The nickel ore market remained quiet, with prices operating steadily. The Indonesian government recently disclosed the 2026 RKAB quota at 319 million tons, though the actual impact remains subject to policy adjustments next year.In the spot market, premiums/discounts for mainstream brands of refined nickel were largely stable. Jinchuan spot resources maintained high premiums, while those from Huayou, GEM, and Bofeng also held steady overall. Market inquiries showed some improvement during the day, with downstream users procuring based on demand at lower price levels, leading to a slight recovery in overall trading activity compared to previous days. However, a wait-and-see sentiment persisted, and transactions were mostly concentrated on lower-priced resources. Recently, due to the more favorable profit margin for nickel sulfate compared to refined nickel, some Chinese refined nickel producers have reduced refined nickel output and shifted capacity toward nickel sulfate production.