Report Information - Report Name: Nickel Daily Report [1] - Date: August 12, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Industry Investment Rating - Not provided in the given content Core View - The long - term surplus pressure of primary nickel remains significant. Short - term price rebounds of industrial chain products are due to long - term low prices, and should be treated as short - term rebounds. After the macro - optimistic sentiment fades, prices are likely to continue to face pressure [7] Summary by Directory 1. Market Review and Operation Suggestions - On the 11th, Shanghai nickel strengthened again, with the main contract rising 0.8% to 122,130. The spot market had sufficient available supply, but the receiving sentiment was average. The average premium of Jinchuan No.1 nickel decreased by 50 to 2,200 yuan/ton, and the spot premium/discount quotation range of domestic mainstream brand electrowinning nickel was - 100 - 300 yuan/ton [7] - The precipitation in the main producing areas of the Philippines in the third quarter has limited impact, and shipments will remain at a high level. The approved quota of RKAB in Indonesia is as high as 310 million wet tons, with a strong expectation of increased nickel ore supply, and prices are under downward pressure, weakening the support at the ore end [7] - Due to the short - term high price of nickel ore, most Indonesian iron plants are still in a state of cost inversion. The NPI price continued to rise, with an average of 919 yuan/nickel point on the 11th. Large stainless steel enterprises are still waiting and have limited acceptance of high - priced raw materials [7] - Nickel salt prices rebounded due to the rigid replenishment of precursors and low inventories of nickel salt plants. On the 11th, it continued to rise by 10 to 27,450 yuan/ton [7] 2. Industry News - Indonesia's National Investment Management Agency Danantara is exploring investment opportunities in the nickel downstream industry and considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan [8][10] - Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [9] - A research team in Turkey developed a TOPCon solar cell using nickel contact with almost no silver, which can significantly reduce production costs while maintaining high performance [9] - Renewable energy storage company Apatura obtained planning permission for a 100 - MW battery energy storage system project in Scotland, increasing its approved total energy storage capacity to over 1.6 GW [9]

Group 1: Report Overview - Report type: Nickel Daily Report [1] - Date: August 7, 2025 [2] - Research team: Nonferrous Metals Research Team [3] Group 2: Market Review and Operation Suggestions - Nickel price trend: On the 6th, Shanghai nickel continued to rise slightly, with the main contract 2509 closing up 0.22% at 121,070. The total open interest of the index decreased by 1,386 to 189,989 lots [7] - Market consumption: The overall consumption is still weak, the trading among traders is not active, the average premium of Jinchuan No. 1 nickel remains flat at 2,250 yuan/ton, and the spot premium range of domestic mainstream brands of electrowinning nickel is -100 - 300 yuan/ton [7] - Supply and price of nickel ore: The supply of nickel ore in the Philippines and Indonesia is expected to be loose in the future, and the price is under further downward pressure, with the support from the ore end weakening [7] - NPI price: The NPI price continued to rise, with an average of 918 yuan/nickel point on the 6th. Large stainless - steel enterprises are still waiting and have limited acceptance of high - priced raw materials [7] - Nickel salt price: Nickel salt prices are repaired at a low level, and there may be a slight boost in the short term [7] - Market outlook: The current macro - sentiment supports the nickel price to be strong, the industrial chain prices have recovered, but the oversupply pressure remains. After the sentiment fades, the price is likely to continue to be under pressure [7] Group 3: Industry News - Investment in Indonesia's nickel downstream industry: Indonesia's Danantara is exploring investment opportunities in the nickel downstream industry and considering acquiring the GNI smelter. It plans to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan [8][10] - Battery energy storage system in Bulgaria: Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [10] - Innovation in solar cells: A research team has developed a TOPCon solar cell using nickel contact with significantly reduced silver usage while maintaining high efficiency, which is expected to reduce production costs [10] - Battery energy storage project in the UK: Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, with the approved total storage capacity exceeding 1.6 GW [10]

