The nickel ore market was calm and nickel ore prices were stable. In Indonesia, the benchmark price for transactions in December (Period II) is expected to decline by US $0.11-0.18/wmt. Regarding premiums, the mainstream level moved to US $25/wmt, generally within a range of US $25 to $26/wmt. Overall, nickel ore prices are still projected to experience a further decline.Yesterday, SHFE nickel prices trended weaker. Spot transactions for refined nickel were generally active overall. Supported by Jinchuan's firm ex-factory prices, premiums for its resources rose again, while premiums and discounts for other major brands remained largely stable. Although the supply surplus narrowed somewhat following production cuts by nickel enterprises in the fourth quarter, supply pressure remained substantial, with refined nickel inventories both domestically and overseas continuing to accumulate.