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新疆新鑫矿业午后涨超25% 上半年营收增长但纯利腰斩 市场关注印尼局势对镍供应端影响
Zhi Tong Cai Jing· 2025-09-01 05:46
Group 1 - Xinjiang Xinxin Mining (03833) saw its stock price increase by over 25%, currently trading at 1.78 HKD with a transaction volume of 55.9 million HKD [1] - The company reported a mid-year revenue of approximately 1.118 billion CNY, representing a year-on-year increase of about 4.9% [1] - The net profit attributable to shareholders was approximately 71.6 million CNY, showing a significant year-on-year decline of about 50.2% [1] Group 2 - During the reporting period, the company produced 6,030 tons of electrolytic nickel, which is an increase of approximately 26.7% year-on-year [1] - Sales of electrolytic nickel reached 5,672 tons, marking a year-on-year increase of approximately 29.6% [1] - The production of cathode copper was 3,815 tons, reflecting a year-on-year decrease of about 7.0%, while sales of cathode copper increased by 51.6% to 4,559 tons [1] Group 3 - On August 30, the Chinese Embassy in Indonesia reported large-scale protests in cities like Jakarta [1] - Guotai Junan Futures indicated that the Indonesian government might shorten the RKAB approval cycle from three years to one year, urging companies to resubmit their 2026 RKAB budgets by October 2025 [1] - Potential delays in approvals or nickel ore replenishment actions could limit the downward price pressure on nickel in the second half of the year, providing high price support from the mining sector [1]
港股异动 | 新疆新鑫矿业(03833)午后涨超25% 上半年营收增长但纯利腰斩 市场关注印尼局势对镍供应端影响
智通财经网· 2025-09-01 05:44
Group 1 - Xinjiang Xinxin Mining (03833) saw its stock price increase by over 25%, currently trading at 1.78 HKD with a transaction volume of approximately 55.9 million HKD [1] - The company reported a mid-year revenue of approximately 1.118 billion RMB, a year-on-year increase of about 4.9%, while the net profit attributable to shareholders was approximately 71.6 million RMB, a decline of about 50.2% year-on-year [1] - During the period, the group produced 6,030 tons of electrolytic nickel, an increase of approximately 26.7% year-on-year, and sold 5,672 tons, an increase of approximately 29.6% year-on-year [1] Group 2 - The group produced 3,815 tons of cathode copper, a decrease of approximately 7.0% year-on-year, while sales of cathode copper reached 4,559 tons, an increase of approximately 51.6% year-on-year [1] - There are ongoing large-scale protests in Jakarta and other cities in Indonesia, which may impact the nickel market sentiment [1] - Guotai Junan Futures indicated that the Indonesian government might shorten the RKAB approval cycle from three years to one year, which could affect nickel prices and supply dynamics in the second half of the year [1]
力勤资源(2245.HK):深耕镍产业链,在印尼产业升级中铸就增长动能
Ge Long Hui· 2025-08-29 00:52
Core Insights - The long-term demand for nickel is widely recognized, but the efficient development of low-grade nickel laterite ores remains a bottleneck for the industry [1] - Companies that can overcome technical challenges and align with Indonesia's transformation from a resource exporter to an industrial hub will gain a competitive edge in the nickel industry [1] - Liqin Resources has seen its stock price increase by over 130% in the past year, significantly outperforming the market, due to its integration of Chinese technology and Indonesian resources [1] Industry Dynamics - The global nickel industry is undergoing a dual transformation characterized by "supply-demand