2026 年 3 月 1 日 镍：印尼矿端现实跟进，三月警惕投机属性 不锈钢：矿端矛盾边际增加，成本支撑重心上移 张再宇 投资咨询从业资格号：Z0021479 zhangzaiyu@gtht.com 行情观点： 沪镍：印尼矿端现实跟进，三月警惕投机属性。印尼目前并行配额审批、违规开采罚款、环境治理等 多方面资源管理动作，盘面投机属性主导，持仓量高位仍在增加，盘面体现为"预期定方向，现实定弹 性"。虽然现实面镍仍然是高库存累库，或限制镍价的弹性，但是在边际上，矿端紧缺矛盾的预期逐步照 进现实，基于配额供应担忧，以及印尼季节性斋月，叠加菲律宾雨季难以回补，矿端偏紧的现实在 3 月难 有明显缓和，目前印尼镍矿明显上涨，1.6%品位镍矿总价 2 月同比/环比+23/+14 美金至 68 美金，个别成 交或更高，传导至一体化火法现金成本抬升至 13 万元/吨。在估值角度来看，若矿端矛盾在二季度至年中 降温，或出现年中至三季度湿法投产进度取代火法边际成本的逻辑，不过，短线边际成本仍然是一体化火 法路径，而且在 3 月印尼补充配额和菲律宾供应释放故事无法确定的阶段，交易面仍然是以现实矿端矛盾 为主，而且边际成本上移或增加区 ...

成本抬升支撑镍价偏强 震荡 镍周报 2026/02/28 刘显杰（联系人） 0755-23375125 liuxianjie@wkqh.cn 交易咨询号：Z0015924 从业资格号：F03130746 吴坤金（有色金属组） 从业资格号：F3036210 CONTENTS 目录 01 周度评估及策略推荐 04 精炼镍 02 期现市场 周度评估及策略推荐 ◆ 资源端：本周菲律宾镍矿受春节假期与雨季双重影响，交易清淡、供应受限，叠加矿价偏高与冶炼厂节前备库充足，需求整体疲软。印尼镍矿 市场聚焦 RKAB 开采配额审批，配额大幅收紧致冶炼厂缺矿压力凸显，叠加雨季与斋月临近扰动生产，供应增量受限。尽管印尼内贸基准价格 小幅回落，但多重供应约束支撑国内升水趋强，整体价格偏强格局未改。 ◆ 镍铁：本周高镍生铁价格维持强势，周五SMM10-12%高镍生铁均价上涨至1085元/镍点（出厂含税），主要受上游挺价推动。供应端方面，上游 厂商报价依旧维持坚挺，价格支撑较强。需求端，下游刚需采购有所释放，高镍生铁成交量环比回升，带动市场价格重心上移。整体来看，上 下游博弈仍在延续，但在刚需成交的支撑下，高镍生铁价格继续走强。 ◆ 中 ...

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 铜： （展大鹏，从业资格号：F3013795；交易咨询资格号：Z0013582） 隔夜内外铜价震荡偏强，国内精炼铜现货进口窗口一度打开。宏观方面，特朗普政府10%全球关税周二 即将征收，税率是否进一步升至15%待定，但美国政府不确定性关税行为加剧了全球经济的不确定性。 国内方面，中国商务部回应美国关税调整，将适时决定调整针对美方原芬太尼关税和对等关税的反制措 施。库存方面，LME铜库存增加1350吨至243175吨，值得注意的是假期期间LME美洲仓库大量涌入， 或因Comex-LME价差大幅收窄所致；Comex铜库存增加1024吨至545736吨；SMM周二统计节假日期间 全国主流地区境内社会库存增加超15万吨至50.85万吨，关注后续累库情况。需求方面，关注节后开工 情况。短期铜价面临高位宽幅震荡，不排除宏观情绪退潮与库存压力共振带来的二次回调风险。但驱动 铜价上行的核心逻辑——全球铜矿资本开支不足导致的供给缺口，以及新能源、AI算力基础设施的需 求增量，并未发生根本性转变，因此节后若铜价因宏观与基本面现实趋弱出现短期深度回调，将是布局 中长 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For the nickel market, due to continuous fermentation of the Indonesian nickel mine event, nickel prices are in high - level oscillations. Near the Spring Festival, prices are expected to fluctuate, and interval operations are recommended. If the price drops significantly, consider buying on dips [2][3][4] - For the stainless - steel market, influenced by the cost support from nickel and factors such as pre - holiday capital withdrawal and stagnant spot trading, prices are also expected to fluctuate near the Spring Festival. Interval operations are recommended, and buying on dips can be considered when the price drops substantially [4][5] 3. Summary by Relevant Catalogs Nickel Variety Market Analysis - **Futures**: On February 12, 2026, the main contract of Shanghai nickel 2601 opened at 139,960 yuan/ton and closed at 139,610 yuan/ton, a change of 1.79% from the previous trading day's closing. The trading volume was 433,838 (-84,787) lots, and the open interest was 70,629 (-5,811) lots. The main contract of Shanghai nickel rose with a reduction in positions and closed up. Driven by the significant reduction of the Indonesian nickel mine quota policy, the price rebounded strongly, but near the Spring Festival, funds and trading were cautious. On February 11, the Indonesian government planned to significantly cut the production quota of the world's largest nickel mine, Weda Bay Nickel. Its ore production quota this year dropped from 42 million tons to 12 million tons, a decrease of up to 71%, far exceeding market expectations [2] - **Nickel Mines**: The RKAB quota of Indonesian nickel mines in 2026 is between 260 million and 270 million tons. With a large - scale mine's quota reduced by over 70%, the premium of Indonesian nickel mines continued to rise, driving up the nickel - iron quotation. The supply of nickel mines was tight, and the premium of some large - island Indonesian nickel mines rose to 32 - 35 US dollars/wet ton, strongly supporting the bottom price of nickel - iron. In January, the nickel - iron production in Indonesia decreased significantly due to raw - material shortages and pre - holiday centralized maintenance of some projects. It is expected that the production will continue to decline in February. Currently, the quotes of high - nickel pig iron from suppliers are mainly concentrated around 1,060 - 1,070 yuan/nickel (including tax at the hatch bottom), and the market quotes tend to rise [3] - **Spot**: The sales price of Jinchuan Group in the Shanghai market