热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 1月底2月初，镍价跟随贵金属和有色整体出现快速回调，LME镍最低至16500附近，沪镍则跌至13万附 近，随后便企稳震荡，目前已收复一半以上跌幅。 短期镍矿供应略偏紧 印尼将缩减镍矿配额的消息还在持续发酵，据悉，印尼当前已为2026年批准了约2.6亿-2.7亿镍矿开采配 额，略高于之前市场预估，但远低于2025年目标3.79亿吨。全球最大镍矿韦达湾预计将遭印尼政府大幅 缩减产量配额，今年获批矿石产量配额为1200万吨，远低于2025年的4200万吨，也低于2024年初批复的 基础配额1600万吨；不过，年初配额可在年中调整，最终产量存在弹性。同时，Nickel Industries旗下 Hengjaya矿山已获批2026年镍矿RKAB销售配额，总量由之前的900万湿吨显著提升至1430万湿吨。 据Mysteel，节后菲律宾和印尼镍矿价格稍有分歧，印尼2月下半月HPM基准价已按新HMA调整，各品 位价格小幅下跌约0.2-0.3美元/湿吨，升水暂维持节前水平，目前正值斋月，政府审批及矿山作业效率 放缓，供应难有明显增量；菲律宾方面，矿山持续少量出货 ...

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - Nickel prices are expected to experience wide - range fluctuations due to the information game between Indonesia and the Philippines [1]. - For stainless steel, there are frequent maintenance and production cuts in February, and the cost support center has shifted upward [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: - The closing price of the Shanghai Nickel main contract is 139,610, with a change compared to T - 1 of 250, T - 5 of 5,180, T - 10 of - 7,860, T - 22 of 1,160, and T - 66 of 20,900 [1]. - The closing price of the stainless - steel main contract is 13,970, with a change compared to T - 1 of - 70, T - 5 of 160, T - 10 of - 615, T - 22 of 180, and T - 66 of 1,545 [1]. - The trading volume of the Shanghai Nickel main contract is 433,838, with a change compared to T - 1 of - 84,787, T - 5 of - 148,686, T - 10 of - 349,437, T - 22 of - 843,852, and T - 66 of 335,590 [1]. - The trading volume of the stainless - steel main contract is 220,012, with a change compared to T - 1 of - 43,037, T - 5 of - 110,145, T - 10 of - 228,480, T - 22 of - 127,542, and T - 66 of 80,309 [1]. - **Industry Chain Data**: - The price of 1 imported nickel is 140,750, with a change compared to T - 1 of 3,000, T - 5 of 5,550, T - 10 of - 3,900, T - 22 of - 250, and T - 66 of 21,750 [1]. - The ex - factory price of 8 - 12% high - nickel pig iron is 1,052, with a change compared to T - 1 of 9, T - 5 of 14, T - 10 of - 3, T - 22 of 71, and T - 66 of 143 [1]. - The price of 304/2B coil - rough edge (Wuxi) Hongwang/Beibuwan is 14,100, with a change compared to T - 1 of 0, T - 5 of 0, T - 10 of - 300, T - 22 of 200, and T - 66 of 1,275 [1]. - The price of battery - grade nickel sulfate is 31,950, with a change compared to T - 1 of 0, T - 5 of - 300, T - 10 of - 1,450, T - 22 of - 900, and T - 66 of 3,505 [1]. 3.2 Macro and Industry News - Indonesia has suspended issuing new smelting licenses through the OSS platform, targeting projects producing "restricted products" such as Nickel matte, MHP, FeNi, and NPI [1]. - Indonesia's energy and mineral resources ministry will revise the benchmark price formula for nickel ore products in early 2026, including treating cobalt as an independent commodity for royalty collection [2]. - Some Indonesian mining companies face potential fines of about 80.2 trillion Indonesian rupiah for illegal occupation of forest land, and the final amount may be lower [2]. - The KPPU found monopoly behavior in the port warehousing and logistics of the IMIP park in Indonesia, and the park is in negotiation [3]. - Indonesia's energy and mineral resources ministry has started approving the 2026 mining work plan and budget (RKAB) for some companies [3]. - The Solway Investment Group plans to restart its nickel mine in Guatemala in a few months due to the rebound of nickel prices and the lifting of restrictions [3]. - The approved nickel ore production quota in Indonesia in 2026 is between 2.6 billion and 2.7 billion tons, and PT WBN received a preliminary notice to submit an RKAB [4]. - Philippine miners claim that the export volume of nickel ore to Indonesia may double [5]. 3.3 Trend Intensity - Nickel trend intensity is 0, and stainless - steel trend intensity is 0, indicating a neutral view [6].