dynamics" and "technological iteration" [2] - Nickel prices fell to a near-term low of 115,000 RMB/ton in April due to U.S. tariffs, but have since stabilized between 120,000 and 130,000 RMB/ton [2] - Major companies like Norilsk Nickel and Glencore announced production cuts, with Norilsk's nickel output down 4% and Glencore's down 7% year-on-year [2] - The stainless steel sector is recovering, with China's crude steel production up 5.17% year-on-year, while the demand for battery-grade nickel remains strong due to the high nickel content trend in batteries [2] Technological Innovation - Liqin Resources has adopted the third-generation HPAL hydrometallurgical process, which is one of the most advanced technologies for processing low-grade nickel laterite ores [3] - This technology has achieved a rapid production ramp-up record within two months and significantly improved nickel-cobalt recovery rates, positioning it among the lowest-cost nickel-cobalt production projects globally [3] - During the industry downturn, Liqin's low-cost advantage allowed it to gain market share as high-cost capacities were forced out [3] Strategic Positioning in Indonesia - Liqin Resources exemplifies the integration of Chinese technology with global resources, aligning with Indonesia's shift from resource exportation to deep processing [4] - Indonesia's nickel-related product exports are projected to reach $33.9 billion in 2024, marking a historic high and validating the country's industrial upgrade strategy [4] - The company operates HPAL and RKEF projects in collaboration with Indonesian partners, ensuring a "mine-to-metal" integration [5] Environmental and Social Responsibility - Liqin Resources emphasizes green development, with the first wet tailings demonstration facility in Indonesia set to enhance resource utilization and address environmental concerns [6] - This initiative aligns with Indonesia's industrial upgrade requirements and supports the "Belt and Road" green development initiative [6] Competitive Advantages - Liqin Resources has built a dual-base supply network in Indonesia and the Philippines, ensuring stable supply and mitigating regional supply fluctuations [7] - The company employs a "wet and dry" technology synergy, producing battery-grade nickel sulfate and nickel iron to cater to both the new energy and traditional industrial markets [7] - The integration of ESG principles into operations enhances long-term customer loyalty and positions the company favorably in a market with increasing ESG scrutiny [8] Conclusion - Liqin Resources' strong performance in the Hong Kong stock market is attributed to its established ecological moat and strategic positioning in the nickel industry [9] - The company's global procurement network, dual technology approach, and long-term customer contracts have transformed it into an ecological platform connecting global nickel resources with end-user demand [9] - The current nickel price fluctuations serve as a test of the company's competitive strength, with its cost advantages and technological innovations poised to capture market share and drive growth [10]
Nickel Industries RKEF 项目 2025Q2 NPI 产量同比减少 5%至 3.05 万吨,单位现金成本同比上涨 4% 至 10,348 美元/吨
HUAXI Securities· 2025-08-04 12:52
