节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：4/10
《终端消费拖累，镍价持续走弱》
近期，镍市场呈现出供应压力明显，且受终端消费拖累，价格持续走弱的态势。
从宏观层面来看，海外美联储年末降息预期减弱。这一变化对镍市场产生了一定影响，因为降息预期的变动会影响市场资金的流向与风险偏好，进而间接作用于镍价。
产业方面，海外印尼已获批的2026年RKAB有效期可延续至2026年第一季度。这一政策变动对镍产业的长期供应规划产生影响，使得市场对未来一段时间内来自印尼的镍供应有了更明确预期。同时，中国镍矿港口库存有所下降，然而，11月LME镍库存与中国纯镍社会库存却攀升，内外库存延续累积状态，这表明镍供应压力依然显著 。
再看不锈钢市场，作为镍的重要下游 ..
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