General Information - Report title: Nickel Daily Report [1] - Date: May 13, 2025 [2] - Research analysts: Yu Feifei, Zhang Ping, Peng Jinglin [3] Report Industry Investment Rating - Not provided Core Viewpoints - The nickel market shows a long - term bearish and short - term bullish pattern. With improved macro - atmosphere due to progress in Sino - US tariff negotiations, asset prices rise.沪镍 opened high and closed 2% higher at 126,130, with the total open interest of the index decreasing by 2,661 to 162,205 lots. It's recommended to treat the market as oscillating strongly and continue the low - buying strategy [8] Section Summaries 1. Market Review and Operation Suggestions - Sino - US tariff negotiations led to a better macro - environment, pushing up asset prices.沪镍 rose 2% to 126,130, and the total open interest decreased. The spot premium remained stable, with Jinchuan's premium at 2,150 yuan/ton and Russian nickel's at 150 yuan/ton. The fundamentals are long - term bearish and short - term bullish. Nickel ore prices are strong due to Indonesia's policy, and the HMA in mid - May was $15,415/ton, up $366/ton. The domestic benchmark price of HPM increased, and the premium of domestic pyrometallurgical ore rose by $2/wet ton compared to April. Pure nickel inventory is still weak but de - stocking has begun, and the supply of refined nickel raw materials is tight due to production cuts in Indonesia, which supports the price of nickel sulfate. The oversupply of primary nickel cannot be reversed, but with strong support from the ore end and short - term supply pressure relief, the market should be treated as oscillating strongly and the low - buying strategy should be continued [8] 2. Industry News - **Indonesian domestic trade ore benchmark price**: The HMA in mid - May was $15,415/ton, up $366/ton. The HPM prices of different - grade nickel ores all increased. The mainstream premium of pyrometallurgical domestic trade ore in May was $26 - 28/wet ton, up $2/wet ton from April, and the price of hydrometallurgical ore decreased slightly [11] - **Talon Metals**: It discovered a high - grade nickel sample in Minnesota, with a nickel content of 12.65% and other metals. This is a major breakthrough in its exploration for supplying battery - grade nickel to Tesla. The project needs environmental review, and the company is conducting a feasibility study and starting the approval process, planning to transport the ore to North Dakota for processing [12] - **Global Ferronickel Holdings, Inc. (GFNI)**: It exported 56,625 wet metric tons of low - grade nickel ore to Indonesia in April 2025. Its target for 2025 is 91 shipments totaling 5 million wet metric tons, with 53% low - grade and 47% medium - grade ores. It expects double - digit revenue growth in 2025 due to capacity expansion in Palawan, improved production efficiency in Surigao, and better port operations in Bataan. In 2024, it had a revenue of 7.611 billion pesos and a net profit of 743.9 million pesos. Its 2025 capital expenditure budget is 711.8 million pesos for mine development, exploration, and high - value - added processing projects [12] - **Ivanhoe Mining**: Its subsidiary Ivanplats achieved a major milestone on May 7, 2025, by completing the first high - grade ore blasting of the Flatreef ore body at the 850 - meter level. The project has completed a 996 - meter shaft and 5.5 kilometers of tunnels at three levels. Ore will be stored on the surface for the first feeding of the concentrator in Q4 this year [13]

