Among them, nickel, industry insiders believe that with the gradual release of Indonesian nickel pig iron supply pressure, domestic stainless steel high inventory pressure, will be a drag on nickel prices in the short term. However, the trend of nickel prices in the later stage should not be pessimistic, but there are supply concerns. Zhou Lei of Cinda Futures believes that with the dust settling down in the event of an early ban on mines in Indonesia, there will be significant changes in the supply and demand structure of nickel mines in the future. While Philippine nickel miners are likely to increase output next year, their supplies are not comparable to Indonesia’s higher-grade ore. Moreover, several high-grade mines in the Philippines are facing the pressure of resource depletion. It is worth noting that the recent decline in the sea freight of nickel mines from high levels may weaken the price increase of nickel mines. But there will be a traditional rainy season in Suriname, the Philippines, which means nickel supply remains a concern and higher nickel prices will continue the logic of rising costs. Zhou Lei believes that the subsequent rise in nickel prices is still supported by low inventories and rising costs, but the short-term nickel price is already relatively high and needs to be fully adjusted before it can be driven by the rise. Moreover, the weak fundamentals of the middle and long term in the fourth quarter have not improved, high stainless steel inventory and nickel pig iron investment and other factors will aggravate the market turmoil, nickel price above the space is limited.