Group 1: Report Title and Overall Outlook - Nickel is expected to oscillate due to the game between macro and fundamental factors [1] - Stainless steel is expected to oscillate due to the game between reality and macro - expectations [2] Group 2: Fundamental Data Tracking Futures - The closing price of the main contract of Shanghai Nickel is 121,140, with changes of 2,000 (T - 1), - 650 (T - 5), 310 (T - 10), - 250 (T - 22), and 2,190 (T - 66) [2] - The closing price of the main contract of stainless steel is 12,865, with changes of 95 (T - 1), 155 (T - 5), 230 (T - 10), 405 (T - 22), and 210 (T - 66) [2] - The trading volume of the main contract of Shanghai Nickel is 102,155, with changes of - 8,908 (T - 1), 23,166 (T - 5), - 48,400 (T - 10), - 5,365 (T - 22), and - 157,881 (T - 66) [2] - The trading volume of the main contract of stainless steel is 101,032, with changes of 2,396 (T - 1), 15,621 (T - 5), - 149,945 (T - 10), - 113,621 (T - 22), and - 51,265 (T - 66) [2] Industry Chain - Related Data - The price of 1 imported nickel is 119,900, with changes of 400 (T - 1), - 1,950 (T - 5), - 600 (T - 10), - 1,700 (T - 22), and 625 (T - 66) [2] - The price of 8 - 12% high - nickel pig iron (ex - factory price) is 905, with changes of 0 (T - 1), - 4 (T - 5), - 9 (T - 10), - 41 (T - 22), and - 108 (T - 66) [2] - The battery - grade nickel sulfate price is 27,420, with changes of 0 (T - 1), 20 (T - 5), 20 (T - 10), - 395 (T - 22), and - 790 (T - 66) [2] Group 3: Macro and Industry News - On March 3, Ontario Premier Ford proposed that Ontario's minerals are key in the tariff fight and may stop exporting nickel to the US [2] - On April 27, the first - phase project of Indonesia's CNI ferronickel RKEF, EPC - contracted by China ENFI, successfully produced ferronickel, with an annual metal nickel output of about 12,500 tons per line [3] - An important nickel smelter in an Indonesian metal processing park has resumed production, and the capacity of PT QMB New Energy Materials has recovered to 70% - 80% [4][5] - An Indonesian cold - rolling mill plans to continue maintenance from June to July, affecting 11 - 13 tons of production, mainly 300 - series output, and it cut production by 40 - 50% in May [5] - The Philippine Nickel Industry Association welcomes the removal of the raw ore export ban from the final version of the mining fiscal system bill [5] - Environmental violations were found in the Indonesia Morowali Industrial Park, and the ministry may fine the confirmed违法 companies and audit the whole park [5] - Indonesia plans to shorten the mining quota period from three years to one year [6] - The 2025 production target approved by the Indonesian government for nickel miners is 364 million tons, higher than the 2024 target of 319 million tons [6] Group 4: Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is 0 [7]