1. Report Industry Investment Ratings - Nickel - Hold [1] - Stainless Steel - Hold [1] - Zinc - Bearish Outlook [3][4] 2. Core Views Nickel and Stainless Steel - The rumor of the Philippines banning nickel ore exports, if true, could turn China's nickel element supply from surplus to shortage. The spot price of nickel ore from the Philippines has rebounded, and the seasonal loosening of the ore market is yet to appear, but the possibility of loosening at the ore end remains high. The overall supply of electrolytic nickel in China is still at a high level, and the production cost of electrowinning nickel is expected to decline. The short - term rise in nickel prices is affected by the rumor, but the reliability of the news is questionable, so it is advisable to wait and see [1]. Zinc - The impact of tariffs has temporarily subsided. In the short term, supply is stable with a slight increase, while the peak demand season has passed. Manufacturers are pessimistic about terminal demand, so the overall outlook is bearish [3][4]. 3. Summaries by Relevant Catalogs Nickel and Stainless Steel Macro & Industry News - The Philippines government plans to ban nickel ore exports from June 2025, which may hit Indonesia's nickel smelting industry. In 2024, Indonesia imported about 10 million tons of nickel ore from the Philippines. The ban may cause a global supply crunch and price increase of nickel ore, but the reliability of this news is in doubt [1]. Supply - If the Philippines bans nickel ore exports, China's nickel element supply may shift from surplus to shortage. The spot price of nickel ore from the Philippines has rebounded, and the seasonal loosening of the ore market is yet to appear. The profit of producing nickel iron from medium - grade nickel ore is close to the break - even point, while that from low - grade nickel ore is still substantial. The overall supply of electrolytic nickel in China has decreased month - on - month but remains at the highest level in the same period of history [1]. Demand - In the process of producing nickel sulfate from nickel beans, the nickel cost is about 127,000 yuan, which is consistent with the technical pressure level. The demand support from downstream nickel sulfate cost is about 134,000 yuan/ton, and the profit threshold for external procurement manufacturers is about 137,000 yuan/ton, both lower than before. The possibility of stainless steel production cuts is small [2]. Zinc Macro & Industry News - In April 2025, the retail volume of the national passenger car market was 1.755 million vehicles, a year - on - year increase of 14.5% and a month - on - month decrease of 9.4%. The cumulative retail volume this year is 6.872 million vehicles, a year - on - year increase of 7.9% [3]. Supply - The profit of zinc mining enterprises has been affected by tariff policies, but it is still at a relatively medium - high level. The TC price has not declined, indicating no production cuts at the ore end, and imports at the ore end have significantly recovered. The profit of integrated enterprises has shrunk but is still not low, and the profit of smelting enterprises has turned positive. The possibility of production cuts at the supply end is very small, and the overall supply is loosening [3]. Demand - The peak demand season is approaching the end. In the galvanizing industry, the capacity utilization rate and production are not high, and manufacturers' production enthusiasm is low due to pessimism about future demand. The terminal demand for zinc ingots is expected to decline. In the die - casting alloy market, manufacturers produce on demand, and the market is expected to maintain rigid - demand transactions. In the zinc oxide market, the supply is relatively sufficient, and the possibility of manufacturers increasing the operating rate is low [4].

2025年05月11日 国泰君安期货研究周报-绿色金融与新能源 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 5 月 11 日 镍：消息面扰动情绪，基本面变化有限 不锈钢：社会库存边际累增，盘面成本预期支撑 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 观点与策略 | 镍：消息面扰动情绪，基本面变化有限 | 2 | | --- | --- | | 不锈钢：社会库存边际累增，盘面成本预期支撑 | 2 | | 工业硅：西南复产，基本面弱势 | 11 | | 多晶硅：关注下周仓单故事 | 11 | | 碳酸锂：终端需求回落，上游成本快速塌陷，偏弱震荡 | 20 | 国 泰 君 安 期 货 研 究 所 报告导读： 沪镍基本面：基本面逻辑或将镍价震荡区间收敛，市场消息扰动盘面情绪。首先，印尼高品位镍矿偏 紧，溢价边际上行 1-2 美金至 26-27 美金/湿吨，同比增加 15-16 美金。同时考虑到补库需求的影响，精 炼镍过剩预期下的短期累库不及预期，库存边际小幅去化，再叠加矿端推升一体化火法成本，镍价下方或 仍有托底。其次，5 月 9 日市场有消 ...