Investment Rating - The report recommends the industry [4] Core Insights - The RKEF project produced 30,463 tons of nickel pig iron (NPI) in Q2 2025, a decrease of 5% year-on-year and 4% quarter-on-quarter, primarily due to adjustments made to the ONI furnace [1][2] - The unit cash cost for NPI increased by 4% year-on-year to $10,348 per ton, driven by maintenance costs and rising electricity expenses [2] - The sales revenue for NPI in Q2 2025 was $346 million, reflecting a 6% decrease year-on-year [2] RKEF Project Summary - NPI production in Q2 2025 was 30,463 tons, with a contract price of $11,449 per ton, showing a 1% increase from the previous quarter [1][2] - The adjusted EBITDA for NPI was $33.7 million, down 24% from the previous quarter, with an adjusted EBITDA per ton of $1,107, a decrease of 20% [2][12] HPAL Project Summary - The Huayue nickel-cobalt project produced 20,750 tons of nickel and 1,877 tons of cobalt in Q2 2025, exceeding the rated capacity by 38% [3] - The unit EBITDA for HNC was $4,819 per ton, up 12% quarter-on-quarter, supported by rising MHP prices [5] Mining Operations Summary - The Hengjaya mine produced 5.92 million wet tons of nickel ore in Q2 2025, a 99% increase year-on-year [7] - The adjusted EBITDA for the Hengjaya mine was $41.4 million, a 33% increase from the previous quarter, driven by rising nickel ore prices [7] Financial Overview - Nickel Industries received $34.4 million in shareholder loan repayments in Q2 2025 [10] - The company also received $8.1 million in dividends from the Oracle Nickel project and $8 million from the Hengjaya mine [10][11]
港股异动 | 新疆新鑫矿业(03833)盈警后一度跌近10% 电解镍销售均价下滑 预计上半年纯利同比腰斩
智通财经网· 2025-08-04 08:04
Core Viewpoint - Xinjiang Xinxin Mining (03833) has issued a profit warning, indicating a significant decline in net profit for the first half of the year, despite a slight increase in revenue [1] Financial Performance - The company expects consolidated operating revenue for the first half to be approximately 1.118 billion yuan, compared to 1.065 billion yuan in the same period last year, representing an increase of about 4.9% [1] - The net profit attributable to shareholders is expected to be around 71.8 million yuan, a substantial decrease from 146 million yuan in the same period last year, reflecting a decline of approximately 50.8% [1] Price and Cost Factors - The average selling price of electrolytic nickel (excluding tax) during the period was about 110,000 yuan per ton, down approximately 10.9% from 120,000 yuan per ton in the same period last year [1] - Increased production costs were noted, primarily due to the use of externally purchased nickel concentrate during the production process, which contributed to higher electrolytic nickel production costs [1] Future Outlook - The company is in the final stages of reviewing its mid-term performance, with an announcement expected by the end of August 2025 [1]
新疆新鑫矿业盈警后一度跌近10% 电解镍销售均价下滑 预计上半年纯利同比腰斩
Zhi Tong Cai Jing· 2025-08-04 08:03
Core Viewpoint - Xinjiang Xinxin Mining (03833) has issued a profit warning, indicating a significant decline in net profit for the first half of the year despite a slight increase in revenue [1] Financial Performance - The company expects consolidated operating revenue for the first half to be approximately 1.118 billion yuan, a year-on-year increase of about 4.9% compared to 1.065 billion yuan last year [1] - The net profit attributable to shareholders is projected to be around 71.8 million yuan, a substantial decrease of approximately 50.8% from 146 million yuan in the same period last year [1] Price and Cost Factors - The average selling price of electrolytic nickel (excluding tax) during the period was about 110,000 yuan per ton, down approximately 10.9% from 120,000 yuan per ton in the same period last year [1] - Increased production costs were noted, primarily due to the use of externally purchased nickel concentrate, which has raised the production costs of electrolytic nickel [1] Future Outlook - The company is in the final stages of reviewing its mid-term performance, with an announcement expected by the end of August 2025 [1]