was 149,800 yuan/ton, a rise of 3,100 yuan/ton from the previous trading day. The spot market basically entered the vacation state, and spot transactions were suspended. The spot premiums and discounts of various refined - nickel brands mostly remained stable. Among them, the premium of Jinchuan nickel changed by - 750 yuan/ton to 8,750 yuan/ton, the premium of imported nickel changed by 0 yuan/ton to - 50 yuan/ton, and the premium of nickel beans was 2,450 yuan/ton. The previous trading day's Shanghai nickel warehouse receipt volume was 52,027 (0) tons, and the LME nickel inventory was 286,386 (636) tons [3] Strategy - Near the Spring Festival holiday, prices are expected to fluctuate. It is recommended to conduct interval operations. However, due to the continuous fermentation of nickel - ore supply interference, there is a certain support at the cost end. If the price drops significantly, consider buying on dips. Unilateral: mainly conduct interval operations; Cross - period: None; Cross - variety: None; Futures - spot: None; Options: None [4] Stainless - Steel Variety Market Analysis - **Futures**: On February 12, 2026, the main contract of stainless steel 2604 opened at 14,190 yuan/ton and closed at 13,970 yuan/ton. The trading volume was 115,890 (+3,307) lots, and the open interest was 100,602 (-4,171) lots. The main contract of stainless steel opened high and closed low, fluctuating and closing down. Supported by the cost of Shanghai nickel but suppressed by pre - holiday capital withdrawal and stagnant spot trading, its overall performance was weaker than that of Shanghai nickel. Near the Spring Festival, downstream processing enterprises basically stopped work, spot - market transactions were suspended, and traders gradually took holidays. Stainless - steel social inventories entered the seasonal accumulation stage, and supply pressure gradually emerged [4][5] - **Spot**: Spot trading was basically suspended, and market quotes remained stable. The stainless - steel price in the Wuxi market was 14,100 (+0) yuan/ton, and that in the Foshan market was 14,050 (+0) yuan/ton. The premium and discount of 304/2B were 90 to 290 yuan/ton. According to SMM data, the ex - factory tax - included average price of high - nickel pig iron changed by 8.50 yuan/nickel point to 1,051.5 yuan/nickel point [5] Strategy - Near the Spring Festival holiday, prices are expected to fluctuate. It is recommended to conduct interval operations. However, due to the continuous fermentation of nickel - ore supply interference, there is a certain support at the cost end. If the price drops significantly, consider buying on dips. Unilateral: mainly conduct interval operations; Cross - period: None; Cross - variety: None; Futures - spot: None; Options: None [5] Figures - There are 14 figures in the report, including LME closing price and spot price, Shanghai nickel main - contract closing price and SMM spot price, refined - nickel import profit and loss, Shanghai nickel warehouse receipts, LME nickel registered warehouse receipts, SMM nickel six - region total inventory, red - soil nickel - ore mainstream quotes, Chinese mainstream nickel - iron prices, Chinese mainstream imported chrome - ore prices, main - producing - area high - carbon ferrochrome prices, Foshan stainless - steel coil prices, 304/2B cold - rolled stainless - steel coil prices, 304 stainless - steel mainstream production profit margins, and stainless - steel total inventory. The data sources mainly include SMM and Mysteel [6][7][8]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoint The nickel price has recently shown a volatile consolidation pattern, with the fundamentals continuing the game between strong expectations and weak reality. Although the market expects a significant contraction in Indonesian nickel supply due to quota reduction, the previous increase in nickel price has led to a short - term increase in supply and continuous accumulation of domestic inventory. In the future, the nickel fundamentals still have a repair expectation. The raw material ore price has risen significantly, and the rainy - season disturbances and the delay of the MOMS system review still restrict the supply. The nickel ore premium may increase further, and the cost support of the nickel industry chain is strong, which is expected to provide bottom - line resilience for the price [3][4]. 