025, with an expected shipment structure of 53% low - grade and 47% medium - grade ore. GFNI was expected to achieve double - digit revenue growth in 2025 due to the doubling of Palawan's production capacity (from 1.5 million to 3 million WMT), the improvement of production efficiency in Surigao, and the improvement of Bataan port operations. In 2024, GFNI achieved revenues of 7.611 billion pesos and a net profit attributable to shareholders of 743.9 million pesos. The company's capital expenditure budget for 2025 was 711.8 million pesos, which would be used for mine development, resource expansion, exploration in several provinces, and investment in high - value - added processing projects such as ferronickel and battery - grade nickel [12]. Ivanhoe's Milestone - Project Breakthrough: On May 7, 2025, Ivanplats, a subsidiary of Ivanhoe Mining, achieved an important breakthrough. Miners at the 850 - meter level completed the first high - grade ore blasting of the Flatreef ore body. The project had completed a total of 5.5 kilometers of tunnel construction at three levels (750 meters, 850 meters, and 950 meters) since the start of the No. 1 shaft excavation in 2015, and the shafts had reached a depth of 996 meters by 2021. It was expected that the tunnels at the 750 - meter and 950 - meter levels would also enter the Flatreef ore body in the coming weeks [13]. - Ore Storage: The ore produced currently would be stored on the surface in preparation for the first feeding of the first - stage concentrator in the fourth quarter of this year. The ore body contained various metal elements, including platinum, palladium, rhodium, nickel, gold, and copper [13].