新华财经雅加达10月9日电 印度尼西亚能源和矿产资源部副部长尤利奥特·丹戎9月底宣布暂停190项矿业 经营许可，波及印尼多地煤炭、镍、金和锡等关键矿种运营，但调研发现，此举对中企在营矿山的生产 和镍市影响有限。在印尼政府收紧矿业合规标准和环保要求的背景下，中企投资印尼矿业的合规成本和 环保风险增加，业内人士建议入局印尼矿业投资前全面开展尽职调查，在ESG合规方面多做投入。 生产与镍价扰动微弱 记者调查了解到，此次暂停的矿业经营许可约占印尼有效矿业经营许可总数的4%，涉及煤炭、镍、 金、锡、铁矿等矿种，其中煤炭和镍矿项目占据了主要比例。煤炭超过75个运营项目受影响，或一定程 度削弱外贸和能源供给稳定性，镍矿则有25个运营资格被暂停，或进一步加剧资源供应脆弱性；此外， 金、锡、铁矿也有多项运营受波及。 地理范围上，中加里曼丹多个煤矿开采作业受影响、东南苏拉威西省主要镍产区、北马鲁古省部分镍矿 开采暂停，西巴布亚省拉贾安帕特群岛4家镍矿企业因违反环境法规被吊销采矿许可。 梳理矿业监管轨迹也发现，从2025年初开始，印尼部署了更为严格的合规监控系统，2025年中期，监管 机构对采矿作业进行了全面评估。普拉博沃明确表示 ...

所长 早读 国泰君安期货 2025-10-09 期 请务必阅读正文之后的免责条款部分 期货研究 1 期货研究 关于降息美联储内部分歧正在加大，美政府停摆导致评估更难 观点分享： 北京时间 10 月 9 日凌晨，美联储官网发布了 9 月 16 日至 17 日的联邦公开市场委员会 （FOMC）会议纪要。会议纪要显示，美联储官员们大体同意，近期就业增长放缓的重要性 超过了持续高企的通胀，因此决定降息 25 个基点，这是今年的首次降息。9 月会议的投票结 果为 11 比 1，投出反对票的成员是由美国总统特朗普任命的美联储新任理事斯蒂芬·米兰 （Stephen Miran），他主张降息 50 个基点。纪要显示，多数与会者强调了通胀前景上行 的风险，少数官员对降息持保留态度。部分官员认为上月无需降息，或本可支持维持利率不 变。19 位参会官员中，略多于一半的人预计今年还将至少再降息两次，但有数人预计 2025 年剩余时间内只会降息一次或不再降息。这反映出美联储内部分歧依然较大。号称"美联储 传声筒"的知名财经记者 Nick Timiraos 撰文称，美联储官员在降息幅度问题上存在分歧， 一些官员认为上月无需降息，或本可支 ...

2025 年 10 月 9 日 镍：冶炼累库与矿端预期博弈，警惕消息扰动 镍基本面数据 | | | 指标名称 | T | T-1 | T-5 | T-10 | T-22 | T-66 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 沪镍主力（收盘价） | 120,900 | -200 | 170 | -1,710 | -800 | 70 | | 期 | | 不锈钢主力（收盘价） | 12,730 | -30 | -160 | -240 | -85 | 120 | | 货 | | 沪镍主力（成交量） | 127,190 | 29,433 | 74,291 | 22,598 | -9,622 | 41,032 | | | | 不锈钢主力（成交量） | 224,083 | -51,373 | 38,379 | -93,587 | 45,546 | 8,552 | | | | 1#进口镍 | 121,650 | 450 | 550 | -1,150 | 50 | 450 | | | | 俄镍升贴水 | 400 | 0 | 0 | -100 ...

二 〇 二 五 年 度 2025 年 9 月 28 日 镍：纯镍累库与矿端矛盾博弈，中期波动率或增加 不锈钢：短线供需与成本博弈，钢价震荡运行 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 报告导读： 沪镍基本面：印尼镍矿矛盾频出增加市场担忧，精炼镍陡峭累库与弱预期共振压制。印尼消息面或明 显削弱空方信心，增加空头风险：其一，因违反印尼林业许可证规定，Weda Bay Nickel 超过 148 公顷 的矿区被接管（总面积 47000 公顷），约占其总矿区面积的 0.3%，影响镍矿产量不超过 120 万湿吨。其 二，印尼对 190 家未缴纳复垦保证金的矿业公司责令暂时停产，影响量级不超过 300 万湿吨，停产期限最 长期限为 60 天。若假设影响的镍矿平均含镍 1.3%、平均含水 63%，那么影响约 2867 金属吨/月。虽然静 态来看，其影响规模相对可控，但早在前期就有关于印尼对采矿行为规范的消息扰动，短线检查结果频出 或增加市场对印尼镍矿供应的担忧。此外，印尼政府敦促企业于 2025 年 10 月开始重新提交 2026 年 RKAB 预算，那么 2026 年镍矿供应 ...

