For nickel ore, RKAB quotas in Indonesia are gradually being finalized. Indonesia's ESDM indicated nickel ore production would be around 210 million tonnes. Tight supply-demand dynamics supported ore prices to remain firm, with mainstream premiums in the Indonesian market reaching US $35-40/tonne. However, price increases for nickel ore processed by HPAL methods were limited, and the marginal upward momentum of nickel prices in the market was insufficient.In terms of nickel sulfate, last week the market presented a pattern where demand picked up but had not yet driven up prices, while cost support remained strong. It is anticipated that with the continued growth in demand for ternary cathode materials in the first quarter of 2026, and as cathode manufacturers complete the digestion of inventories and initiate a new round of restocking, the combination of cost support and demand recovery is expected to drive nickel sulfate prices to break the current stalemate.