Core Viewpoint - Indonesia's policy signal to potentially reduce nickel mining quotas for 2026 to 250-260 million tons has contributed to a rebound in nickel prices, with LME nickel futures reaching a 19-month high of $18,900 per ton [1][2]. Group 1: Policy Impact on Nickel Market - Indonesia's ongoing resource control policies are reshaping the global nickel market by increasing development costs and tightening production management [2][3]. - Goldman Sachs indicates that if Indonesia lowers its nickel mining quota to 260 million tons, global nickel supply growth will slow significantly, potentially raising the average price to around $18,000 per ton [2]. - The Indonesian government is shifting from an "expansion encouragement" approach to a "managed regulation" model, aiming to enhance its influence over international nickel pricing [2][3]. Group 2: Cost and Supply Adjustments - Since April 2025, Indonesia has raised the royalty rates for nickel mining, with rates increasing from 10% to between 14% and 19% for nickel ore, and from 5% to 7% for nickel pig iron and nickel matte [3]. - The approval cycle for nickel mining quotas has been changed from three years to one year to better align with market supply and demand [3]. - New regulations have tightened the entry criteria for nickel smelting projects, allowing only those with downstream processing plans to obtain industrial operating licenses [3]. Group 3: Demand and Supply Dynamics - Despite the positive policy signals, the global nickel market is currently experiencing a supply surplus, with production expected to exceed demand through 2026 [5][6]. - The global nickel production is projected to increase from 3.81 million tons in 2025 to 4.09 million tons in 2026, while demand is expected to rise from 3.6 million tons to 3.82 million tons [5]. - The demand for nickel in stainless steel remains stable, but growth in the renewable energy sector is weak, limiting overall demand growth [6][7]. Group 4: Structural Changes in Demand - The demand for nickel is showing structural differentiation, with stainless steel being the main support due to industrial upgrades, while the electric vehicle battery sector is experiencing a decline in demand [7]. - The impact of Indonesia's quota enforcement will be most directly felt in nickel pig iron (NPI) production, which is heavily reliant on ore supply continuity [7]. - The production of battery-grade nickel is expected to remain stable, with mixed hydroxide precipitate (MHP) showing potential for growth due to its adaptability to Indonesian nickel resources [7].

Report Overview - Report Title: Nickel Stainless Steel Industry Chain Weekly Report - Report Date: January 12, 2026 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints Bullish Factors - Indonesia's production cut plan: Indonesia plans to reduce nickel ore production by 34%, leading to expectations of supply tightening and stimulating a rebound and limit - up in futures prices [3] - Recovery in stainless steel demand: The strong performance of stainless steel mill prices, along with the recovery of terminal demand, supports the upward space for nickel prices despite high inventory costs [3] Bearish Factors - Strong US dollar: The continuous strengthening of the US dollar index reduces the pricing competitiveness of commodities and suppresses the price performance of non - ferrous metals [3] - High inventory: Global nickel inventories continue to accumulate, especially the high level of visible inventories, weakening market concerns about supply - demand tightness [3] Trading Advisory Viewpoint - Although Indonesia's policy stimulus boosts expectations, the improvement in fundamentals is limited. It is recommended to stay on the sidelines and pay attention to the actual implementation of policies [3] 3. Summary by Relevant Catalogs Market Data - **Nickel Futures**: The latest value of the main contract of Shanghai nickel is 139,090 yuan/ton, with a weekly decrease of 710 yuan and a weekly decline of 0.51%. Other contracts like Shanghai nickel continuous one, two, and three have different price changes and percentage increases. LME nickel 3M is at 17,700 dollars/ton, with a weekly increase of 410 dollars and a 3.60% increase [4] - **Stainless Steel Futures**: The main contract of stainless steel is at 13,860 yuan/ton, with a weekly increase of 465 yuan and a 3% increase. Other contracts also show price increases. The trading volume and open interest have significant increases [5] - **Spot Prices**: The prices of金川 nickel, imported nickel, 1 electrolytic nickel, nickel beans, and electrowon nickel have all decreased by 7,150 yuan/ton, with percentage declines ranging from 4.67% to 4.96% [5] - **Inventory Data**: Domestic social nickel inventory is 61,046 tons, an increase of 2,126 tons; LME nickel inventory is 284,790 tons, an increase of 8,490 tons; stainless steel social inventory is 854,600 tons, a decrease of 18,000 tons; nickel pig iron inventory is 29,346 tons, a decrease of 879 tons [7] Supply - Side Information - **Primary Nickel Supply**: Information on China's refined nickel monthly production, primary nickel