Nickel prices generally fluctuated and declined last week, closing at Yuan 115,590/tonne on December 12. Trading activity was relatively active during the price decline, although the structural oversupply in the nickel market remained unchanged. While refined nickel inventories saw a slight drawdown recently, primary nickel production in December is expected to increase month-on-month, sustaining the oversupply pressure. On the macro front, although the U.S. Federal Reserve's December interest rate cut materialized, subsequent hawkish remarks from officials tempered the market's earlier optimistic expectations for continued monetary easing, failing to provide sustained support for nickel prices.In the nickel ore segment, market activity was relatively muted last week, with prices holding steady overall.