Report Information - Report Title: Nanhua Nickel & Stainless Steel Industry Risk Management Daily [1] - Date: September 25, 2025 [1] - Research Team: Nanhua New Energy & Precious Metals Research Team [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The nickel and stainless steel markets showed a strong and volatile trend. The nickel ore supply was unstable due to sanctions on mining companies in Indonesia and the approaching quota approval in October. The cobalt price was expected to rise, driving up the prices of MHP and nickel salts. The nickel iron price decreased due to stainless - steel demand constraints, and the stainless - steel market was also strong but with weak spot trading. The decline of the US dollar in the macro - level led to an upward movement in the non - ferrous metals market [3] - There were both positive and negative factors in the market. Positive factors included the proposed revision of the HPM formula in Indonesia, the shortening of the nickel ore quota period, continuous de - stocking of stainless steel, and the takeover of some nickel - producing areas. Negative factors included high pure nickel inventory, tariff disturbances, and weak stainless - steel spot trading [5] Summary by Related Catalogs Price and Volatility Forecast - **Nickel**: The predicted price range of Shanghai nickel was 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [2] - **Stainless Steel**: The predicted price range of stainless steel was 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 6.95% and a historical percentile of 0.3% [2] Risk Management Strategies Nickel - **Inventory Management**: When the product sales price declined and inventory had impairment risk, it was recommended to sell Shanghai nickel futures (NI main contract) at a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) at a 50% hedging ratio [2] - **Procurement Management**: When the company had future production procurement needs and was worried about rising raw material prices, it was recommended to buy Shanghai nickel forward contracts (far - month NI contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [2] Stainless Steel - **Inventory Management**: When the product sales price declined and inventory had impairment risk, it was recommended to sell stainless - steel futures (SS main contract) at a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) at a 50% hedging ratio [3] - **Procurement Management**: When the company had future production procurement needs and was worried about rising raw material prices, it was recommended to buy stainless - steel forward contracts (far - month SS contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [3] Market Data Nickel | Indicator | Latest Value |环比差值 |环比 | Unit | | --- | --- | --- | --- | --- | | Shanghai Nickel Main Contract | 122,990 | 0 | 0% | yuan/ton | | Shanghai Nickel Continuous 1 | 122,990 | 1,540 | 1.27% | yuan/ton | | Shanghai Nickel Continuous 2 | 123,160 | 1,530 | 1.26% | yuan/ton | | Shanghai Nickel Continuous 3 | 123,350 | 1,460 | 1.26% | yuan/ton | | LME Nickel 3M | 15,240 | - 195 | - 1.20% | US dollars/ton | | Trading Volume | 177,030 | 0 | 0.00% | lots | | Open Interest | 99,642 | 0 | 0.00% | lots | | Warehouse Receipts | 25,153 | 48 | 0.19% | tons | | Main Contract Basis | - 505 | 185 | - 26.8% | yuan/ton | [5] Stainless Steel | Indicator | Latest Value |环比差值 |环比 | Unit | | --- | --- | --- | --- | --- | | Stainless Steel Main Contract | 12,930 | 0 | 0% | yuan/ton | | Stainless Steel Continuous 1 | 12,930 | 35 | 0.27% | yuan/ton | | Stainless Steel Continuous 2 | 12,970 | 30 | 0.23% | yuan/ton | | Stainless Steel Continuous 3 | 13,030 | 35 | 0.27% | yuan/ton | | Trading Volume | 129,897 | 0 | 0.00% | lots | | Open Interest | 109,896 | 0 | 0.00% | lots | | Warehouse Receipts | 87,505 | - 298 | - 0.34% | tons | | Main Contract Basis | 640 | - 35 | - 5.19% | yuan/ton | [5] Inventory Data | Inventory Type | Latest Value | Change from Previous Period | | --- | --- | --- | | Domestic Social Inventory of Nickel | 41,484 tons | + 429 tons | | LME Nickel Inventory | 230,586 tons | 0 tons | | Stainless Steel Social Inventory | 909 tons | + 11.8 tons | | Nickel Pig Iron Inventory | 28,652 tons | - 614.5 tons | [6] Positive and Negative Factors - **Positive Factors**: The Indonesian APNI planned to revise the HPM formula, the nickel ore quota period was shortened from three years to one year, stainless steel had been de - stocking for several weeks, and the Indonesian forestry working group took over part of the nickel - producing area of PT Weda Bay [5] - **Negative Factors**: The pure nickel inventory was high, there were still tariff disturbances between China and the US, the EU stainless - steel import tariff was uncertain, the anti - dumping duty on Chinese stainless - steel thick plates in South Korea was implemented, and the stainless - steel spot trading was weak [5]

