Last week, nickel prices fluctuated downward, with the SHFE nickel contract closing at Yuan 133,990/tonne on Friday (April 3). On the macro front, Donald Trump stated that the U.S. would launch more aggressive attacks against Iran, reigniting market concerns over stagflation. However, as nickel prices remained relatively resilient and market anxieties did not worsen persistently, the range of nickel price fluctuations narrowed. Concerns over Indonesia's windfall profit tax gradually eased, and the overall news flow leaned bearish.In terms of nickel ore, Indonesia's Ramadan period has ended. Indonesian authorities indicated that approximately 160 million tonnes of RKAB quotas had been approved so far, with nickel ore supply remaining tight overall. In the spot market, premiums for the first half of April held at US $40-45/wmt. At present, the tug-of-war between supply and demand was evident, and downstream smelters, facing losses, continued to pressure ore prices lower.