monthly total supply including imports shows seasonal trends [13] - **Upstream Nickel Ore**: The average price of Philippine laterite nickel ore 1.5% (FOB), China's port nickel ore inventory, and the prices of different types of nickel pig iron (such as 8 - 12% and Ni≥14% Indonesian high - nickel pig iron) are presented with historical data [16][18] - **Nickel Iron Production**: China and Indonesia's nickel iron monthly production shows seasonal patterns [19][20] Downstream Information - **Nickel Sulfate**: The average price of battery - grade nickel sulfate, its premium over primary nickel, production profit margins, monthly production, and the monthly production capacity of ternary precursors are all presented with historical data [22][24][25] - **Stainless Steel**: The profit margin of China's 304 stainless steel cold - rolled coils, monthly production, and inventory show seasonal trends [28][30][31]

Summary of Nickel Industry Conference Call Industry Overview - The conference focused on the nickel industry in Indonesia, highlighting the government's strategic adjustments and long-term planning through various policies aimed at addressing resource scarcity, increasing fiscal revenue, enhancing foreign investment regulation, and protecting the environment [2][6]. Key Points and Arguments 1. **Government Policies**: - In 2025, Indonesia introduced several significant policy changes, including increasing the resource tax on nickel from 10% to a range of 14% to 19% [4]. - The government also shortened the submission cycle for mining plans from three years to one year, increasing the burden on mining companies [4]. - A special task force was established to inspect mining operations, affecting foreign investments [4]. 2. **Resource Scarcity**: - High-grade nickel ore resources are depleting, with current reserves expected to last only 6-7 years at the current consumption rate of approximately 250 million tons per year [2][7]. - The average grade of nickel ore has declined from 2.0% in 2006 to around 1.6% currently, impacting economic viability [7][8]. 3. **Impact on Exports**: - Nickel exports from Indonesia have been volatile due to policy changes, with a notable decrease in export volumes in early 2025 [2][10]. - The monthly export volume dropped from 1.4 million tons to 970,000 tons, indicating a potential long-term decline in total nickel product exports [10]. 4. **Market Dynamics**: - Current nickel prices are low, with costs for pyrometallurgical processing nearing breakeven points, particularly affecting small to medium enterprises [10][11]. - The introduction of by-product taxation could increase smelting costs by approximately 10%, potentially leading to dissatisfaction among private enterprises [3][20]. 5. **Illegal Mining**: - The Indonesian government has intensified efforts to combat illegal mining, which has historically accounted for about 30% of the supply [9][22]. - While these efforts may temporarily reduce illegal activities, the enforcement is less stringent compared to other countries, leading to concerns about long-term effectiveness [22]. 6. **Future Supply and Demand**: - The global demand for nickel remains relatively flat, with no significant growth drivers identified [16]. - The supply side is constrained, particularly for new capacity in the high furnace method, while hydrometallurgical processes are expanding but face challenges [17][16]. 7. **Investment Climate**: - The policies have created a challenging environment for Chinese companies investing in smelting plants in Indonesia, with potential production cuts or shutdowns for smaller operations [10][11]. - The government’s approach to policy implementation often involves gauging market reactions before finalizing decisions, leading to uncertainty [12][13]. 8. **Fiscal Contributions**: - The nickel industry significantly contributes to Indonesia's fiscal revenue, with resource tax indicators achieving about 90% of targets for 2025 [14]. - The government aims to enhance revenue through various means, including fines and increased taxation on nickel products [14]. 9. **Downstream Development**: - There is a tension between developing downstream industries and increasing mining costs, which could pressure midstream smelting operations [15][24]. - The government encourages local processing to add value, but the profitability of these ventures remains uncertain [24]. 10. **Electric Vehicle Market Impact**: - The global electric vehicle industry has varying demands, with Indonesia primarily producing lithium iron phosphate batteries that do not require high-grade nickel [28]. - The government seeks to attract investment from Western countries to enhance its international standing, but the effectiveness of these efforts is still uncertain [28]. Additional Important Content - The potential for new policies regarding by-product pricing and taxation is under discussion, which could have significant implications for the industry [5][20]. - The overall market dynamics suggest that while there are pressures on supply and pricing, the actual impact of policy changes may take time to materialize [12][13].