Report Industry Investment Rating - There is no information about the overall industry investment rating in the report. Core Viewpoints of the Report - The A-share market showed a trend of opening low and rising high, with the military sector remaining hot. The bond market is expected to be volatile and may strengthen in the medium term. The prices of precious metals are under pressure in the short term but may rise in the long term. The shipping index is expected to have a seasonal peak, and the prices of non-ferrous metals, black metals, agricultural products, and energy chemicals are affected by various factors such as supply and demand, policies, and macroeconomics [2][6][9] Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A-share market opened low and rose high, with major indices rising. The four major stock index futures contracts also increased, but all had negative basis. The A-share trading volume decreased, and the central bank conducted reverse repurchase operations. It is recommended to sell out-of-the-money put options or go long on the June IM contract [2][3][4] - **Treasury Futures**: Treasury futures closed higher, and the yields of major interest rate bonds decreased. The central bank conducted reverse repurchase operations, and the capital interest rate decreased. It is recommended to go long on dips and pay attention to the capital interest rate, fundamentals, and tariff negotiations [5][6] Precious Metals - Gold prices fell significantly due to the easing of trade risks and the outflow of long funds. Silver prices were relatively stable. In the long term, gold prices may rise due to economic recession risks and diversification needs. In the short term, they are under pressure due to the improvement of risk appetite. It is recommended to be cautious in unilateral operations or sell out-of-the-money call options [9][10][11] Container Shipping Index - The quotes of leading shipping companies were relatively stable. The SCFIS European line index decreased, while the US West line index increased. The global container shipping capacity increased, and the demand in the eurozone and the US was weak. It is recommended to go long on the August contract or widen the August - June spread [12][13] Commodity Futures Non-Ferrous Metals - **Copper**: The spot price of copper decreased, and the premium decreased. The supply was affected by the accident at the Antamina copper mine, and the demand was stable. The price is expected to fluctuate, and it is recommended to pay attention to the pressure level of 77,500 - 78,500 [13][16][18] - **Zinc**: The spot price of zinc increased, but the trading volume was poor. The supply of zinc ore was loose, but the production of refined zinc was affected by maintenance. The demand was weak, and the price is expected to fluctuate weakly. It is recommended to pay attention to the range of 21,500 - 23,500 [18][19][21] - **Tin**: The spot price of tin increased, and the trading volume increased slightly. The supply of tin ore was tight, but the supply is expected to recover. The demand was improved by policies, but the outlook is pessimistic. It is recommended to have a short - biased view on rebounds [21][22][23] - **Nickel**: The spot price of nickel decreased, and the trading volume was average. The supply of nickel ore was tight, and the price of nickel iron decreased. The price is expected to fluctuate, and it is recommended to pay attention to the range of 122,000 - 128,000 [23][26] - **Stainless Steel**: The spot price of stainless steel was stable, and the trading volume was poor. The supply was excessive, and the demand was slowly recovering. The price is expected to fluctuate weakly, and it is recommended to pay attention to the range of 12,600 - 13,000 [27][29] - **Lithium Carbonate**: The spot price of lithium carbonate decreased, and the trading volume was light. The supply increased, and the demand was average. The price is expected to be weak, and it is recommended to pay attention to the range of 63,000 - 68,000 [31][34] Black Metals - **Steel**: The spot price of steel decreased, and the production was high. The demand decreased during the May Day holiday, and the inventory increased. The profit of blast furnace steel mills was stable, while that of electric furnace steel mills was in loss. It is recommended to wait and see in unilateral operations and pay attention to the arbitrage operation of going long on steel and short on raw materials [35][36] - **Iron Ore**: The spot price of iron ore decreased, and the futures price also decreased. The demand for iron ore was high, but the supply increased. The inventory decreased slightly. The price is expected to be under pressure, and it is recommended to pay attention to the policy and the terminal demand of steel products [37][38] - **Coke**: The spot price of coke had demand support, but the second price increase was blocked. The supply increased, and the demand was stable. The inventory decreased. It is recommended to hold the strategy of going long on hot - rolled coils and short on coke [39][40][41] - **Coking Coal**: The spot price of coking coal decreased, and the futures price also decreased. The supply was high, and the demand was average. The inventory was high. It is recommended to hold the strategy of going long on hot - rolled coils and short on coking coal [42][44] - **Silicon Iron**: The spot price of silicon iron