Last week, nickel prices showed a volatile but relatively strong trend. Strong cost-side support was the most critical sustaining factor for nickel prices. Due to the reduction in Indonesia's nickel ore RKAB quotas, nickel ore prices remained persistently firm. Additionally, production halts at some Indonesian hydrometallurgical projects due to accidents added to the instability of medium-term raw material supply to some extent. For nickel ore, Ramadan in Indonesia is nearing its end, and quotas are expected to be released. However, against the backdrop of tightening, the volume released is still expected to remain tight, with nickel ore continuing to provide price support. Currently, mainstream premiums in the Indonesian market remain around US $35-40/wmt, while hydrometallurgical ore prices increased by US $2-3/wmt, reflecting tight nickel ore supply in the market.In the refined nickel segment, market transactions were subdued, with spot premiums/discounts weakening slightly.