3. Summary by Directory 3.1 Market Performance - **Futures**: Last week, the Shanghai nickel main contract opened at 138,000 yuan/ton, closed at 131,840 yuan/ton, with a weekly high of 141,100 yuan/ton and a low of 129,300 yuan/ton, down 5.83% for the week. The stainless - steel main contract opened at 14,100 yuan/ton, closed at 13,670 yuan/ton, with a weekly high of 14,115 yuan/ton and a low of 13,420 yuan/ton, down 3.32% for the week [9][79]. - **Spot**: As of February 9, the electrolytic nickel spot price decreased by 750 yuan/ton to 139,450 yuan/ton, a 0.53% week - on - week decrease; the Jinchuan nickel price decreased by 500 yuan/ton to 144,150 yuan/ton, a 0.35% week - on - week decrease; the imported nickel price decreased by 1,250 yuan/ton to 134,600 yuan/ton, a 0.92% week - on - week decrease. The 304/2B coil - rough edge Wuxi quotation decreased by 200 yuan/ton to 14,100 yuan/ton [16][79]. - **Import and Export**: As of February 6, the LME nickel price decreased by 320 US dollars/ton to 17,235 US dollars/ton, a 1.82% week - on - week decrease. The electrolytic nickel import profit and loss decreased by 69.9 yuan/ton to - 476.27 yuan/ton, and the electrolytic nickel export profit and loss increased by 265.28 US dollars/ton to - 1,178.88 US dollars/ton [21]. 3.2 Raw Materials - Nickel Ore - **Price**: As of February 9, the CIF prices of 0.9%, 1.5%, and 1.8% Philippine laterite nickel ore were 30, 64.5, and 78.5 US dollars/wet ton respectively, with week - on - week changes of +0, +5, +0. The ex - factory prices of Indonesian Ni1.2% and Ni1.6% domestic trade nickel ore were 22 and 60.9 US dollars/wet ton respectively, with week - on - week increases of +0.5 and +5.9 [34]. - **Supply**: The Philippine nickel ore output is usually at a very low level at the beginning of the year. The Surigao and Homonhon mining areas are in the rainy - season peak, while Palawan and Zambales are in the dry season and are the main sources of export supply. Some Indonesian mining areas are still affected by rainfall, and the production and circulation efficiency is low. The supply - side increment is limited due to the RKAB quota reduction expectation and the review of the forestry working group [34][4]. - **Inventory**: As of February 6, the nickel ore port inventory decreased by 230,000 tons to 6.83 million wet tons, a 3.26% week - on - week decrease [37]. 3.3 Intermediate Products - **Production**: As of January 2026, the Indonesian MHP production increased by 0.3 to 42,000 nickel tons, a 7.69% month - on - month increase; the Indonesian ice - nickel metal production in January 2026 was 41,500 tons, a 4.06% month - on - month increase and a 31.05% year - on - year increase [42]. - **Price**: As of February 9, the MHP FOB price decreased by 1,234 US dollars/ton to 14,870 US dollars/ton, a 7.66% week - on - week decrease; the high - grade nickel matte FOB price decreased by 1,270 US dollars/ton to 15,362 US dollars/ton, a 7.64% week - on - week decrease [42]. 3.4 Refined Nickel - **Production**: As of January 2026, China's electrolytic nickel monthly production increased by 6,300 tons to 37,700 tons, a 20.06% month - on - month increase and a 25.54% year - on - year increase [46]. - **Inventory**: As of February 6, the SHFE nickel warehouse receipts increased by 4,398 tons to 51,300 tons, a 9.38% week - on - week increase; the LME nickel warehouse receipts decreased by 1,002 tons to 285,300 tons, a 0.35% week - on - week decrease. The pure nickel social inventory increased by 2,582 tons to 73,200 tons, a 3.65% week - on - week increase [51]. 3.5 Nickel Sulfate - **Production**: As of January 2026, China's nickel sulfate monthly production decreased by 1,414 tons to 33,600 nickel tons, a 4.04% month - on - month decrease [63]. - **Demand**: Before the Spring Festival, the downstream precursor and battery factory stocking was basically completed, with only rigid - demand restocking. The high - nickel ternary production scheduling slowed down seasonally, and the trading was light [63]. 