1. Report Industry Investment Rating No information provided. 2. Core Views of the Report - Macroeconomically, Fed officials have released hawkish expectations, with the probability of a 25bp rate cut in December dropping to around 50%. The Fed may start a bond - buying program in December, and the US government shutdown has ended [3]. - Industrially, Philippine nickel ore prices are firm while Indonesian ore prices have slightly weakened. Nickel - iron prices have fallen due to weak stainless - steel consumption, and the price of nickel sulfate has declined. Pure - nickel spot trading is good [3]. - In the later stage, cost support is strong, and the room for a sharp decline in nickel prices is limited. The cost of nickel ore is likely to remain high, but the fundamentals are difficult to improve. However, nickel prices are at the absolute bottom of the range, waiting for a recovery in macro - expectations [3][12]. 3. Summary by Related Catalogs 3.1 Market Data | Variety | 2025/11/14 | 2025/11/7 | Change | Unit | | --- | --- | --- | --- | --- | | SHFE Nickel | 117,080 | 119,440 | - 2,360 | Yuan/ton | | LME Nickel | 14,891 | 15,060 | - 169 | US dollars/ton | | LME Inventory | 252,090 | 253,104 | - 1,014 | tons | | SHFE Inventory | 35,027 | 32,634 | + 2,393 | tons | | Jinchuan Nickel Premium | 3,900 | 3,100 | + 800 | Yuan/ton | | Russian Nickel Premium | 600 | 600 | 0 | Yuan/ton | | High - Nickel Pig Iron Average Price | 924 | 933 | - 9 | Yuan/nickel point | | Stainless - Steel Inventory | 888,000 | 863,000 | + 25,000 | tons | [4] 3.2 Industry Situation - **Nickel Ore**: Philippine 1.5% laterite nickel ore FOB price is stable at $50/wet ton, and Indonesian 1.5% laterite nickel ore domestic FOB price is at $38.55/wet ton. Indonesia may limit nickel production [6]. - **Pure Nickel**: In October, the national refined - nickel production was 35,900 tons, a year - on - year and month - on - month increase of 17.06% and 0.84% respectively. The import from Russia increased significantly in September, while that from Norway decreased. The export scale increased year - on - year [7]. - **Nickel Iron**: The price of high - nickel pig iron (10% - 12%) dropped. In October, China's nickel - iron production increased month - on - month, and Indonesia's production increased slightly year - on - year and month - on - month. The inventory structure changed, and the import from Indonesia increased [7][8]. - **Stainless Steel**: In October, China's 300 - series stainless - steel production increased slightly, and Indonesia's production also increased slightly. The expected production in November shows little change. The real - estate market is sluggish, restricting nickel - iron demand, but the decline in nickel - iron prices may slow down [9]. - **Nickel Sulfate**: The price of battery - grade nickel sulfate decreased, and the production increased year - on - year and month - on - month in October. The profit margins of some production processes improved [10]. - **New Energy**: From November 1 - 9, the retail sales of new - energy passenger vehicles decreased year - on - year but increased month - on - month. Different regions have different subsidy policies [10]. - **Inventory**: The current six - place social inventory of pure nickel increased, SHFE inventory increased, LME inventory decreased, and the total inventory of the two major exchanges increased [11]. 3.3 Industry News - Indonesia will adjust nickel production in 2026 and may cut production in the work plan and cost budget [13]. - The second - phase project of Guangxi Feinan will start on November 18, with a designed production capacity of 20,000 metal tons/year of electrowon nickel and nickel sulfate [13]. - Indonesia announced the domestic trade benchmark price of nickel ore for the second phase of November, which decreased by about 0.51% compared with the first phase [13]. 3.4 Related Charts The report includes charts on the trends of domestic and foreign nickel prices, spot premiums, nickel futures inventory, high - nickel iron prices, nickel - ore port inventory, 300 - series stainless - steel prices, and stainless - steel inventory [15][18][20][23]