镍月报:关税驱动宏观反复,镍价震荡-20250804
1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Macro层面,关税扰动贯穿7月,月初市场悲观,随着贸易协定落地、关税调降,市场情绪回暖;美国二季度经济数据有韧性,劳动市场稳健,美联储偏鹰,市场对美联储降息节点预期反复 [4] - 成本方面,印尼、菲律宾气候扰动减弱,镍矿供给趋向宽松,印尼镍商会下调镍矿内贸基准价,但矿价走弱迹象不明显 [4] - 基本面,7月国内不锈钢产量预期大幅收缩,印尼小幅环增但难补国内减量;三元材料产量小幅环增,消费整体走弱;纯镍出口窗口敞开,供给小幅探涨,基本面供增需减边际走弱 [4] - 后期宏观预期主导,基本面边际变量对价格影响有限;上旬宏观压力预期强,下旬有不确定性;基本面暂无改善预期,镍价或延续震荡运行 [4][47] 3. Summary by Relevant Catalogs 3.1 Market Review - 7月沪镍主力合约震荡运行,月初因美国信函关税压力镍价下行,后随贸易协议签署、关税调降而反弹;基本面无明显驱动,供给边际修正,需求边际走弱,现货库存有累库迹象 [9] - 7月精炼镍升贴水高位回落,金川镍升贴水从月初2600元/吨降至7月30日2300元/吨,进口镍升贴水同期从650元/吨降至550元/吨,升贴水回落后维持低位震荡 [11] 3.2 Macro Analysis Overseas: Tariff Turmoil and Fluctuating Expectations of Interest Rate Cuts - 7月上旬特朗普向23个国家发关税信函,关税强度20 - 50,中下旬关税风波缓解,美国与多国签署贸易协议,协议关税低于信函税率;部分国家仍面临高对等关税,新协议落地待观察 [13] - 美国经济数据喜忧参半,6月核心PCE物价指数等显示通胀和消费有韧性,但7月非农就业等数据走弱,劳动力市场有结构性失衡;制造业PMI未延续修正趋势,市场对美联储降息节点预期反复 [14] - 美国居民需求有韧性是经济增长基石,但需警惕关税引发滞涨压力 [15] Domestic: Clear Path to Anti-Involution and Stable Economic Structure - 反内卷政策预期延续,政策框架日益完善,但7月底政治局会议纪要措辞调整引发市场情绪反复,治理内卷路径明确但具体量化目标待明确 [16] - 投资端6月固定资产投资同比增长2.8%,房地产投资占比回落;消费端社零累计同比+5.0%,剔除汽车后增速回落,居民自主消费驱动力不足;出口6月总额同比增长5.64%,关税对出口影响不明确,需警惕转口贸易压力 [17] 3.3 Fundamental Analysis 1. Alleviation of Shortage and Possible Decline in Ore Prices - 印尼、菲律宾气候扰动减弱,镍矿开采效率提升,紧缺格局缓解,印尼镍商会下调镍矿内贸基准价,菲律宾8月镍矿预售成交环比回落,镍矿供给有宽松预期,价格或走弱 [22] - 6月中国镍矿进口量同比回落7.21%,进口自菲律宾占比93.23%;7月25日国内港口库存较6月末大幅累库139万吨 [23] 2. Export Window Remains Open and Supply is Ample - 7月全国精炼镍产量3.28万吨,同比+13.69%,开工率61.08%;冶炼端亏损幅度收窄但仍为负,上游现金流压力或凸显,需警惕下半年供给扰动 [26] - 6月中国进口精炼镍17010吨,同比增长119.71%,进口增量来自挪威,部分国家进口量下滑;出口10143吨,同比-5.66%,7月出口利润回落 [27] 3. Easing Pressure on Ferronickel but Need Time for Correction - 7月高镍生铁价格先跌后涨,10 - 12%高镍生铁到港含税报价月初910.5元/镍点,月中900元/镍点,月底912元/镍点 [30] - 7月中国镍生铁产量环比-0.04%,印尼同环比+28.14%/-1.73%;仅山东火法BF工艺有利润,国内RKEF及EF工艺亏损;国内不锈钢产量7月预期走弱,印尼或增加;国内300系不锈钢库存高位去库不顺畅 [31] - 6月国内镍铁进口同比+50.05%,主要来自印尼;不锈钢进口同比-16.17%,出口同比-15.33%,进出口规模为年内最低 [32] 4. Recovery of the Nickel Sulfate Market and Marginal Improvement in Supply and Demand - 7月硫酸镍价格走势分化,电池级硫酸镍价格从月初28500元/吨降至月末27900元/吨,电镀级硫酸镍价格从28050元/吨涨至28550元/吨 [38] - 5月硫酸镍产量同环比+4.77%/+17.3%,7月三元材料产量同环比+16.7%/+5.8%;高冰镍产硫酸镍工艺利润率3.6%盈利,其他原料工艺亏损;6月硫酸镍进口量约1.32吨,出口782吨 [39] 5. Conservative Policy Expectations and Slowing Consumption Growth - 1 - 6月新能源汽车累计销量同比+40.31%,产量同比+41.37%,产销比近乎持平;7月1 - 20日新能源乘用车零售同比增长23%,较上月同期下降12%,消费增速自6月退坡 [41] - 后期新能源汽车消费面临居民自主消费依赖补贴、补贴资金投放有序及高基数压力,消费或维持增长但数据表现放缓 [42] 6. Bearish Fundamentals and Possible Accumulation of Pure Nickel Inventory - 截至7月25日国内精炼镍社会库存较6月末累库2438吨,7月31日SHFE和LME库存较上月增加,全球两大交易所库存同期增加约5170吨 [44] - 后期纯镍去库曲折,硫酸镍市场热度难延续,冶炼端供给或维持高位,预计纯镍库存将再度累库 [44] 3.4 Market Outlook - 供给方面,出口窗口在,供给或高位稳中偏弱 [47] - 需求方面,钢企不锈钢排产低,新能源消费降速,需求端无亮点,稳中偏弱 [47] - 成本方面,镍矿供给宽松,成本重心下移,中性 [47] - 宏观方面,关税风险反复,上旬压力强,下旬有不确定性,中性 [47] - 后期宏观预期主导,基本面改善预期不明显,镍价或延续震荡运行 [47]
新疆新鑫矿业发盈警,预期中期归属于股东的合并净利润同比大幅下降约50.8%
Zhi Tong Cai Jing· 2025-08-03 11:30