Group 1: Report's Core Viewpoints - Nickel faces concerns about Indonesian policies, leading to a sentiment-driven price increase on the trading floor [4] - Stainless steel has a weak supply - demand fundamental situation, and is affected by news of Indonesian nickel mines [4] Group 2: Industry News - On September 12, the Indonesian Forestry Task Force took over over 148 hectares of PT Weda Bay Nickel's mining area due to violations, which is expected to affect nickel production by about 600 metal tons per month [2] - China has suspended an unofficial subsidy for imported copper and nickel from Russia [3] - On September 22, the Indonesian Ministry of Energy and Mineral Resources imposed sanctions on 190 mining companies for not providing claim and refund guarantees [3] - On September 30, the Indonesian Ministry of Energy and Mineral Resources issued Ministerial Decree No. 17 (2025) regarding RKAB approval procedures, with the 2026 RKAB approval deadline set for November 15, 2025 [5] - Trump announced on October 10 that he might impose an additional 100% tariff on China from November 1 and implement export controls on "all critical software" [5] - The Indonesian government has suspended issuing new smelting licenses for certain nickel - related products through the OSS platform [6] - Indonesian industrial parks are strengthening safety inspections, affecting the production of some nickel wet - process projects, with a production reduction of about 6000 nickel metal tons in December [6] - On November 21, New York Fed President John Williams and Fed Governor Stephen Miran made dovish remarks, increasing the probability of a 25 - basis - point interest rate cut in December [6] - On December 12, China's Ministry of Commerce and General Administration of Customs decided to impose export license management on some steel products starting January 1, 2026 [6] - The Indonesian Nickel Miners Association (APNI) revealed that the government will revise the nickel ore benchmark price formula in early 2026 and start taxing cobalt as an independent commodity [6] - The Indonesian government plans to significantly reduce the 2026 nickel ore production target from 379 million tons to 250 million tons [7] Group 3: Fundamental Data Tracking Futures Data - The closing price of the main Shanghai nickel contract is 123,440, and the closing price of the main stainless - steel contract is 12,905 [3] - The trading volume of the main Shanghai nickel contract is 386,986, and the trading volume of the main stainless - steel contract is 263,756 [3] Industry Chain - Related Data - The price of 1 imported nickel is 122,250, the Russian nickel premium is 600, and the nickel bean premium is 2300 [3] - The price of 8 - 12% high - nickel pig iron (ex - factory price) is 889, and the nickel plate - high - nickel iron price difference is 334 [3] - The nickel plate import profit is 572 [3] - The price of laterite nickel ore 1.5% (Philippines CIF) is 55 [3] - In the stainless - steel market, prices of different products such as 304/2B rolls and 304/No.1 rolls vary, with price changes from different time periods [3] - The price of high - carbon ferrochrome (FeCr55, Inner Mongolia) is 8100, and the price of battery - grade nickel sulfate is 27,430 [3] - The nickel sulfate premium is 535 [3] Group 4: Trend Intensity - The trend intensity of nickel is +1, and the trend intensity of stainless steel is +1 [7]

Core Insights - The Indonesian Nickel Price Index (INPI) released by the Indonesian Nickel Miners Association (APNI) indicates an upward trend in the prices of nickel downstream products, while nickel ore prices remain stable compared to previous releases [3][6]. Nickel Ore Prices - Nickel ore with a grade of 1.2% (CIF) is priced at $22.5 per metric ton, unchanged from the previous index [4]. - Nickel ore with a grade of 1.6% (CIF) has a price range of $50.8 to $52.8 per metric ton, with an average price of $51.8 per metric ton, down by $0.1 from the previous average of $51.9 per metric ton [5]. Downstream Product Prices - Nickel pig iron (FOB) price has increased to $110.47 per metric ton, up by $0.15 from the previous price of $110.32 per metric ton [5]. - High-grade nickel matte (FOB) price has risen significantly to $13,017 per metric ton, an increase of $48 from the previous price of $12,969 per metric ton [6]. - MHP (FOB) price has also increased to $12,736 per metric ton, up by $42 from the previous price of $12,694 per metric ton [6]. Market Analysis - The price increases in nickel pig iron, high-grade nickel matte, and MHP reflect strong demand in the nickel downstream supply chain, primarily driven by the electric vehicle battery and stainless steel industries [6]. - The stability in nickel ore prices suggests that the domestic supply of nickel ore in Indonesia remains sufficient [6]. - The changes in the Indonesian Nickel Price Index serve as an important reference for industry stakeholders, including mining companies, smelters, and investors, in formulating production and sales strategies for the end of 2025 [6].