Report Overview - The report focuses on the nickel and stainless steel industries, analyzing their fundamentals, inventory changes, and market news [1][2]. 1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - **Nickel Market**: The fundamentals of Shanghai nickel show that the resonance of real - world inventory accumulation and weak expectations suppresses prices, and the Indonesian nickel mine issue increases short - selling risks. The surplus in nickel is mainly in the ferronickel segment, with a pattern of increasing supply and weak demand. The expected commissioning of pure nickel in the second half of the year puts pressure on prices, but the substitution of nickel plates with ferronickel in the alloy sector has increased. The marginal improvement in non - standard nickel fundamentals shows some de - stocking, but there is still a need for more pure nickel to be re - allocated or cleared to resolve the inventory accumulation contradiction. Indonesian news may significantly weaken short - sellers' confidence [1]. - **Stainless Steel Market**: There is a game between short - term supply - demand logic and long - term "cost - performance trading", and steel prices are oscillating. Short - term supply and demand lack drivers. The demand side has issues such as tariff contradictions and weak post - production - cycle consumption, and the supply side has adjusted production. Although the supply - demand mismatch has slightly eased, supply elasticity may limit the upside space. The cost - profit situation also restricts the downside space [2]. 3. Summary by Related Catalogs 3.1 Fundamentals 3.1.1 Nickel Fundamentals - China has suspended an unofficial subsidy for importing copper and nickel from Russia, which may marginally weaken the import demand. The global refined nickel's visible inventory has returned to an increasing trend, with a weekly increase of 9,810 tons to 264,382 tons, and the market's expectation of implicit restocking has slowed down. The surplus in nickel is concentrated in the ferronickel segment, with a pattern of increasing supply and weak demand. The expected commissioning of pure nickel in the second half of the year puts pressure on prices, but the substitution of nickel plates with ferronickel in the alloy sector has increased, and the inventory accumulation trend may suppress nickel prices. The marginal improvement in non - standard nickel fundamentals shows some de - stocking, but more pure nickel needs to be re - allocated or cleared to resolve the inventory accumulation contradiction. Indonesian news may significantly weaken short - sellers' confidence, as over 148 hectares of a nickel mine in Indonesia have been taken over, affecting the monthly nickel ore output by about 600 metal tons. There are also other potential risks in Indonesia, such as the government's requirement for enterprises to resubmit the 2026 RKAB budget in October 2025, which may limit the decline in nickel ore premiums [1]. 3.1.2 Stainless Steel Fundamentals - Short - term supply and demand lack drivers. The cumulative year - on - year growth rate of demand has significantly converged compared to previous years, with the apparent demand growth rate dropping to 2.0%. The supply side experienced a "de - valuation - de - production" phase from June to July, and the year - on - year supply growth rate has also significantly converged, with the cumulative year - on - year growth rate falling to 2.4%. The reduction in production by an Indonesian steel mill has led to a 27% decline in imports, and the supply - demand mismatch has slightly eased, with the inventory centers of factories and society both decreasing. However, supply elasticity may limit the upside space, as production increased in August and is expected to continue to increase in September, with a 6% month - on - month increase to 3.45 million tons in September, and the cumulative year - on - year growth rate is expected to recover to 3.2%. The 300 - series reaches 1.81 million tons, with a cumulative year - on - year/ month - on - month increase of 4.8%/5.2%. Since the absolute inventory levels of the upstream and mid - stream in the real - world have not been digested to a neutral or low level, if the valuation is high, it may lead to expectations of supply elasticity release, and downstream procurement is cautious. In the short - term cost and profit segment, after the marginal return to the fundamental logic, combined with the de - stocking and valuation repair in the ferronickel segment and the increase in the chromium iron tender procurement price, steel mill profits have been squeezed, and the cash profits of non - leading steel mills from warehouse delivery have basically converged, so the cost - support logic also limits the imagination of the downside space [2]. 