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]