was stable, and the futures price increased slightly. The supply decreased slightly, and the demand was weak. The price is expected to fluctuate [45][46] - **Manganese Silicon**: The spot price of manganese silicon decreased, and the futures price increased slightly. The supply decreased, and the demand increased slightly. The inventory increased. The price is expected to fluctuate weakly [48][50] Agricultural Products - **Meal Products**: The price of US soybeans fluctuated, and the price of domestic soybean meal followed weakly. The domestic soybean meal market price was mixed, and the trading volume increased. The supply of US soybeans was sufficient, and the domestic soybean arrival was abundant. It is recommended to pay attention to the support near 2,900 [51][53] - **Hogs**: The spot price of hogs fluctuated slightly. The supply of hogs was stable, and the demand was weak. The price is expected to remain volatile, and it is recommended to pay attention to the performance of secondary fattening and slaughter [54][55] - **Corn**: The spot price of corn was strong, and the price was in a high - level shock. The supply of corn was tight, and the demand was limited. The price is expected to be supported in the long term but may be under pressure in the short term. It is recommended to go long on dips [57][58] - **Sugar**: The price of raw sugar fluctuated weakly, and the domestic sugar price followed. The supply of sugar was expected to increase, and the domestic supply - demand situation was loose. It is recommended to have a short - biased view on rebounds in the medium - long term [59]

Report Overview - Report Title: Nickel Daily Report - Date: May 7, 2025 - Research Team: Nonferrous Metals Research Team of CCB Futures 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The nickel market fundamentals are mixed. The surplus trend of primary nickel is difficult to reverse, but the support from the mining end is strong. In addition, the short - term supply pressure of intermediates has eased. The market is expected to be volatile and strong. It is recommended to go long at low levels and be vigilant against macro risks [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - During the May Day holiday, LME nickel first declined and then rose due to macro factors. After the holiday, SHFE nickel was strong among non - ferrous metals, closing at 124,630 with a 0.48% increase, and the total index positions decreased by 1,617 to 155,125 lots [8]. - The spot market was average, and the premiums remained stable. The Jinchuan premium was flat at 2,250 yuan/ton, and the Russian nickel premium was 100 yuan/ton [8]. - Fundamentally, supported by the Indonesian PNBP royalty increase policy, the premium of Indonesian domestic trade nickel ore remained high. Although the HPM of nickel ore in May may decline slightly, it is still likely to rise in the future. For nickel sulfate, the reduction of Indonesian MHP and high - grade nickel matte projects led to tight raw material supply and stronger cost support, with the average price on the 6th increasing to 28,085 yuan/ton and expected to rise moderately [8]. - In terms of inventory, although the inventory accumulation trend continued, the LME and domestic inventories were decreasing marginally, providing short - term support for nickel prices [8]. 3.2 Industry News - IWIP emphasized the importance of occupational health and safety, organized a series of activities in April, and aimed to create a safe work environment [9][11]. - GFNI exported 56,625 wet metric tons of low - grade nickel ore to Indonesia on April 30, 2025. It plans to complete 91 shipments of 5 million WMT in 2025, with an expected revenue increase in double - digits due to capacity expansion and efficiency improvement [10]. - In Q1 2025, PT Vale Indonesia's nickel intermediate production was 17,027 metric tons, a 6% year - on - year and 8% quarter - on - quarter decline. Sales were 206.5 million US dollars, lower than the previous quarter due to reduced shipments and a 5% drop in the average nickel price. It also started commercial sales of about 80,000 tons of saprolite ore to domestic buyers and plans to increase sales to 290,000 tons in H1 2025 [11]. - SMM expects the HPM of Indonesian domestic trade nickel ore to decline by 3.16% in the first half of May compared to the previous period [12].

据《日本经济新闻》5月5日报道，第28届东盟与中日韩（10+3）财长和央行行长会议4日在意大利米兰 举行。会议发表联合声明说，"贸易保护主义加剧将成为全球贸易的重负，导致经济分裂"，并对美国特 朗普政府的关税政策表示警惕。 当地时间5月4日,第28届东盟与中日韩 (10+3) 财长和央行行长会议在意大利米兰举 行,主要讨论全球和区域宏观经济形势、10+3 区域财金合作等议题,并发表了联合声明。 中国财政部部长蓝佛安、中国人民银行行长潘 功胜与马来西亚财政部第二部长阿米尔 ·哈姆扎 · 阿齐赞、马来西亚中央银行行长阿卜杜勒呼婷 东盟与中日韩财长和央行行长会议在意 大利举行 央视新闻 2025-05-05 16:31 北京 中央广播电视总台 ... △意大利米兰(资料图) 全球经济被"关税游戏"玩坏了 要说特朗普的关税哲学，简直魔幻。按他的逻辑，只要给进口商品贴上"25%起步价"，美国工厂就能原 地复活，就业岗位立马上涨。可现实呢？还没等到产业复活，先等到了美国农业部门遭受巨大损失。联 合国秘书长古特雷斯都忍不住吐槽："贸易战没有赢家，这是全球经济的灾难"。 更绝的是特朗普式的反复横跳，今天豁免韩国钢铁，明天威胁 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 4 月 30 日 [Table_Title] Greenbushes 锂矿 2025Q1 产销量分别同比增长 22%/100%至 34.1 万吨/36.6 万吨， 2025Q1 单位 现金生产成本同比下降 12%至 341 澳元/吨 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ►锂业务 1、Greenbushes 锂矿（100%基础） 2025Q1 锂精矿生产量为 34.1 万吨，环比减少 13%，同比 增长 22%。环比产量下降反映了选矿厂产量下降和进料品位降 低，符合预期。 2025Q1 锂精矿销售量为 36.6 万吨，环比增长 17%，同比 增长 100%。环比销量增长，部分原因是由于港口拥堵，前一 季度的发货延迟至 2025 年 1 月。 Greenbushes 控股公司 Windfield Holdings 向 TLEA 支付 了 5610 万美元（8840 万澳元）的股息。 3 月份股息支付后，Windfield 季度末的现金余额为 4.243 亿美元（6.757 亿澳元），已 ...