3.2 Inventory Changes - **Nickel Inventory**: China's social nickel inventory increased by 144 tons to 39,298 tons, including an increase of 1,851 tons in warehouse receipt inventory to 23,529 tons, a decrease of 737 tons in spot inventory to 11,679 tons, and a decrease of 970 tons in bonded area inventory to 4,090 tons. LME nickel inventory increased by 9,666 tons to 225,084 tons [3]. - **Ferronickel Inventory**: On September 15, the SMM ferronickel inventory was 28,652 tons, a month - on - month decrease of 14% and a year - on - year increase of 26%. The inventory pressure is high, but it is continuously easing on the margin [5]. - **Stainless Steel Inventory**: On September 18, the total social inventory of stainless steel was 987,082 tons, a week - on - week decrease of 2.51%. Among them, the total inventory of cold - rolled stainless steel was 598,806 tons, a week - on - week increase of 0.17%, and the total inventory of hot - rolled stainless steel was 388,276 tons, a week - on - week decrease of 6.38% [5]. - **Nickel Ore Inventory in Chinese Ports**: The nickel ore inventory in 14 Chinese ports increased by 139,500 wet tons to 14.0011 million wet tons, including 13.4823 million wet tons of Philippine nickel ore. Classified by nickel ore grade, there are 8.1456 million wet tons of low - nickel high - iron ore and 5.8555 million wet tons of medium - and high - grade nickel ore [5]. 3.3 Market News - Indonesia plans to shorten the mining quota period from three years to one year to improve industry governance and better control coal and ore supplies. The government - approved 2025 RKAB production is 364 million tons, higher than the 2024 target of 319 million tons [6]. - Two nickel - iron smelting industrial parks in Indonesia have suspended all EF production lines due to long - term production losses, and the shutdown is expected to affect the monthly nickel - iron output by about 1,900 metal tons [6]. - Indonesia's energy and mineral resources department requires mining and coal - mining companies to resubmit the 2026 RKAB starting from October 2025 [7]. - A steel mill in Shandong has started maintenance due to capacity limitations, with an annual production reduction target of 5%, and has temporarily suspended the delivery obligations under long - term supply agreements signed in August [7]. - The Indonesian president stated that illegal mining will be severely punished, and reports of 1,063 illegal mines have been received. The Indonesian forestry working group has taken over more than 148 hectares of a nickel mine in PT Weda Bay Nickel, accounting for 0.3% of the total mine area, and it is expected to affect the monthly nickel ore output by about 600 metal tons [8]. - China has suspended an unofficial subsidy for importing copper and nickel from Russia [1][8].

Group 1: Report Overview - Report Title: Nickel and Stainless Steel Daily Review 20250918: Rate Cut Implemented, Upward Drive Insufficient [1] Group 2: Market Data Summary Nickel Futures - On September 17, 2025, Shanghai nickel futures' closing prices declined, with the active contract's closing price at 121,790 yuan/ton (-820), trading volume at 90,734 lots (-13,858), and open interest at 58,829 lots (-7,709) [2] - LME 3 - month nickel's closing price was $15,250 (-165), trading volume was 6,290 lots ( + 1,202), and the price ratio of Shanghai - LME nickel futures was 7.89 (-0.05) [2] Stainless Steel Futures - On September 17, 2025, Shanghai stainless steel futures' closing prices were mostly down, with the active contract's closing price at 12,840 yuan/ton (-12), trading volume at 170,126 lots (-60,650), and open interest at 127,750 lots (-3,036) [2] Spot Market - SMM 1 electrolytic nickel's average price was 122,800 yuan/ton, with a basis of 990 yuan/ton compared to the active futures contract [2] - The average price of 304/2B coil - trimmed edge (Wuxi) was 13,850 yuan/ton, with a basis of 915 yuan/ton compared to the active futures contract [2] Inventory - Shanghai Futures Exchange's nickel inventory decreased by 26 tons to 26,167 tons; LME nickel inventory increased by 2,034 tons to 228,468 tons [2] - Shanghai Futures