1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On July 24, Shanghai nickel showed strong performance, with the 2509 contract hitting a recent high of 124,660 and closing at 124,360, up 0.66%. The total open interest of the index increased by 4,395 to 178,067 lots. The oversupply situation of nickel has not changed, and price pressure still exists [7]. - With the gradual approval of additional RKAB quotas in Indonesia, the supply of nickel ore will be abundant, and there is room for a decline in premiums and ore prices. The price of nickel iron has rebounded slightly to 909 yuan per nickel point, but most smelters in Indonesia are still at a loss at this price. After the conversion to high - grade nickel matte, the reduction is limited, and the support for prices is also limited. Stainless steel is in the traditional off - season with high inventories, making it difficult to effectively support the raw material end. The weak atmosphere of nickel iron and stainless steel also drags down the nickel ore end [7]. - The average price of battery - grade nickel sulfate has continued to rise slightly to 27,260. It is expected to stop falling and stabilize temporarily under the support of low inventories in nickel salt factories and the rigid replenishment demand of precursors. Overall, the fundamentals of nickel have not changed significantly. Although the performance of the industrial chain has slightly improved recently with the price rebound, it remains weak. There is an expectation of weakening support from the ore end. In the short term, macro factors support the temporary strong performance of Shanghai nickel, but the rebound space should be viewed with caution [7]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - On July 24, the 2509 contract of Shanghai nickel refreshed its recent high, and the index's total open interest increased. The nickel market's oversupply pattern persists, and price pressure is still present [7]. - As additional RKAB quotas in Indonesia are approved, nickel ore supply will be loose, and there is a possibility of a decline in premiums and ore prices. The price of nickel iron has rebounded slightly, but most Indonesian smelters are still in the red. The reduction after the conversion to high - grade nickel matte is limited, and the support for prices is weak. Stainless steel is in the off - season with high inventories, unable to support the raw material end effectively. The weak situation of nickel iron and stainless steel also affects the nickel ore market [7]. - The average price of battery - grade nickel sulfate has risen slightly and is expected to stabilize. Overall, the nickel fundamentals have not changed much. Although the industrial chain has shown some improvement with the price rebound, it is still weak, and the support from the ore end may weaken. In the short term, macro factors support the strong performance of Shanghai nickel, but the rebound space needs careful consideration [7]. 3.2 Industry News - The Secretary - General of the Indonesian Nickel Miners Association (APNI) revealed that Indonesia's actual nickel ore production in 2025 was only 120 million tons, while the approved RKAB quota from January to June was 364.1 million tons, about three times the actual output. The low production was mainly due to the rainy season in major mining areas. Indonesia also imported 4.6 million tons of nickel ore from the Philippines in the first half of the year. Since January 2025, the cost pressure on Indonesia's nickel industry has been rising due to policies and taxes. The APNI is formulating ESG regulations to enhance the industry's international reputation [8][10]. - Bulgaria has launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. The project was developed by Advance Green Energy AD and completed in six months [10]. - A research team in Turkey has developed a TOPCon solar cell using nickel contact with almost no silver, which significantly reduces silver consumption while maintaining high efficiency. This innovation is expected to reduce production costs and improve the sustainability and scalability of solar cell manufacturing [10]. - Renewable energy storage company Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland. This is the tenth approved project in the past 17 months, bringing the total approved storage capacity to over 1.6 GW. The project is expected to create jobs and help Scotland achieve its energy goals [10].

Report Summary 1. Industry Investment Rating No relevant information provided. 2. Core View - On July 23, the nickel price shifted to narrow - range fluctuations as the continuously surging varieties adjusted, indicating emerging market divergence. The nickel surplus pattern remains unchanged, and price pressure persists. With the approval of additional RKAB quotas in Indonesia, nickel ore supply will be abundant, and there is room for a decline in premiums and ore prices. Although the ferronickel price has slightly rebounded, most smelters in Indonesia are still at a loss, and the production reduction after the conversion to high - grade nickel matte is limited, providing limited price support. Stainless steel is in the traditional off - season with high inventories, and it is difficult to support the raw material end. The sulfuric acid nickel price remained flat. Overall, the nickel fundamentals have not changed significantly, and the subsequent support from the ore end may weaken. Currently, the macro - sentiment dominates the market, and the nickel price is temporarily strong, but the rebound space should be viewed with caution [7]. 3. Summary by Section 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - On July 23, the SHFE nickel 2509 closed at 123,370, down 0.06% from the previous day, and the total index positions decreased by 2,860 to 173,672 lots. The nickel market's excess situation remains, and price pressure exists. The supply of nickel ore will be loose, and there is room for a decline in premiums and ore prices. The ferronickel price has a slight rebound, but most Indonesian smelters are still at a loss, and the support for prices is limited. Stainless steel is in the off - season with high inventories, and it is difficult to support the raw material end. The sulfuric acid nickel price remained at 27,250, and it is expected to stop falling temporarily. The overall performance of each industrial link is weakening, and the support from the ore end may loosen. The macro - sentiment currently dominates the market, and the nickel price is temporarily strong, but the rebound space should be treated with caution [7]. 3.2行业要闻 (Industry News) - The Indonesian Nickel Miners Association (APNI) revealed that Indonesia's actual nickel ore production in 2025 was only 120 million tons, far lower than the approved RKAB quota of 364.1 million tons in the first half of the year. The low utilization rate of the quota was due to the rainy season in major mining areas. In the first half of the year, Indonesia imported 4.6 million tons of nickel ore from the Philippines. Since January 2025, the cost pressure on Indonesia's nickel industry has been increasing due to policies and taxes. APNI is formulating ESG regulations to enhance its international reputation [8][10]. - Bulgaria launched a 124 - megawatt/496.2 - megawatt - hour battery energy storage system, marking a step towards its goal of deploying 10,000 megawatt - hours of battery energy storage capacity within a year [10]. - A Turkish research team developed a TOPCon solar cell using nickel contact with almost no silver, which significantly reduces silver consumption while maintaining high efficiency, potentially reducing production costs [10]. - Renewable energy storage company Apatura obtained planning permission for a 100 - megawatt battery energy storage system project in Scotland, which will help the region achieve its energy and emission - reduction goals [10].