1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Core Views of the Report - Nickel prices rebounded after an over - decline and returned to the oscillation range. In May, the price may fluctuate between 118,000 - 128,000 yuan. A mid - term strategy of shorting on rallies is recommended. For options, selling deep out - of - the - money options in the range is advised [6][7][8]. - Stainless steel prices are expected to decline with oscillations. A strategy of shorting on rebounds is recommended [13]. 3. Summary by Relevant Catalogs 3.1 Review and Outlook 3.1.1 Nickel - In April, nickel prices experienced a roller - coaster ride. LME nickel prices dropped 14.5% in 4 trading days due to US tariffs. Domestic nickel prices had a gap - down due to the Tomb - sweeping Festival, but then rebounded. The rebound was due to its large elasticity, the implementation of Indonesia's new policy increasing production costs, and the decline in MHP output [4]. - In early April, domestic nickel supply was tight, with Jinchuan nickel premiums rising above 3,000 yuan/ton and import losses narrowing. However, after mid - April, spot demand weakened. In May, nickel ore shipments from Indonesia and the Philippines may increase, and downstream prices may decline, leading to a price game between upstream and downstream. Pure nickel supply is expected to increase slightly in May, while demand may decline slightly but still show a stable - to - rising trend due to the peak season [5]. 3.1.2 Stainless Steel - In April, stainless steel prices fell after nickel prices dropped. The decline was less than that of nickel. The procurement price of NPI fell below 1,000 yuan/nickel point, and the cost support for stainless steel in May moved down. On the demand side, tariffs may affect exports, and the export production schedule of white goods may decline after May. On the supply side, some large steel mills reduced production or switched production in April, and partial复产 is expected in May [11]. 3.2 Market and Raw Materials 3.2.1 Pure Nickel Market - As of April 25, global visible nickel inventories decreased by 1,096 tons compared to the end of March. LME inventories increased by 3,546 tons, while SHFE inventories decreased by 7,338 tons. Domestic spot imports had a reduced loss, and the spot market premium strengthened. China's refined nickel imports increased significantly in January and then returned to normal levels. Exports were mainly to Asian countries and regions. In April, net exports were expected to decrease further [16]. 3.2.2 Stainless Steel Market - After the decline in nickel prices in April, stainless steel prices also fell. The NPI procurement price dropped, and the cost support for stainless steel in May moved down. Stainless steel prices oscillated downward in the game between production cuts by steel mills and tariff impacts [22]. 3.2.3 Indonesia's Nickel Policy - Indonesia's new nickel policy took effect on April 26, 2025. The nickel ore royalty rate increased from 10% to 14% (for nickel prices below $18,000), and the ice - nickel royalty rate increased from 2% to 3.5%. The new policy increased the production cost of NPI and high - grade nickel ice, but some smelters are still in the tax - exemption period. The implementation of the policy may lead to a loosening of nickel ore prices in May if the annual quota approval does not change significantly [23][24]. 3.2.4 Nickel Iron Market - In May, nickel iron prices fell, and nickel iron plants faced production pressure and may cut production to force nickel ore prices down. China and Indonesia's combined nickel iron production from January to March increased by 20% year - on - year, with Indonesia's production increasing by 25%. In April, Indonesia's nickel iron production increased slightly [36]. 