1. Report Industry Investment Rating No relevant content was found. 2. Core Viewpoints of the Report - The macro - economic situation shows that US inflation data is weakening, labor market is stable, and there are certain results in Sino - US trade negotiations. Geopolitical risks are rising, and the US - Iran conflict may push up the US dollar index and put pressure on nickel prices. [2] - Fundamentally, the risk of resource disturbances has decreased as the Philippines cancels the nickel ore export ban. Indonesia's resource supply is tight, and the high ore price provides cost support. The demand for stainless steel and nickel sulfate is weak, and the supply side has also weakened, resulting in a situation of weak supply and demand. [2] - In the later stage, macro factors may cause periodic disturbances, and the weak fundamental expectation will continue. Nickel prices will continue to fluctuate at a low level. [2] 3. Summary by Relevant Catalogs 3.1 Market Data - SHFE nickel price dropped from 122,710 yuan/ton on June 9, 2025, to 119,920 yuan/ton on June 13, 2025, a decrease of 2,790 yuan/ton. LME nickel price decreased from 15,421 US dollars/ton to 15,128 US dollars/ton, a decline of 293 US dollars/ton. [4] - LME nickel inventory decreased by 2,568 tons to 197,538 tons, while SHFE nickel inventory increased by 573 tons to 21,765 tons. [4] - The average price of high - nickel pig iron dropped from 960 yuan/nickel point to 947 yuan/nickel point. [4] - Stainless steel inventory increased from 893,000 tons to 917,000 tons, an increase of 23,500 tons. [4] 3.2 Market Review 3.2.1 Nickel Ore - The FOB price of 1.5% laterite nickel ore in the Philippines rose from 50 US dollars/wet ton to 51.55 US dollars/wet ton. The FOB price of 1.5% laterite nickel ore in Indonesia remained at 41.3 US dollars/wet ton. The resource disturbance risk has been eliminated, but the supply in Indonesia is still tight, and the cost side is supported. [5] 3.2.2 Ferronickel - The price of high - nickel pig iron (10% - 12%) dropped from 951.5 yuan/nickel point to 934.5 yuan/nickel point. In May, China's nickel pig iron production was expected to be about 26,260 metal tons, a month - on - month increase of 3.15%. In April, domestic ferronickel imports totaled about 816,900 tons, a year - on - year increase of 12.9% and a month - on - month decrease of 19.38%. In May, Indonesia's ferronickel production was expected to be 142,600 nickel tons, a year - on - year and month - on - month increase/decrease of 16.9%/ - 0.47%. The cost pressure on ferronickel plants is prominent. [6] 3.2.3 Nickel Sulfate - The price of battery - grade nickel sulfate remained at 27,815 yuan/ton, and the price of electroplating - grade nickel sulfate remained at 30,000 yuan/ton. In June, the expected production of nickel sulfate metal was about 25,425 tons, a year - on - year and month - on - month decrease of 16.61%/ - 2.27%. The production of ternary materials increased slightly, but the demand is expected to have no increment. [7] 3.2.4 Macro and Fundamental Aspects - In the macro - aspect, US economic data is generally good, inflation is in a downward channel, and there are certain results in Sino - US trade negotiations. [7][8] - In the fundamental aspect, on the supply side, the smelting start - up rate has decreased, but the export window is still open. In terms of terminal consumption, the new - energy vehicle market had good sales at the beginning of June, but it is in the off - season, and consumption is difficult to boost significantly. [8][9] 3.3 Industry News - The Philippines' Senate and House of Representatives decided to cancel the nickel ore export ban clause in the final law, and the PNIA welcomed this decision. [12] - ITSS nickel - iron plant's No. 14 furnace was successfully restarted after maintenance. [12] - Sino - US economic and trade consultations achieved new progress, and the two sides reached a consensus on the measures framework to implement the important consensus of the leaders' phone call and consolidate the results of the Geneva economic and trade talks. [12] 3.4 Relevant Charts The report provides 10 charts, including the trends of domestic and foreign nickel prices, spot premiums and discounts, LME 0 - 3 nickel premiums and discounts, nickel domestic - foreign ratios, nickel futures inventory, nickel ore port inventory, high - nickel iron prices, 300 - series stainless steel prices, and stainless steel inventory. [14][16]