General Information - Report Title: Nickel Daily Report [1] - Date: October 13, 2025 [2] - Research Team: Non-ferrous Metals Research Team, including researchers Yu Feifei, Zhang Ping, and Peng Jinglin [3] Report's Core View - On the 10th, Shanghai nickel rose and then fell. The main contract 2511 reached a maximum of 124,880, then followed the sector down, closing at 122,180, a 0.76% drop from the previous day. The average premium of Jinchuan nickel decreased by 50 to 2,300, and the spot premium of domestic electrodeposited nickel was reported at -150 - 200. The average price of 8 - 12% high-nickel pig iron remained unchanged at 954.5 yuan per nickel point, while the average price of battery-grade nickel sulfate increased by 70 to 28,320 yuan per ton. Policy changes in the Indonesian mining sector and strengthened regulatory activities have made the support at the nickel ore end stronger again. After the holiday, Shanghai nickel turned up, but the fundamental surplus of primary nickel has not changed substantially, and the nickel price is still under pressure above. The rebound space should be viewed with caution, and attention should be paid to overseas market changes. The lower support has moved up to the 120,000 level [7] Market Review and Operation Suggestions - On the 10th, the main contract 2511 of Shanghai nickel reached a maximum of 124,880, then followed the sector down, closing at 122,180, a 0.76% drop from the previous day [7] - The average premium of Jinchuan nickel decreased by 50 to 2,300, and the spot premium of domestic electrodeposited nickel was reported at -150 - 200 [7] - The average price of 8 - 12% high-nickel pig iron remained unchanged at 954.5 yuan per nickel point, while the average price of battery-grade nickel sulfate increased by 70 to 28,320 yuan per ton [7] - Policy changes in the Indonesian mining sector and strengthened regulatory activities have made the support at the nickel ore end stronger again. The new RKAB regulations have changed from a three-year batch to a one-year batch, and the mining quotas for 2026 obtained by some enterprises have been invalidated. The Indonesian government has also taken over more than 148 hectares of mining areas in the Wedabay Industrial Park, affecting no more than 1.2 million wet tons of nickel ore production, and ordered 190 mining companies that have not paid reclamation deposits to suspend production for up to 60 days, with an estimated volume of about 3 million wet tons [7] - The entry of the world's second-largest copper mine into force majeure has triggered concerns about global metal supply. After the holiday, Shanghai nickel turned up, but the fundamental surplus of primary nickel has not changed substantially, and the nickel price is still under pressure above. The rebound space should be viewed with caution, and attention should be paid to overseas market changes. The lower support has moved up to the 120,000 level [7] Industry News - SMM expects the HPM of Indonesian domestic trade nickel ore to rise slightly in the second half of October, with a projected month-on-month increase of 0.27%. The HMA in the second half of October is 15,142 US dollars per dry ton, an increase of 40 US dollars per dry ton [10] - The HPM prices of nickel ore with different grades in the second half of October have all increased slightly compared to the first half of the month. For example, the HPM price of 1.2% nickel ore is 15.35 US dollars per wet ton, an increase of 0.04 US dollars per wet ton [10][12] - The Indonesian forest law enforcement task force will conduct a centralized rectification of mines. The task force has previously taken similar actions in the palm oil industry, taking over 3.3 million hectares of illegal plantations. The prosecutor said that the focus of this action is to regain national control over forests, and enterprises need to return illegal profits to the state. Some cases may further enter criminal investigations [11] - FPX Nickel announced its active participation in two important sustainable development initiatives in 2025, joining the Mining Association of Canada (MAC) and signing the United Nations Global Compact, demonstrating its commitment to responsible mineral exploration and project development [11] - The central bank governor, Pan Gongsheng, said at a press conference that regarding the financial reform content of the "14th Five-Year Plan" and the next step, further communication will be made after the central government's unified deployment. Currently, China's financial system is generally stable, and the financial market is operating smoothly. When responding to the Fed's interest rate cut, he said that multiple monetary policy tools will be comprehensively applied to ensure sufficient liquidity according to the macroeconomic operation and situation changes [12]