3.2.5 Chromium - based Raw Materials Market - Chromium ore prices have been rising for 2 months, and the cost support for high - carbon ferrochrome has increased. With high stainless steel production schedules, the demand for ferrochrome from steel mills is strong, leading to price increases. In April, the long - term procurement price of high - carbon ferrochrome by Tsingshan Group for May increased by 500 yuan compared to the previous month [43]. 3.2.6 Nickel Sulfate Market - For ternary cathode factories with a high export proportion, orders from South Korea decreased in April. Ternary cathode factories focusing on the domestic market were less affected. Nickel sulfate prices have been slightly declining since April, indicating weak demand [55]. 3.3 Supply - Demand Fundamentals 3.3.1 Pure Nickel - Overseas nickel companies' Q1 reports showed that Vale's nickel production increased, while Norilsk Nickel's production decreased slightly. SMM statistics showed that China's refined nickel production from January to March increased by 26% year - on - year, and it is expected to remain stable in April. In May, supply is expected to remain high, while demand may decline after June. The domestic refined nickel market is in surplus, and the surplus has been transferred to LME inventories. However, with the recovery of domestic demand, imports are expected to increase [60][61]. 3.3.2 Stainless Steel - The market is worried about tariffs, which has led to a decline in market confidence. The IMF has lowered the global economic growth forecast for 2025. Domestically, policies aim to boost consumption and expand domestic demand. From January to April 2024, the combined stainless steel production of China and Indonesia increased by 11% year - on - year. Currently, some steel mills have production reduction plans, but overall production remains high. The demand for stainless steel is the key factor affecting the market, and a lack of demand may lead to a negative feedback loop [68][83]. 3.3.3 New Energy Vehicles - From April 1 - 20, the retail sales of new energy passenger vehicles in China increased by 20% year - on - year but decreased by 11% month - on - month. The global new energy vehicle sales from January to February 2025 increased by 33.7% year - on - year. The growth rate in Europe and the US has slowed down. China's new energy vehicle exports from January to March increased by 43% year - on - year. After April, the overseas new energy vehicle market may be affected by the trade war, and high cobalt prices may suppress the demand for ternary batteries [87][96]. 3.3.4 Differentiation of Primary Nickel and Pure Nickel Supply - Demand - In April, the supply - demand of refined nickel in China remained basically unchanged, and inventories increased slowly. The WBMS report showed a global refined nickel supply surplus of 0.83 million tons from January to February 2025. After May, supply will remain high, while demand may decline from the peak season to the off - season. Nickel prices may fluctuate between 118,000 - 128,000 yuan [110].

【环球网财经综合报道】印尼政府近期上调镍、煤炭、铜、黄金等多类矿产的特许权使用费税率，其中镍业税率涨幅引发市场关注。根据新规，镍矿税率将 从原先10%的固定水平提高至14%至19%，具体税率视镍价波动而定。作为全球主要镍生产国之一，印尼此举对全球矿业市场产生直接冲击。淡水河谷、自 由港麦克莫兰等国际矿业公司均受波及。 市场分析认为，镍价下跌与成本攀升已令矿企承压。除镍业税上调外，今年印尼还引入增值税上调、生物柴油使用比例提高等新规，进一步增加企业生产成 本。此外，印尼政府要求自然资源出口商将更多海外收入滞留国内至少一年，以增强外汇储备，这也对矿企现金流造成压力。更严峻的是，美国可能出台的 关税政策加剧了企业对出口市场的不确定性担忧。印尼镍矿商协会在声明中表示，新规可能削弱印尼镍产品在全球的竞争力，导致投资吸引力下降，甚至引 发大规模裁员。 尽管印尼镍产业近年来吸引创纪录的外国投资，且作为该国经济增长的重要支柱，但此次税率上调引发行业对未来投资的疑虑。业内普遍认为，在金属价格 疲软与政策压力叠加的背景下，印尼矿业或将面临长期挑战。 据英国金融时报报道，印尼矿业协会执行董事亨德拉·西纳迪亚警告称，此举加重了企业负 ...

然而，报道指出，提高镍业税之际，镍生产商正在应对金属价格下跌和印尼其他最近法规带来的更高成 本。 4月29日，据英国金融时报报道，印尼政府上周末提高了镍、煤炭、铜、黄金和其它矿产的特许权使用 费税率，此举影响到淡水河谷和自由港麦克莫兰等全球最大的矿业集团。 印尼矿业协会执行董事Hendra Sinadia警告称，"这是一个额外的负担，尤其是因为该法规是在大宗商品 价格下行期间出台的。"他并指出： 矿企运营成本将上升，利润将受到打击。有些公司可能不得不减少生产，甚至关闭矿山。 报道称，目前，财政紧张的印尼政府正寻求增加收入，为雄心勃勃的支出计划提供资金。由于印尼总统 Prabowo Subianto推出为学童和孕妇提供免费餐食的280亿美元计划，该国的财政状况一直处于紧张状 态。 政府已启动190亿美元的紧缩计划，为总统的政策腾出资金，并正努力增加国家收入。今年前两个月， 印尼国家收入同比下降了五分之一，这让人们更加质疑Prabowo将如何为其计划提供资金。该国的财政 健康状况，也成为引发股市抛售的原因之一。 行业警告矿产投资热情可能减退 大宗商品是印尼经济的支柱，也是经济增长的重要贡献者。特别是该国的镍产业近 ...