XINXIN MINING (03833) surged more than 6% again, bringing its monthly gain to over 30%. As of the time of writing, the stock was up 5.45% to HKD 2.71, with a turnover of HKD 25.91 million.

According to the Indonesian Nickel Mining Association, the government's nickel production target in the 2026 Work Plan and Budget (RKAB) is approximately 250 million tons, a significant decrease from the 379 million tons set for 2025.

Public information shows that XINXIN MINING wholly owns four nickel-copper mines: Kalatongke, Huangshandong, Huangshan, and Xiangshan; it also holds two vanadium mines at Xianghejie and Mujiahe, and the Kalqiar fluorite mine.

CICC noted that considering the current tightening of nickel quotas has a relatively minor impact on the Indonesian economy, and that rising nickel prices are beneficial for increasing tax revenue and enhancing the value of local resources, the probability of the restrictive nickel quota policy being fully implemented is high.

Guangzhou Futures, however, stated that the Indonesian government has indicated the quota plan is still in the internal discussion stage. Furthermore, news related to Indonesia's nickel quota policies in recent years has often been proven false after repeated speculation. Additionally, mining companies can apply for supplemental quotas or import nickel ore from the Philippines, suggesting the potential impact of this news on nickel may be overestimated.