Exchange's stainless steel inventory decreased by 480 tons to 95,265 tons [2] Group 3: Industry News - Nickel 28 Capital Corp's Q2 2025 production report showed that the Ramu nickel - cobalt project in Papua New Guinea produced 8,564 tons of MHP nickel metal ( + 22.87% YoY) and 787 tons of cobalt metal, with MHP nickel sales volume at 7,846 tons ( + 27.93% YoY) and cobalt sales volume at 719 tons [2] Group 4: Market Analysis Nickel Market - **Supply**: Nickel ore prices remained flat, last week's nickel ore arrivals decreased, and port inventories increased; nickel - iron mills' losses narrowed, September's domestic production schedule increased, Indonesian production increased, and nickel - iron inventory decreased; September's domestic electrolytic nickel production increased, and export profits expanded [2] - **Demand**: Ternary production decreased; stainless steel mills' production increased; alloy and electroplating demand was stable [2] - **Inventory**: SHFE inventory decreased, LME inventory increased, social inventory increased, and bonded area inventory decreased [2] - **Outlook**: After the Fed's rate cut, the nickel fundamentals are weak with inventory pressure, and nickel prices are expected to fluctuate at a low level [2] Stainless Steel Market - **Supply**: September's stainless steel production schedule increased [2] - **Demand**: Terminal demand was weak [2] - **Cost**: High - nickel pig iron prices and high - carbon ferrochrome prices remained flat [2] - **Outlook**: Although the fundamentals are loose, the cost side provides support, and prices are expected to fluctuate within a range [2] Group 5: Trading Strategies - For nickel, the strategy is to short on rallies [2] - For stainless steel, the suggestion is to wait and see [2]

Report Information - Report Title: Nickel & Stainless Steel Industry Risk Management Daily Report [1] - Date: September 18, 2025 [1] - Research Team: Nanhua New Energy & Precious Metals Research Team [2] - Analysts: Xia Yingying, Guan Chenghan [2] Industry Investment Rating - Not provided in the report Core Viewpoints - The nickel and stainless steel futures markets showed weak intraday oscillations, with the overall non - ferrous metals market relatively soft and no significant changes in the fundamentals [4]. - There are still supports in the new energy sector. The nickel salt supply is tight, and price increases are frequent, expected to remain strong. The nickel - iron price is firm, but high - price transactions have declined [4]. - The stainless steel futures price once fell below 12,900, and the spot market offered discounts. There was some improvement in transactions, but the fundamental momentum is currently calming down, and attention should be paid to subsequent macro - level trends [4]. - Although the takeover of a small part of the PT Weda Bay nickel mine has limited impact on actual production, it has raised concerns about the nickel ore supply [4][6]. - The news of Antam and CATL promoting the construction of an integrated nickel smelter in Indonesia supports the long - term demand for nickel in the new energy field [6] Key Points by Category Price Forecast - The predicted price range for Shanghai nickel is 118,000 - 126,000 yuan/ton, with a current 20 - day rolling volatility of 15.17% and a historical percentile of 3.2% [3]. - The predicted price range for stainless steel is 12,500 - 13,100 yuan/ton, with a current 20 - day rolling volatility of 7.61% and a historical percentile of 1.1% [3] Risk Management Strategies Shanghai Nickel - **Inventory Management**: When facing the risk of product price decline and inventory depreciation, sell Shanghai nickel futures (NI main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio [3]. - **Procurement Management**: When worried about rising raw material prices, buy Shanghai nickel forward contracts (far - month NI contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [3] Stainless Steel - **Inventory Management**: When facing the risk of product price decline and inventory depreciation, sell stainless steel futures (SS main contract) with a 60% hedging ratio and sell call options (over - the - counter/on - exchange options) with a 50% hedging ratio [4]. - **Procurement Management**: When worried about rising raw material prices, buy stainless steel forward contracts (far - month SS contracts) according to the production plan, sell put options (on - exchange/over - the - counter options), and buy out - of - the - money call options (on - exchange/over - the - counter options) [4] Market Data Nickel Futures - The closing price of Shanghai nickel