Report Information - Report Name: Nickel Daily Report [1] - Date: August 6, 2025 [2] - Research Team: Nonferrous Metals Research Team [3] - Researchers: Yu Feifei, Zhang Ping, Peng Jinglin [3] Investment Rating - No investment rating information is provided in the report. Core View - The macro - warm atmosphere supports the nickel price to be strong, and the prices in the industrial chain have rebounded. However, the oversupply pressure remains, and the price will still be under pressure after the macro - sentiment fades. It may continue to test the cost support [7]. Summary by Directory 1. Market Review and Operation Suggestions - On the 5th, Shanghai nickel fluctuated strongly. The main contract 2509 closed up 0.83% at 120,910. The total open interest of the index decreased by 5,588 to 191,375 lots. The average premium of Jinchuan No.1 nickel decreased by 100 to 2,250 yuan/ton compared with the previous day. The quoted range of spot premium and discount of domestic mainstream brands of electrowinning nickel was - 100 - 300 yuan/ton [7]. - The supply of nickel ore in the Philippines and Indonesia is expected to be loose in the future, and the price has further downward pressure, with the support from the ore end weakening. The price of NPI continued to rise, with an average of 916 yuan/nickel point on the 5th. But the nickel ore price is still high in the short - term, and most Indonesian iron plants are still in a state of cost inversion. Due to the low spot market of stainless steel despite the price recovery, the traditional off - season consumption and high inventory limit the acceptance of high raw material prices, so the upward trend of NPI may not last long [7]. - The price of nickel salt has recovered from the low level due to the rigid replenishment of precursors and the low inventory of nickel salt plants, but the recovery space may be limited. The macro - environment has not yet substantially boosted the demand. The nickel industry does not directly benefit from the anti - involution logic. Attention should be paid to whether there are production - cut policies in the stainless steel industry. The nickel market is difficult to have substantial improvement in the short term [7]. 2. Industry News - Indonesia's National Investment Management Agency Danantara is exploring investment opportunities in the downstream nickel industry. It is considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter in Central Sulawesi. The acquisition plan is still in the evaluation stage, and the state - owned mining holding company Mind ID is likely to be the main partner. Danantara expects to prepare an investment plan of over $20 billion and provide about $60 million in medium - term financing through a syndicated loan to help GNI relieve liquidity pressure [8][10]. - Bulgaria officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh. This is the first step towards the goal of deploying 10,000 MWh of battery energy storage capacity within a year [10]. - A research team in Turkey developed a TOPCon solar cell using nickel (Ni) contact with almost no silver (Ag). It significantly reduces the silver usage from 13 - 20 mg/W to below 0.5 mg/W while maintaining almost the same efficiency, which is expected to reduce production costs and improve sustainability and scalability [10]. - Renewable energy storage company Apatura obtained planning permission for a 100 - MW battery energy storage system (BESS) project in North Ayrshire, Scotland. This is the tenth approved project in the past 17 months, with the total approved storage capacity exceeding 1.6 GW [10].

Report Overview - Report Title: Nickel Daily Report - Date: August 5, 2025 - Research Team: Non-ferrous Metals Research Team of CCB Futures 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The nickel market remains in an oversupply situation. After the cooling of macro sentiment, nickel prices will return to the oversupply trading logic and continue to test cost support. Although nickel prices may have a phased rebound under emotional support, the upside is still under pressure [7]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - On the 4th, Shanghai nickel fluctuated strongly. The main contract opened lower and then continued to rise, closing at 120,630, up 0.54%. The total open interest of the index increased by 2,996 to 196,963 lots [7]. - The supply of nickel ore in the Philippines and Indonesia is expected to be loose, and the price has further downward pressure, weakening the support at the ore end. In the NPI sector, the short - term price of nickel ore is still high, and most Indonesian iron plants are still in a state of cost inversion. Although the nickel - iron price has recovered recently, the sustainability is not strong. The stainless - steel market is still sluggish, and the acceptance of high - priced raw materials is limited. It is expected that the NPI price will mainly operate at the bottom [7]. - The nickel - salt price has recovered due to the rigid replenishment of precursors and the low inventory of nickel - salt plants, but the recovery space may be limited. The macro has not yet substantially boosted demand, and the nickel industry does not directly benefit from the anti - involution logic. It is necessary to pay attention to whether there are production - cut policies in the stainless - steel industry. The nickel market is difficult to have substantial improvement in the short term [7]. 3.2 Industry News - Indonesia's national investment management agency Danantara is exploring investment opportunities in the nickel downstream industry. It is considering acquiring the PT Gunbuster Nickel Industry (GNI) smelter in Central Sulawesi. The acquisition plan is still in the evaluation stage, and the state - owned mining holding company Mind ID is likely to be the main partner. Danantara expects to prepare an investment plan of more than $20 billion and provide about $60 million in medium - term financing through a syndicated loan [8][10]. - Bulgaria has officially launched the largest operating battery energy storage system in the EU, with a capacity of 124 MW/496.2 MWh [10]. - A research team in Turkey has developed a TOPCon solar cell using nickel contact with almost no silver, which can significantly reduce production costs and improve sustainability and scalability [10]. - Renewable energy storage company Apatura has obtained planning permission for a 100 - MW battery energy storage system project in Scotland, which will help Scotland achieve its net - zero emissions and renewable - energy consumption goals [10].