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The fundamentals of refined nickel have undergone a structural shift, but the current and expected overall surplus still restricts the upside of nickel prices. From the end of this year to the first quarter of next year, attention should be paid to the impact of hidden restocking and news from Indonesia. Short - term short - selling at low levels is not recommended, and opportunities for short - selling on rallies in the medium - to - long - term can be considered, combined with options for upside risk protection [1]. - The fundamentals of stainless steel are in a situation of weak supply and demand, and the valuation range is anchored by costs and profits. The steel price is expected to fluctuate at a low level in the short term. Attention should also be paid to the policy risks from Indonesia from the end of this year to the first quarter of next year [2]. Summary by Related Catalogs Nickel Market - **Fundamentals**: Refined nickel is moving towards a pattern of weak supply and demand. The demand for corrosion - resistant alloys is under pressure. Many enterprises have shifted to nickel sulfate production, and the slope of refined nickel inventory accumulation has slowed down, but the overall surplus and the expectation of wet - process production may still drag down nickel prices. Attention should be paid to hidden restocking expectations and news risks from Indonesia [1]. - **Inventory**: This week, China's social refined nickel inventory increased by 1,729 tons to 56,707 tons. LME nickel inventory decreased by 84 tons to 253,032 tons [3]. Stainless Steel Market - **Fundamentals**: The supply and demand of stainless steel are both weak. The production schedule in December decreased to 3.16 million tons, with a cumulative year - on - year increase of 2% and a month - on - month decrease of 8%. The cost center has shifted upward, and the steel price is expected to fluctuate at a low level in the short term [2]. - **Inventory**: On November 30, SMM nickel - iron inventory was 29,346 tons, a month - on - month decrease of 3%. In November, SMM stainless steel factory inventory was 1.588 million tons, a year - on - year increase of 6% and a month - on - month increase of 1%. On December 11, the total social inventory of stainless steel decreased by 1.55% week - on - week [5]. New Energy Sector - **Inventory**: On December 12, the inventory days of upstream, downstream, and integrated production lines of SMM nickel sulfate changed by +1, 0, 0 month - on - month to 5, 9, 7 days respectively. On December 4, the precursor inventory increased by 0.4 week - on - week to 12.8 days. On December 11, the ternary material inventory remained flat at 6.9 days week - on - week [4][5]. Market News - In Indonesia, the forestry working group took over a 148 - hectare nickel mining area of PT Weda Bay Nickel, which is expected to affect a monthly nickel ore production of about 600 metal tons. China suspended an unofficial subsidy for imported copper and nickel from Russia. The Indonesian Energy and Mineral Resources Ministry imposed sanctions on 190 mining companies. The Indonesian government suspended the issuance of new smelting licenses for some products. Some nickel wet - process projects in Indonesian industrial parks will reduce production due to safety inspections [6][8]. - The US President Trump claimed to impose an additional 100% tariff on China and implement export controls on "all key software". New York Fed President John Williams and Fed Governor Stephen Miran made dovish remarks, increasing the probability of a 25 - basis - point interest rate cut in December. China's Ministry of Commerce and General Administration of Customs will implement export license management for some steel products starting from January 1, 2026 [7][8]. Weekly Key Data Tracking - The closing price of the main contract of Shanghai nickel was 115,590, with a change of - 280 compared to the previous day. The closing price of the main contract of stainless steel was 12,565, with a change of +65 compared to the previous day [10].