main - continuous contract is 121,790 yuan/ton, with a 0% change [8]. - The closing price of Shanghai nickel continuous - one contract is 121,990 yuan/ton, down 0.67% [8]. - The closing price of Shanghai nickel continuous - two contract is 122,180 yuan/ton, down 0.63% [8]. - The closing price of Shanghai nickel continuous - three contract is 122,370 yuan/ton, down 0.63% [8]. - The LME nickel 3M price is 15,445 US dollars/ton, down 0.63% [8] Stainless Steel Futures - The closing price of stainless steel main - continuous contract is 12,935 yuan/ton, with a 0% change [11]. - The closing price of stainless steel continuous - one contract is 12,935 yuan/ton, down 0.27% [11]. - The closing price of stainless steel continuous - two contract is 12,985 yuan/ton, down 0.27% [11]. - The closing price of stainless steel continuous - three contract is 13,060 yuan/ton, down 0.19% [11] Inventory Data - Domestic social nickel inventory is 41,055 tons, an increase of 1,125 tons [12]. - LME nickel inventory is 228,468 tons, an increase of 2,034 tons [12]. - Stainless steel social inventory is 902,600 tons, a decrease of 16,100 tons [13]. - Nickel pig iron inventory is 28,652 tons, a decrease of 614.5 tons [13] News and Event Analysis Positive Factors - Indonesia's APNI plans to revise the HPM formula by adding elements such as iron and cobalt [7]. - Indonesia shortens the nickel ore quota license period from three years to one year [7]. - Stainless steel inventories have decreased for several consecutive weeks [7]. - The takeover of part of the PT Weda Bay nickel mine by the Indonesian forestry working group [7]. - CATL and Antam promote the construction of an integrated nickel smelter in Indonesia [7][6] Negative Factors - High pure nickel inventories [7]. - Sino - US tariff disturbances [7]. - Uncertainty in the EU's stainless steel import tariffs has increased [7]. - South Korea's anti - dumping duty on Chinese stainless steel thick plates has been implemented [7]. - Relatively weak stainless steel spot transactions [7]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - In the short - term, the strong performance of ferronickel prices and significant inventory pressure of refined nickel lead to a divergence in the trends of nickel and ferronickel prices. If the refined nickel inventory continues to grow, nickel prices may further decline to find the valuation bottom. But in the long - run, nickel prices do not have a basis for a sharp decline. Considering the global macro - easing expectations and news disturbances in Indonesia, long - position allocation has a higher cost - performance [1][14][18] Group 3: Summary by Related Catalogs Nickel Ore - The overall supply and demand of nickel ore in Indonesia remain loose, with only a slight decline in the price of hydrometallurgical ore and firm prices of pyrometallurgical ore. Due to concerns about RKAB approval quotas, smelters have accelerated stockpiling, limiting the downside of ore prices. In the Philippines, improved weather and rising downstream ferronickel prices may lead to higher mine quotes [4] Ferronickel - Recently, ferronickel prices have been running steadily and strongly, with the bargaining range moving up to 955 - 960 yuan/nickel (including tax at the hatch). Supply growth is limited as iron - plant profits are still low. On the demand side, the expected increase in stainless - steel production in September supports ferronickel demand, but the volatility of the stainless - steel market makes steel mills cautious in raw - material procurement. In the short - term, ferronickel prices are expected to continue to run steadily and strongly [6] Refined Nickel - In the short - term, there is an obvious oversupply of refined nickel. In September, the global visible inventory of refined nickel has returned to the accumulation trend, increasing by 17,000 tons to 263,000 tons since the beginning of the month, dragging down nickel prices. In the long - run, nickel prices do not have a basis for a sharp decline because of Indonesia's RKAB approval system and the rising costs of smelting processes [14]

图片来自青山集团 据财新了解，被查封的矿区面积为148公顷，占整个4.7万公顷矿区的0.3%，因此该事件对矿区生产影响不大 作者｜罗国平 印尼多家媒体在9月11日、12日报道了上述事件。印尼森林区域管理特别工作组（Satgas PKH）查封整顿了印尼维达贝 镍业有限公司以及PT Tonia Mitra Sejahtera公司的部分采矿区域，因这些区域在没有拿到林区借用及使用许可证的 （PPKH）情况下，开展了采矿活动。 接近青山集团的人士对财新确认，印尼政府正在开展林区专项整治，涉及一批企业，而韦达贝镍业公司有148公顷矿区 牵涉其中，"公司完全接受整改。"他进一步表示，该矿区共有4.7万顷，范围较大，矿区边界不够清晰。他认为，印尼 矿业及矿主情况复杂，随着镍产业价值在提升，地方利益博弈也日渐复杂，但随着印尼经济发展，相信该国管理会走向 规范。 维达贝镍业在该矿区开发世界级的镍矿，对应资源折合镍金属量约930万吨。被查封的148公顷矿区仅占总面积的 0.3%，因此该事件对矿区生产影响并不大。 印尼总检察长办公室发言人阿南·苏普里亚特纳 （Anang Supriatna） 表示："工作组已接管了这块区域，土地也 ...