Core Viewpoint - Xinjiang Xinxin Mining (03833) anticipates a revenue of approximately RMB 1.118 billion for the six months ending June 30, 2025, representing a year-on-year increase of about 4.9%, while the net profit attributable to shareholders is expected to be around RMB 71.8 million, a significant decline of approximately 50.8% compared to the same period last year [1]. Group 1 - The expected consolidated revenue for the upcoming period is approximately RMB 1.118 billion, compared to RMB 1.065 billion in the same period last year, indicating a growth of about 4.9% [1]. - The anticipated net profit attributable to shareholders is around RMB 71.8 million, down from RMB 146 million in the previous year, reflecting a substantial decrease of approximately 50.8% [1]. - The board attributes the significant decline in net profit primarily to the average selling price of electrolytic nickel, which is expected to be approximately RMB 110,688 per ton, down about 10.9% from RMB 124,230 per ton in the same period last year [1]. Group 2 - The increase in production costs is noted, mainly due to the use of externally sourced nickel concentrate during production, which has contributed to the rise in electrolytic nickel production costs [1].
镍、不锈钢周报:随风而动-20250725
1. Report Industry Investment Rating - The investment rating for nickel is neutral to bearish, while for tin, no specific investment rating is provided in the report [3]. 2. Core Viewpoints of the Report - As the supply of nickel ore gradually increases and the smelting capacity is abundant, the inventory of refined nickel at home and abroad has been accumulating, and the actual demand is not optimistic. Although the trading expectation of the anti - involution policy has not cooled down, the nickel price trend is increasingly deviating from the fundamentals, and there is still upward pressure [3][4]. 3. Summary by Relevant Catalogs Nickel - **Price and Market Performance**: - As of July 21, the CIF prices of Philippine laterite nickel ore with 0.9%, 1.5%, and 1.8% nickel content were flat at $30, $58.5, and $80.5 per wet ton respectively compared to last week. The domestic trade nickel ore prices in Indonesia with Ni1.2% and Ni1.6% were flat at $25 and $52.2 per wet ton respectively as of July 18 [3]. - The freight rates from the Philippines to Tianjin Port and Lianyungang were flat at $12.5 and $11.5 per wet ton respectively last week [3]. - The electrolytic nickel export profit and loss decreased by $6.65 per ton to $45.4 per ton last week, a decrease of 12.8% [3]. - As of July 21, the average price of 8 - 12% high - nickel pig iron decreased by $2 per nickel point to $901.5 per nickel point, a decrease of 0.22% [3]. - As of July 18, the LME nickel price increased by $10 per ton to $15,245 per ton, an increase of 0.07%. The LME nickel 0 - 3 spot premium increased by $7.81 per ton to - $194.43 per ton [21]. - As of July 18, the electrolytic nickel spot price decreased by $650 per ton to $121,500 per ton, a decrease of 0.53% [15]. - As of July 18, the Jinchuan nickel price decreased by $700 per ton to $122,450 per ton, a decrease of 0.57%, and the Jinchuan nickel premium was flat at $2,000 per ton [16]. - Last week, the imported nickel price decreased by $700 per ton to $120,800 per ton, a decrease of 0.58%, and the imported nickel premium was flat at $350 per ton [16]. - **Production and Inventory**: - As of July 2025, China's monthly electrolytic nickel production increased by 0.04 million tons to 3.22 million tons, an increase of 1.26% [3][43]. - As of July 21, the SHFE nickel warehouse receipts increased by 815 tons to 22,100 tons, an increase of 3.83%. The LME nickel warehouse receipts increased by 0.13 million tons to 207,900 tons, an increase of 0.63% [47]. - Last week, the pure nickel social inventory (including the SHFE) increased by 