3.6 Ferronickel - **Production**: As of January 2026, the national ferronickel production (metal content) increased by 2,000 tons to 23,200 tons, a 9.47% month - on - month increase; the Indonesian ferronickel production decreased by 9,200 tons to 132,100 nickel tons, a 6.51% month - on - month decrease [73]. - **Cost**: Last week, the ferronickel cost pressure intensified, and the profit space significantly narrowed. The high cost was difficult to be passed on to the downstream due to weak demand [75]. 3.7 Stainless Steel - **Production**: As of January 2026, China's stainless - steel crude - steel production increased by 165,500 tons to 3.426 million tons, a 5.08% month - on - month increase and a 24.83% year - on - year increase. It is expected that the production scheduling in February 2026 will be 2.651 million tons, a 22.62% month - on - month decrease and a 12.49% year - on - year decrease [82]. - **Inventory**: As of February 6, the stainless - steel social inventory increased by 12,300 tons to 964,900 tons, a 1.29% week - on - week increase. The stainless - steel warehouse receipt quantity increased by 9,705 tons to 53,500 tons, a 22.18% week - on - week increase [85]. - **Cost**: As of February 9, the production cost of Chinese 304 cold - rolled stainless steel decreased by 141 yuan/ton to 13,696 yuan/ton, a 1.02% week - on - week decrease [88].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The significant reduction in Indonesia's nickel mining quota has reversed the market's expectation of a "continuous surplus" in 2026, leading to supply - tightening pricing and a sharp rise in nickel prices. The continuous upward trend in the nickel ore market also supports the increase in nickel prices. For stainless steel, it is a passive follow - up rise driven by cost, with weak fundamentals [1][2][3][4] - Near the Spring Festival holiday, both nickel and stainless steel prices are expected to show a volatile trend. It is recommended to conduct range - bound operations. If the price correction is large, consider buying at low prices due to the continuous fermentation of nickel ore supply interference and cost - side support [3][4] Summary of Each Section Nickel Variety Market Analysis - **Futures**: On February 11, 2026, the main contract of Shanghai nickel 2603 opened at 133,350 yuan/ton and closed at 139,360 yuan/ton, a change of 4.02% from the previous trading day's close. The trading volume was 518,625 (+237,189) lots, and the open interest was 76,440 (-3,802) lots. The main contract showed a strong unilateral upward trend, breaking through the key pressure level of 140,000. The reduction of Indonesia's nickel mining quota was the main reason for the price increase [1] - **Nickel Ore**: Indonesia's 2026 nickel ore RKAB quota is 2.6 - 2.7 billion tons, a significant reduction of about 30% compared to 3.79 billion tons in 2025. The reduction of a large - scale mine's quota by over 70% has led to an increase in nickel ore premiums. The supply of nickel ore is tight, and the bottom price of ferronickel is strongly supported. In January, the ferronickel production in Indonesia decreased significantly, and it is expected to continue to decline in February [1][2] - **Spot**: Jinchuan Group's Shanghai market sales price was 146,700 yuan/ton, a rise of 3,900 yuan/ton from the previous trading day. Spot trading was light, and the spot premiums of refined nickel brands were mostly stable. The previous trading day's Shanghai nickel warehouse receipt volume was 52,027 (-12) tons, and the LME nickel inventory was 285,750 (0) tons [2] Strategy - Near the Spring Festival holiday, it is recommended to conduct range - bound operations. If the price correction is large, consider buying at low prices [3] Stainless Steel Variety Market Analysis - **Futures**: On February 11, 2026, the main contract of stainless steel 2604 opened at 13,735 yuan/ton and closed at 14,145 yuan/ton. The trading volume was 112,583 (+50,518) lots, and