The nickel and stainless steel markets are focusing on Indonesia's RKAB quota revision window. Multiple Indonesian miners submitted requests for incremental allowances during the July application period, creating mid-term uncertainty before the window closes on July 31. This policy directly influences production timelines for ferronickel and stainless steel.

High inventories present additional market pressure, with Shanghai Futures Exchange (SHFE) pure nickel stocks exceeding 100,000 tons and London Metal Exchange (LME) stocks reaching 274,600 tons. Spot trading remains quiet, showing weak demand.

Meanwhile, recent geopolitical events in the Middle East disrupted global sulfur distribution, raising costs for Indonesian hydrometallurgical operations. Although stable Philippine ore shipments provided slight raw material relief, they cannot offset the quota uncertainties.