1,165 tons to 40,400 tons, an increase of 2.89% [3][47]. - As of July 18, the nickel ore port inventory decreased by 50,000 tons to 7.15 million wet tons, a decrease of 0.69% [32]. - According to customs data, in June 2025, the national nickel ore import volume was 4.3466 million tons, an increase of 10.68% month - on - month and a decrease of 9.21% year - on - year. As of June 2025, the cumulative national nickel ore import volume was 14.7812 million tons, a cumulative decrease of 8.36% year - on - year [32]. - **Related Products**: - As of July 21, the MHP FOB price decreased by $132 per ton to $12,347 per ton, a decrease of 1.06%; the high - grade nickel matte FOB price decreased by $90 per ton to $12,928 per ton, a decrease of 0.69% [38]. - As of July 2025, the Indonesian MHP production increased by 0.07 million tons to 3.87 million tons, an increase of 1.84%; the high - grade nickel matte production increased by 0.08 million tons to 1.35 million tons, an increase of 6.30% [38]. - As of June 2025, the MHP monthly import volume was 1.282 million tons, a decrease of 10.21% month - on - month; the high - grade nickel matte monthly import volume was 225,000 tons, a decrease of 0.3% [38]. Tin - The tin monthly balance sheet shows the production, import, export, consumption, and surplus of tin from January to December 2025. The supply and consumption have different year - on - year and cumulative year - on - year changes each month [4]. Sulfuric Acid Nickel - As of June 2025, China's monthly sulfuric acid nickel production decreased by 0.12 million tons to 2.48 million nickel tons, a decrease of 4.69%. Most manufacturers produce according to sales, and the overall production of sulfuric acid nickel is weak this year, with no expectation of resuming production for previously reduced or shut - down manufacturers [58]. - As of June 2025, China's monthly sulfuric acid nickel import volume was 1.33 million tons, a decrease of 27.35% month - on - month and a decrease of 10.01% year - on - year; the monthly export volume was 782.1 tons, an increase of 3.66% month - on - month and a decrease of 41.02% year - on - year [58]. - As of July 22, the profit margins of producing sulfuric acid nickel from MHP, nickel beans, high - grade nickel matte, and yellow slag decreased to - 2.6%, - 4%, 1.1%, and - 4.1% respectively compared to last week. Most manufacturers using externally purchased raw materials are in losses [65]. Ferronickel - As of June 2025, the national ferronickel production (metal content) decreased by 0.16 thousand tons to 25.64 thousand tons, a decrease of 0.59%. The Indonesian ferronickel production decreased by 0.46 million tons to 13.68 million tons, a decrease of 3.26%. Some Indonesian iron plants have reduced production, and a small number of manufacturers have switched to producing nickel matte [3][74]. - As of July 15, the ferronickel inventory in major domestic regions decreased by 0.43 million tons to 33,200 nickel tons (average grade 11.79%), a decrease of 11.46% [80]. Stainless Steel - As of June 2025, the national stainless - steel crude steel production decreased by 17.13 million tons to 329.16 million tons, a decrease of 4.95%. The 300 - series production decreased by 4.07 million tons to 174.4 million tons, a decrease of 2.28% [91]. - As of July 18, the stainless - steel market inventory decreased by 1.97 million tons to 114.78 million tons, a decrease of 1.69%. The 300 - series inventory decreased by 0.74 million tons to 68.75 million tons, a decrease of 1.06% [87]. - As