Report Information - Report Title: Nickel Daily Report [1] - Date: July 23, 2025 [2] - Research Team: Non-ferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The macro - optimistic atmosphere supports the continued strength of Shanghai nickel. On the 22nd, Shanghai nickel 2509 closed up 1.52% at 123,720 yuan/ton, and the total open interest of the index increased by 12,011 to 176,532 lots. However, the nickel surplus pattern has not reversed, and price pressure still exists. The nickel fundamentals have not changed significantly, and the overall performance of each industrial link continues to weaken. Currently, the macro - sentiment dominates the market, and the nickel price is temporarily strong, but the rebound space should be viewed with caution [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Macro - optimism supports Shanghai nickel's strength, with the 2509 contract rising 1.52% to 123,720 yuan/ton and the index's total open interest increasing by 12,011 to 176,532 lots [8]. - The nickel surplus situation remains, and prices face pressure. As the supplementary quotas of Indonesia's RKAB are gradually approved, nickel ore supply will be abundant, and premiums and ore prices may decline [8]. - Nickel - iron prices rebounded slightly at a low level, but most Indonesian smelters are still at a loss at this price. After the conversion to high - grade nickel matte, the reduction is limited, and the support for prices is also limited. Stainless steel is in the traditional off - season with high inventories, making it difficult to support the raw material end. The weak atmosphere of nickel - iron and stainless steel drags down the nickel ore end [8]. - The price of nickel sulfate continued to rise to 27,250. It is expected to stop falling temporarily under the support of low inventories of nickel salt plants and the rigid restocking demand of precursors [8]. 3.2 Industry News - In 2025, Indonesia's actual nickel ore production was only 120 million tons, while the approved RKAB quota from January to June was 364.1 million tons, about three times the actual production. The low utilization rate of RKAB quotas was mainly due to the rainy season in major mining areas such as Sulawesi. In the first half of the year, Indonesia still imported 4.6 million tons of nickel ore from the Philippines [9]. - Since January 2025, the cost pressure on Indonesia's nickel industry has continued to rise due to policies such as the Domestic Sales Obligation (DMO), the increase in the biodiesel blending ratio from B40 to B50, new export fees, and the Global Minimum Tax (GMT). The APNI is formulating ESG regulations in line with IRMA standards and conducting a gap analysis of 57 local regulations to enhance the international reputation of Indonesia's nickel industry [11]. - Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This project is an important step towards the goal of deploying 10,000 MWh of battery energy storage capacity within a year [11]. - A research team in Turkey developed a TOPCon solar cell using nickel (Ni) contacts with almost no silver (Ag). The silver consumption is less than 0.5 mg/W, far lower than that of traditional silver - contact cells, while achieving almost the same efficiency. This innovation is expected to significantly reduce production costs [11]. - Renewable energy storage company Apatura obtained planning permission for a 100 - MW battery energy storage system (BESS) project in Scotland. This is the tenth approved energy storage project in the past 17 months, with the total approved energy storage capacity exceeding 1.6 GW [11]

Core Viewpoint - The forum on April 11, 2025, focused on promoting the transition to green production methods for sustainable development in Vietnam, emphasizing the importance of green economy and circular economy as global trends [1][2] Group 1: Government Initiatives - The Vietnamese government is committed to a development philosophy that prioritizes social progress, equity, and environmental sustainability over mere economic growth [1] - Various supportive policies have been implemented to encourage agricultural cooperatives to achieve sustainable and modern development [2] Group 2: Cooperative Sector - There are currently nearly 33,700 cooperatives operating in various sectors across the country, with a focus on transitioning to green production models and adopting modern technologies [2] - The cooperative sector is encouraged to break through institutional barriers and actively invest in green technologies and digital transformation to lead the green transition [1] Group 3: Forum Discussions - The forum included in-depth discussions on developing sustainable labor models, applying digital technologies, and enhancing the competitiveness of cooperatives [2] - An open dialogue was held to help cooperatives address challenges in production transformation, expand markets, and strengthen collaboration with enterprises in the green sustainable value chain [2]