XINXIN MINING (03833) surged 22% yesterday and continued its rally in the afternoon session today, rising over 5%. As of press time, the stock was up 3.39% at HK$1.83 with a turnover of HK$32.1364 million.

On the news front, Mysteel reported that sudden incidents in Indonesia have triggered market supply concerns. While the conflicts are concentrated in city centers such as Jakarta and Makassar and have not directly affected production activities in the main nickel industrial parks on Sulawesi Island, investor concerns are mounting, providing clear short-term emotional support for nickel prices. Unless the conflicts spread extensively to major production areas and cause actual disruptions to production and shipment, the current emotion-driven rally lacks sustained momentum.

Founder Zhongqi Futures stated that the expectation of overall nickel supply surplus in 2025 continues to exist. Indonesian nickel ore supply has improved, but policy disturbances remain. The 2026 quota approval process will return to an annual cycle from the previous three-year system, with authorities vowing to strictly investigate illegal mining activities. Nickel pig iron continues to receive cost support and resist decline, with domestic and international production reduction disturbances. Combined with the relatively busy season for domestic stainless steel, nickel pig iron prices are holding firm with stable downside support.