Group 1: Overall Information - The report is titled "Nickel and Stainless Steel Daily Report 20250918: Rate Cut Implemented, Upward Driving Force Insufficient" [1] Group 2: Nickel Market Price and Volume - On September 17, 2025, the closing price of the Shanghai Futures Exchange nickel near - month contract was 121,790 yuan/ton, down 820 yuan from the previous day; the trading volume was 90,734 lots, down 13,858 lots; the open interest was 58,829 lots, down 7,709 lots [2] - The LME 3 - month nickel official price was 15,250 dollars/ton, down 165 dollars from the previous day; the electronic - disk closing price was 15,445 dollars/ton, unchanged; the trading volume was 6,290 lots, up 1,202 lots [2] Spread and Basis - The spread between the Shanghai nickel near - month and continuous - first contracts was - 200 yuan/ton, unchanged; the spread between the LME nickel 0 - 3 months was - 182.88 dollars/ton [2] - The basis of SMM 1 electrolytic nickel average price - Shanghai nickel active contract closing price was 990 yuan/ton; the basis of LME 3 - month nickel official price - electronic - disk closing price was - 195 dollars/ton [2] Inventory - The Shanghai Futures Exchange nickel inventory was 26,167 tons, down 26 tons; the LME nickel registered warehouse receipts were 214,602 tons, down 220,866 tons; the total LME nickel inventory was 228,468 tons, down 7,602 tons [2] Market Analysis - On September 17, the Shanghai nickel main contract fluctuated downward, with weak spot - market trading and an expanding basis premium. The nickel ore price remained flat, last week's nickel ore arrivals decreased, and port inventories increased. Nickel - iron mills' losses narrowed, with increased domestic production scheduling in September and increased production in Indonesia, leading to nickel - iron destocking. Domestic electrolytic nickel production increased in September, and export profits expanded. On the demand side, ternary production scheduling decreased, stainless - steel mills' production increased, and alloy and electroplating demand was stable. Considering inventory, the SHFE inventory decreased, the LME inventory increased, the social inventory increased, and the bonded - area inventory decreased. With the Fed's rate cut implemented, the nickel fundamentals are weak with inventory pressure, and nickel prices are expected to oscillate at a low level [2] Trading Strategy - Suggest selling short on rallies [2] Group 3: Stainless - Steel Market Price and Volume - On September 17, 2025, the closing price of the Shanghai stainless - steel near - month contract was 12,840 yuan/ton, down 12 yuan from the previous day; the trading volume was 170,126 lots, down 60,650 lots; the open interest was 127,750 lots, down 3,036 lots [2] Spread and Basis - The spread between the Shanghai stainless - steel near - month and continuous - first contracts was 20 yuan/ton; the basis of 304/2B coil - trimmed edge (Wuxi) average price - active contract was 915 yuan/ton [2] Inventory - The Shanghai Futures Exchange stainless - steel inventory was 95,265 tons, down 480 tons; last week, the 300 - series social inventory was 96,600 tons, down 15,400 tons [2] Market Analysis - On September 17, the stainless - steel main contract oscillated at a low level, with weak spot - market trading and an expanding basis premium. In terms of inventory, the SHFE inventory decreased. On the supply side, stainless - steel production scheduling increased in September. On the demand side, terminal demand was weak. In terms of cost, the high - nickel pig iron price and high - carbon ferrochrome price remained flat. Although the fundamentals are loose, the cost side provides support, and prices are expected to oscillate within a range [2] Trading Strategy - Suggest waiting and seeing [2] Group 4: Company News - Nickel 28 Capital Corp's 2025 Q2 production report showed that the Ramu nickel - cobalt project in Papua New Guinea operated by MCC Group's Ramu Nickel Cobalt had a production of 8,564 tons of MHP nickel metal (up 22.87% year - on - year) and 787 tons of cobalt metal in this quarter. The MHP nickel sales volume was 7,846 tons (up 27.93% year - on - year), and the cobalt sales volume was 719 tons. The cash cost of producing MHP and removing by - products in this quarter was 2.68 dollars/pound, equivalent to 5,908 dollars/ton [2]

Report Title - Nickel and Stainless Steel Industry Chain Weekly Report, dated August 1, 2025 [1] Core Views Bullish Factors - Domestic ferronickel supply has decreased significantly year-on-year, while Indonesia maintains a high level. Tight supply supports prices [3] - Stainless steel inventory has improved marginally, and the rebound in energy costs provides cost support [3] Bearish Factors - Nickel ore prices have declined month-on-month, resulting in weak cost support. Policy disturbances in Indonesia have decreased [3] - Global visible inventory has accumulated significantly to 243,000 tons, highlighting oversupply [3] Trading Advice - Short-term trading should focus on range-bound strategies. Monitor changes in the ore end and demand [3] Market Data Nickel Futures - The latest price of the main Shanghai nickel contract is 119,830 yuan/ton, down 1,790 yuan (-1.47%) from the previous week. Other nickel contracts also showed declines [4] - The LME nickel 3M price is 15,325 US dollars/ton, down 250 US dollars (-3.56%) from the previous week [4] Stainless Steel Futures - The latest price of the main stainless steel contract is 12,805 yuan/ton, down 35 yuan (0%) from the previous week [4] Spot Prices - The prices of various nickel products, including Jinchuan nickel, imported nickel, and electrolytic nickel, have all declined [4] Inventory Data - Domestic social nickel inventory is 40,281 tons, down 57 tons from the previous period. LME nickel inventory is 204,912 tons, up 876 tons [4] - Stainless steel social inventory is 966.2 tons, down 1.2 tons [4] Charts and Data Sources - The report includes various charts showing the trends of nickel and stainless steel prices, supply, and inventory, with data sources from Wind [6][7][8][10][12][14][16][18][20][22][24][26][28][29][30][32][34]