the open interest was 100,625 (-4,171) lots. It showed an oscillating and slightly stronger trend, following the rebound of Shanghai nickel, but overall weaker than nickel, being a passive follow - up rise driven by cost [3] - **Spot**: Spot trading basically stopped, and market quotes remained stable. The stainless steel price in Wuxi market was 14,100 (+0) yuan/ton, and in Foshan market was 14,050 (+0) yuan/ton. The 304/2B premium was 160 to 360 yuan/ton. The ex - factory tax - included average price of high - nickel pig iron changed by 2.00 yuan/nickel point to 1,043.0 yuan/nickel point [4] Strategy - Near the Spring Festival holiday, it is recommended to conduct range - bound operations. If the price correction is large, consider buying at low prices [4]

Group 1 - The core viewpoint of the article is that Indonesia's nickel mining policy significantly impacts global nickel prices, with recent announcements leading to a notable increase in nickel prices on the Shanghai Futures Exchange (SHFE) [1][3][23] - Indonesia's Ministry of Energy and Mineral Resources announced a nickel mining production target of 260 to 270 million tons for 2026, with major mines like Weda Bay Nickel receiving a reduced approval rate of only 30% [1][3][10] - The tightening of supply due to policy changes has led to a significant price increase, with the SHFE nickel futures contract reaching a high of 140,230 and closing at 139,360, marking a daily increase of 4.51% [1][3][23] Group 2 - The article discusses the synergistic support for nickel prices from both endogenous and exogenous factors, suggesting that the current market conditions do not warrant a bearish outlook on nickel prices [2][11] - Exogenous factors include the strengthening of nickel's financial attributes and its strategic metal positioning, while endogenous factors highlight structural shortages in the spot market and rising industry costs that limit price declines [2][11] - The overall expectation is that the main price range for SHFE nickel will stabilize between 135,000 and 140,000, with potential catalysts from future policy adjustments [2][23] Group 3 - Historical analysis indicates that Indonesia's nickel mining policies have been inconsistent, often leading to significant fluctuations in market expectations and prices [5][6] - The article emphasizes the importance of monitoring upcoming policy revisions and quota distributions, particularly in February and March, as well as the mid-year review of the RKAB [24] - The supply-demand balance for nickel is projected to face challenges, with potential shortfalls if the government implements strict policies too quickly [8][10]

Investment Rating - The industry investment rating is maintained at "Overweight" [5] Core Insights - The nickel market is experiencing a significant structural differentiation in supply and demand, with supply elasticity narrowing and demand showing clear divergence [6][7] - Indonesia, as the largest nickel supplier, has implemented policies to reduce mining quotas and increase resource taxes, which is expected to raise nickel prices [8] - The overall nickel market is characterized by tight supply and differentiated demand, providing strong support for price trends before the holiday season [7] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of 88.96% and an absolute return of 109.79% [3] Supply and Demand Dynamics - Global nickel supply is in a tight balance due to reduced elasticity, with Indonesia's export quota approval delays and seasonal weather impacts in the Philippines affecting mining operations [7] - Demand from the new energy sector is strong, driven by high operating rates in precursor enterprises, while traditional stainless steel demand is cautious due to seasonal consumption and profit pressures [7] Policy Impact - Indonesia's recent policies include a significant reduction in annual mining quotas from 379 million tons in 2025 to 260-270 million tons in 2026, a decrease of over 30% [8] - The introduction of a floating royalty rate linked to LME nickel prices has increased mining costs for companies [8] Investment Recommendations - The report suggests a continued positive outlook for the nickel sector, highlighting companies such as Zhongwei New Materials, Greenmei, and Weiming Environmental Protection as key investment opportunities [9]