Report Information - Report Title: Non - ferrous Metals Weekly - Nickel and Stainless Steel [1] - Date: December 9, 2025 [3] - Analyst: Wu Jinheng [4] 1. Investment Ratings and Strategies Nickel - Strategy: Wait and see [5][92] - Operating Range: 110,000 - 125,000 yuan/ton [5][92] Stainless Steel - Strategy: Wait for high - shorting opportunities [6][117] - Operating Range: 11,800 - 12,800 yuan/ton [6][117] 2. Core Views Nickel - The nickel market has a loose fundamental situation with high inventory pressure, but the valuation is at a low level. Due to the repeated expectations of interest rate cuts, after price recovery, nickel prices are expected to fluctuate within a range [5][92] Stainless Steel - The cost side has stabilized, but the fundamentals remain weak. Stainless steel is expected to fluctuate at a low level [6][117] 3. Summary by Directory 1.1 Nickel Market Review - Last week, SHFE nickel fluctuated within a range, with a weekly increase of 0.54%. The trading volume decreased to 557,300 lots (- 67,400), and the open interest decreased to 117,600 lots (- 9,700). LME nickel increased by 0.95% weekly, and the trading volume increased to 34,700 lots (+ 300) [10] - The basis premium was 2,170 yuan/ton [12] 1.2 Supply Side Nickel Ore - Last week, the prices of 0.9%, 1.5%, and 1.8% nickel ore remained flat, and the shipping price from the Philippines to China remained unchanged [18] - In October, the export volume of nickel ore from the Philippines rebounded. China's nickel ore imports reached 4.68 million tons in October, a month - on - month decrease of 23.4% and a year - on - year increase of 11.0% [23] - Last week, the arrival volume of nickel ore decreased by 95,400 tons month - on - month, and the port inventory decreased by 100,000 wet tons [25] Nickel Pig Iron - The price of 8 - 12% high - nickel pig iron increased by 4.5 yuan/nickel point, and the price of 1.5 - 1.7% nickel pig iron remained flat. The negative premium of nickel pig iron to electrolytic nickel and scrap stainless steel widened [31] - In October, China imported 905,000 tons of nickel pig iron, a month - on - month decrease of 16.6% and a year - on - year increase of 31.0%. The import volume is expected to remain stable in November [35] - The loss of RKEF narrowed, and the operating rate decreased. In December, the operating rate and production schedule of domestic and Indonesian nickel pig iron decreased, and nickel pig iron inventory decreased [37][41][43] Electrolytic Nickel - In December, the operating rate of refined nickel increased, and the production schedule recovered [47] - The import loss of electrolytic nickel widened [51] - In October, both the import and export volumes of electrolytic nickel decreased [55] 1.3 Demand Side Stainless Steel - In December, the production schedule of stainless steel and 300 - series stainless steel decreased [60][108] - In October, the export volume of stainless steel decreased (month - on - month decrease of 14.4% and year - on - year decrease of 14.2%), and the import volume increased (month - on - month increase of 3.2% and year - on - year decrease of 21.6%). The import and export volumes are expected to decline in November [64][109] New Energy - The price of pure nickel increased, the price of nickel sulfate decreased, and the premium of nickel sulfate to pure nickel narrowed. The proportion of pure nickel used to produce nickel sulfate was extremely small [69] - In December, the production schedules of ternary precursors, ternary materials, and nickel sulfate decreased [74][76] - In October, the production volume of new energy vehicles was 1.772 million, a month - on - month increase of 9.6% and a year - on - year increase of 21.1%; the sales volume was 1.715 million, a month - on - month increase of 6.9% and a year - on - year increase of 19.9% [82] 1.4 Inventory Side - Last week, the inventory of SHFE and LME increased. The inventory in Shanghai Free Trade Zone remained flat, and the six - region social total inventory increased by 1,499 tons [83][88] 1.5 Electrolytic Nickel Cost - The cost of producing electrolytic nickel from externally purchased high - grade nickel matte and MHP increased, while the cost from externally purchased nickel sulfate decreased. MHP integrated production of electrolytic nickel had a significant cost advantage over high - grade nickel matte integrated production [91] 2.1 Stainless Steel Market Review - Last week, stainless steel futures fluctuated upward, with a weekly increase of 1.17%. The basis widened to 1,070 yuan/ton. The trading volume reached 533,300 lots (- 166,100), and the open interest reached 89,400 lots (- 28,000) [95] 2.2 Cost and Profit - The price of high - nickel pig iron increased, the price of high - carbon ferrochrome remained flat, and the cost side stopped falling [98] - The profit of 200 - series stainless steel expanded, the loss of 300 - series stainless steel narrowed, and the profit of 400 - series stainless steel decreased [102] 2.3 Fundamental Aspects - In December, the production schedule of stainless steel and 300 - series stainless steel decreased [60][108] - In October, the export volume of stainless steel decreased, and the import volume increased. Both are expected to decline in November [64][109] 2.4 Inventory Side - The domestic social inventory of stainless steel decreased. The inventory of 200 - series increased, while the inventory of 300 - series and 400 - series decreased [115]

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