镍&不锈钢：产业链整体较为疲软 南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 管城瀚 从业资格证号：F0313867 投资咨询业务资格:证监许可【2011】1290号 沪镍区间预测 沪镍管理策略 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | | 套保比例 策略等级（满 分5） | | --- | --- | --- | --- | --- | --- | --- | | 库存 管理 | 产品销售价格下跌，库存有减 值风险 | 根据库存水平做空沪镍期货来锁定利 润，对冲现货下跌风险 | 沪镍主力合约 | 卖出 | 60% | 2 | | | | 卖出看涨期权 | 场外/场内期权 | 卖出 | 50% | 2 | | 采购 | 公司未来有生产采购需求，担 | 根据生产计划买入沪镍远期合约，盘面 提前采购锁定生产成本 卖出看跌期权 | 远月沪镍合约 场内/场外期权 | 买入 卖出 | 依据采购 计划 依据采购 | 3 1 | | 管理 | 心原料价格上涨 | | | | 计划 | | | | | 买入虚值看涨期权 | 场内/场外期权 | 买入 | 依据采购 计划 ...

Report Industry Investment Rating - Not provided Core Viewpoints - Nickel and stainless steel may continue to fluctuate widely in the short term. The audit event of Indonesia's Tsingshan Industrial Park may affect the production of nickel intermediates and stainless steel. The support of ore prices still exists, but there is a certain deviation between the short - term nickel ore and the market trend. The nickel - iron price is still falling, and the demand in the stainless steel market is weak during the off - season. The demand for nickel salts in the new energy chain recovers slowly. Attention should be paid to spot transactions and macro news [1][4][5] Summary by Relevant Contents 1. Price and Management Strategy - **Price Forecast**: The predicted price range of Shanghai nickel is 115,000 - 124,000 yuan/ton, with a current volatility of 15.17% and a historical percentile of 3.2% [3] - **Inventory Management Strategy**: When product sales prices fall and inventory has depreciation risks, short Shanghai nickel futures (60% ratio) and sell call options (50% ratio) to lock in profits and hedge against spot price drops [3] - **Procurement Management Strategy**: When the company has future production procurement needs and is worried about rising raw material prices, buy long - term Shanghai nickel contracts and sell put options according to the production plan, and also buy out - of - the - money call options [3] 2. Market Situation - **Nickel Market**: Intraday, Shanghai nickel continued to fluctuate. The follow - up of the Indonesia audit event may affect production. The support of ore prices still exists, but there is a deviation between short - term nickel ore and the market trend. Nickel - iron prices are falling, with large profit pressure and weak procurement [4] - **Stainless Steel Market**: In the off - season, demand is weak. Spot sales are mainly through price concessions, and overall transactions are average [4] - **New Energy Chain**: The demand for nickel salts recovers slowly, maintaining a production - to - order situation [4] 3. Market Data - **Nickel Disk Data**: The latest price of Shanghai nickel main contract is 118,890 yuan/ton, with a 0% change. The LME nickel 3M price is 15,095 US dollars/ton, up 0.39%. The number of warehouse receipts decreased by 1.69% [6] - **Stainless Steel Disk Data**: The latest price of the stainless steel main contract is 12,575 yuan/ton, with a 0% change. The number of warehouse receipts decreased by 1.80% [7] - **Inventory Data**: Domestic social nickel inventory is 39,383 tons (up 8 tons), LME nickel inventory is 203,598 tons (down 522 tons), stainless steel social inventory is 1,000.6 tons (up 1.8 tons), and nickel pig iron inventory is 34,610 tons (up 3,148 tons) [8] 4. Market Influencing Factors - **Positive Factors**: Some stainless steel mills announced production cuts, the cost of nickel ore prices is supported, and the government's review of some enterprises in Indonesia's Morowali Park may affect production [5] - **Negative Factors**: Stainless steel enters the traditional off - season, inventory clearance is slow, the contradiction in the nickel - iron industry chain deepens, and the demand for precursors in the new energy chain is weak [5]

镍&不锈钢：持续底部磨底 南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 管城瀚 从业资格证号：F0313867 投资咨询业务资格:证监许可【2011】1290号 沪镍区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 11.7-12.6 | 15.17% | 3.2% | source： 南华研究,wind 沪镍管理策略 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | | 套保比例 策略等级（满 分5） | | --- | --- | --- | --- | --- | --- | --- | | 库存 | 产品销售价格下跌，库存有减 | 根据库存水平做空沪镍期货来锁定利 润，对冲现货下跌风险 | 沪镍主力合约 | 卖出 | 60% | 2 | | 管理 | 值风险 | 卖出看涨期权 | 场外/场内期权 | 卖出 | 50% | 2 | | 管理 | 心原料价格上涨 | 根据生产计划买入沪镍远期合约，盘面 | 远月沪镍合约 | 买入 | 依据采购 | 3 | | | | 提前采购锁 ...