Core Viewpoint - The Indonesian Ministry of Energy and Mineral Resources has approved a nickel ore production quota between 260 million tons and 270 million tons, significantly lower than last year's target of 379 million tons, leading to market fluctuations in nickel prices [3][6]. Group 1: Production Quota and Market Impact - The approved nickel ore production quota is between 260 million tons and 270 million tons, a substantial decrease from the previous year's target of 379 million tons [3][6]. - Following this announcement, nickel prices on the London Metal Exchange surged, which also influenced domestic nickel prices in China, with Shanghai nickel experiencing a daily increase of over 4% [3][6]. Group 2: Supply and Demand Dynamics - Nickel ore premiums have strengthened, and nickel iron prices are fluctuating at high levels. SMM data indicates a decline in the inventory index for Indonesian nickel ore, attributed to monitoring system delays and new project launches [3][6]. - There are concerns about tight resource supply due to the tightening of Indonesian quotas, which is expected to elevate boundary cost support [3][6]. - Demand has shown signs of weakening, particularly due to inventory accumulation in stainless steel ahead of the February Spring Festival, while supply-side maintenance is prevalent [3][6]. Group 3: Price Support and Market Sentiment - Despite a temporary weakening in demand, cost support remains robust, suggesting that nickel prices will continue to have strong support near the cost line [3][6]. - Current nickel prices lack the fundamental support to establish an independent market trend, indicating the need to monitor market sentiment and external influences [3][6]. - With the upcoming Spring Festival, the impact of Indonesian news on market fluctuations is expected to remain significant, leading to a recommendation for light positions during the holiday [3][6].

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company ANTAM TBK Core Insights - In Q4 2025, ANTAM's nickel pig iron production decreased by 35% quarter-on-quarter to 2,755 tons, and sales fell by 3% to 2,346 tons, marking a year-on-year decline of 43% and 70% respectively [1] - Nickel ore production increased by 3% quarter-on-quarter to 3.56 million wet tons, with sales rising by 9% to 3.35 million wet tons, reflecting a year-on-year growth of 35% and 27% respectively [2] - Gold production reached 153 kilograms, a 1% increase quarter-on-quarter but a 44% decrease year-on-year, while sales dropped by 31% quarter-on-quarter and 78% year-on-year to 3,331 kilograms [3] - Silver production fell by 11% quarter-on-quarter to 888 kilograms, with sales increasing by 41% quarter-on-quarter to 2,521 kilograms, showing a year-on-year growth of 37% [4] - Bauxite production decreased by 45% quarter-on-quarter to 514,374 wet tons, while sales surged by 914% quarter-on-quarter to 785,972 wet tons, with a year-on-year increase of 23% [4] - Alumina production rose by 6% quarter-on-quarter to 47,465 tons, with sales also increasing [5][6] Summary by Sections Nickel Business - ANTAM's nickel pig iron production and sales saw significant declines in Q4 2025, while nickel ore production and sales experienced growth [1][2] Gold Business - The gold segment faced challenges with production and sales declining significantly year-on-year, despite a slight quarter-on-quarter increase in production [3] Silver Business - Silver production decreased, but sales showed a positive trend quarter-on-quarter and year-on-year [4] Bauxite and Alumina - Bauxite production saw a sharp decline, but sales increased dramatically, while alumina production and sales showed moderate growth [4][5][6] Strategic Initiatives - ANTAM is focusing on downstream integration to enhance value, including the construction of a gold processing plant and participation in the electric vehicle battery ecosystem in Indonesia [8][9]