Group 1: Report Title and Date - The report is titled "Guoxin Futures Non - Ferrous (Nickel) Weekly Report" dated September 21, 2025 [3] Group 2: Core View - The nickel market is at the bottom range and continues to fluctuate. The Shanghai nickel price showed a slight decline this week. Refined nickel demand remains weak. The nickel ore supply is relatively loose, and the short - term riots in Indonesia have not affected the supply. The high - frequency data of nickel sulfate shows a recent price rebound, but it remains to be seen if the weak trend can be changed in the medium term. In the stainless steel market, steel mills are cautious in raw material procurement, terminal demand is weak, and inventory reduction is slow. The expected operating range of the Shanghai nickel main contract is approximately 116,000 to 128,000 yuan/ton, and that of the stainless steel main contract is approximately 12,200 to 13,300 yuan/ton [2][35] Group 3: Market Review - This part focuses on the trend of the main price contracts of the domestic and foreign nickel futures markets, showing the closing price trend of nickel futures (main contract) from December 31, 2020, to August 31, 2025, with the unit of yuan/ton [6][7] Group 4: Fundamental Analysis Upstream - It shows the port inventory of Chinese nickel ore and the monthly import volume of nickel ore sand and concentrates from the Philippines, with the data source from WIND, Mysteel, and Guoxin Futures [9][10][11] Mid - stream - **Electrolytic nickel price**: Displays the price trend of electrolytic nickel (1, Ni99.90, domestic and imported) from December 31, 2020, to August 31, 2025, with the unit of yuan/ton, and the data source is WIND and Guoxin Futures [12][13][14] - **Nickel sulfate price**: Illustrates the price trend of nickel sulfate in the same time range as above, with the unit of yuan/ton, and the data source is WIND and Guoxin Futures [15][16] - **Nickel iron**: Shows the monthly import volume of nickel iron in China and the Fubao price of 8 - 12% nickel iron from December 31, 2020, to August 31, 2025, with the import volume unit of tons and the price unit of yuan/nickel, and the data source is WIND and Guoxin Futures [17][18] Downstream - **Stainless steel price**: Presents the closing price trend of stainless steel futures (continuous) from December 31, 2020, to August 31, 2025, with the unit of yuan/ton [19][20] - **Stainless steel futures positions**: Shows the position volume trend of stainless steel futures from December 31, 2020, to August 31, 2025, with the unit of lots, and the data source is WIND and Guoxin Futures [21][22][23] - **Wuxi stainless steel inventory**: Displays the inventory trends of Wuxi stainless steel and Wuxi 300 - series stainless steel, with the unit of tons, and the data source is WIND and Guoxin Futures [24][25][26] - **Power and energy - storage battery production**: Shows the monthly production values of China's power and energy - storage batteries (ternary materials) and total power and energy - storage batteries, with the unit of megawatt - hours, and the data source is WIND and Guoxin Futures [27][28][29] - **New - energy vehicle production**: Presents the monthly production value of China's new - energy vehicles from December 31, 2020, to August 31, 2025, with the unit of 10,000 vehicles [30][31] Group 5: Market Outlook - In the US, on September 17, the Federal Reserve cut the federal funds rate target range by 25 basis points to 4.00% - 4.25%, the first rate cut in 2025 and the fourth after three cuts in 2024. The Fed predicts another 50 - basis - point cut by the end of the year and 25 - basis - point cuts each year in the next two years. In China, in August, the manufacturing PMI, non - manufacturing business activity index, and composite PMI output index were 49.4%, 50.3%, and 50.5% respectively, up 0.1, 0.2, and 0.3 percentage points from the previous month, indicating that the overall economic prosperity level continued to expand. The production and operation activity expectation index rose 1.1 percentage points to 53.7%, rising for two consecutive months, showing that most manufacturing enterprises' confidence in the future market has increased. The non - manufacturing business activity index rose 0.2 percentage points to 50.3%, and the service business activity index rose 0.5 percentage points to 50.5% [35]