of July 22, the stainless - steel warehouse receipt quantity decreased by 0.75 million tons to 10.35 million tons, a decrease of 6.77% [87]. - As of June 2025, China's monthly stainless - steel import volume was 10.95 million tons, a decrease of 12.48% month - on - month and a decrease of 16.61% year - on - year; the monthly export volume was 39.0 million tons, a decrease of 10.63% month - on - month and a decrease of 13.51% year - on - year [91]. - As of July 22, the production cash cost of Chinese cold - rolled 304 stainless steel decreased by $126 per ton to $13,141 per ton, a decrease of 0.92%. The cold - rolled stainless - steel coil profit margin increased by 1.6 percentage points to - 4.88% [96].
镍:宏观情绪提振预期,现实限制弹性,不锈钢:宏观情绪主导边际,基本面决定弹性
Guo Tai Jun An Qi Huo· 2025-07-22 02:05
Report Date - The report was published on July 22, 2025 [1] Investment Rating - Not provided Core Viewpoints - For nickel, macro - sentiment boosts expectations, but reality restricts elasticity; for stainless steel, macro - sentiment dominates the margin, and fundamentals determine elasticity [1] Summary by Directory 1. Fundamental Data Tracking - **Futures Data**: The closing price of Shanghai Nickel main contract was 122,550, with changes of 2,050 compared to T - 1, 1,450 compared to T - 5, etc.; the closing price of stainless steel main contract was 12,905, with changes of 180 compared to T - 1, 190 compared to T - 5, etc. The trading volume of Shanghai Nickel main contract was 134,799, and that of stainless steel main contract was 255,058 [1] - **Industrial Chain Data**: The price of 1 imported nickel was 122,200, the price of 8 - 12% high - nickel pig iron (factory price) was 902, and the price of red earth nickel ore 1.5% (Philippines CIF) was 59. For stainless steel, the price of 304/2B roll - rough edge (Wuxi) was 12,900, etc. The price of battery - grade nickel sulfate was 27,230 [1] 2. Macro and Industry News - In March, Ontario's governor proposed to stop exporting nickel to the US due to US tariff threats [1] - On April 27, the first - phase project of Indonesia's CNI nickel - iron RKEF successfully produced nickel - iron, with an annual output of about 12,500 tons of metallic nickel per line [2] - An important nickel smelter in an Indonesian metal processing park has resumed production, and the capacity of PT QMB New Energy Materials has recovered to 70% - 80% [2][3] - An Indonesian cold - rolling mill plans to continue shutdown for maintenance from June to July, affecting 110,000 - 130,000 tons of production, mainly 300 - series output [3] - The Philippine Nickel Industry Association welcomes the removal of the raw - ore export ban clause from the final version of the mining fiscal system bill [3] - Environmental violations were found in the Morowali Industrial Park in Indonesia, and the government may fine the confirmed illegal companies and audit the entire park [3] - Indonesia plans to shorten the mining quota period from three years to one year [3] - The government - approved 2025 production plan and budget (RKAB) output of Indonesian nickel miners is 364 million tons, higher than the 2024 target of 319 million tons [4] - Two Indonesian nickel - iron smelting industrial parks have suspended all EF production lines due to long - term losses, affecting about 1,900 tons of nickel - iron production per month [4] 3. Trend Intensity - The trend intensity of nickel is 0, and that of stainless steel is 0, with a range of [-2, 2] indicating different levels of bullish or bearish views [5]