镍&不锈钢：当前价格接近支撑线，基本面仍然承压 南华新能源&贵金属研究团队 夏莹莹 投资咨询证号：Z0016569 管城瀚 从业资格证号：F0313867 投资咨询业务资格:证监许可【2011】1290号 沪镍区间预测 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位 | | --- | --- | --- | | 11.7-12.6 | 15.17% | 3.2% | source： 南华研究,wind 沪镍管理策略 | 行为 导向 | 情景分析 | 策略推荐 | 套保工具 | 买卖方向 | | 套保比例 策略等级（满 分5） | | --- | --- | --- | --- | --- | --- | --- | | 库存 管理 | 产品销售价格下跌，库存有减 值风险 | 根据库存水平做空沪镍期货来锁定利 润，对冲现货下跌风险 | 沪镍主力合约 | 卖出 | 60% | 2 | | | | 卖出看涨期权 | 场外/场内期权 | 卖出 | 50% | 2 | | 采购 | 公司未来有生产采购需求，担 | 根据生产计划买入沪镍远期合约，盘面 提前采购锁定生产成本 | 远月沪镍合约 | ...

Report Summary - Report Title: Nickel & Stainless Steel: Correction Nearing End, May Resume Sideways Movement [1] - Research Team: Nanhua New Energy & Precious Metals Research Team [1] - Analysts: Xiayingying, Guanchenghan [1] Industry Investment Rating No industry investment rating information is provided in the report. Core Views - The intraday market continued a sideways and bullish trend. Fundamentally, the decline of ferronickel is nearing its end, but there is a lack of continuous upward momentum. Given the tariff situation, short - term trading is recommended. [3] Detailed Summaries Nickel Futures - The predicted price range of SHFE nickel is 118,000 - 128,000 yuan/ton, with the current volatility (20 - day rolling) at 32.75% and the historical percentile of the current volatility at 66.9%. [2] - Inventory management strategies include shorting SHFE nickel futures based on inventory levels to lock in profits and hedge against spot price declines, shorting call options, and buying far - month SHFE nickel contracts according to the production plan to lock in production costs. [2] - Procurement management strategies include shorting put options and buying out - of - the - money call options according to the procurement plan. [2] - The latest values and changes of SHFE nickel main - continuous, consecutive contracts, LME nickel 3M, trading volume, open interest, warrant quantity, and basis of the main contract are presented. [4][6] Stainless Steel Futures - The latest values and changes of stainless steel main - continuous, consecutive contracts, trading volume, open interest, warrant quantity, and basis of the main contract are presented. [7] Nickel Industry Inventory - The latest values and changes of domestic social inventory, LME nickel inventory, stainless steel social inventory, and nickel pig iron inventory are presented. [8] Other Data - There are also multiple charts showing trends of nickel and stainless steel futures prices, spot prices, production profit margins, and price premiums, etc. [10][12][14][16][19][21][22]

Core Viewpoint - The rising prices of ternary waste materials are driving a recovery in the battery recycling industry [1] Group 1: Price Trends - Ternary waste material prices have seen continuous increases, with price hikes ranging from hundreds to thousands of yuan [2] - As of March 28, the prices for scrapped ternary batteries have risen, with specific increases of 400 yuan/ton for square shell batteries and 550 yuan/ton for soft-pack batteries [2] - The price of scrapped ternary pole pieces has reached 46,000 - 48,150 yuan/ton, while ternary pole piece powder fluctuates between 52,400 - 54,900 yuan/ton, and ternary battery powder is priced at 32,850 - 35,250 yuan/ton [2] - Cobalt prices have increased by over 60% since mid-February, and nickel prices have risen by more than 5% in the first quarter of this year [2] Group 2: Market Reactions - Holders of ternary waste materials are generally reluctant to sell, anticipating further price increases for metal salts, leading to reduced actual circulation of ternary waste materials and exacerbating supply tightness [3] - Downstream recycling companies are cautious despite the potential for increased profit margins due to rising raw material prices, as rapid price fluctuations pose significant risks [3] - Some recycling companies prefer to consume existing inventory rather than procure new materials to mitigate uncertainties from price volatility [3] Group 3: Industry Outlook - The increase in waste material prices is beneficial for the battery recycling industry, allowing legitimate recycling companies to acquire waste at more reasonable prices and attract more used batteries into formal channels [3] - The battery recycling market requires deeper commercial model support, as issues related to sourcing, channels, scale, equipment, and technology still hinder the industry's development [4] - The potential for the battery recycling market is significant, especially with the anticipated wave of retired power batteries around 2027, but the industry is still in its early stages of growth [4] - Challenges such as technical standards, business models, and regulatory policies need to be addressed collaboratively to resolve existing issues in the battery recycling industry [4]