The current focus of the global nickel and stainless steel markets is on Indonesia's July Work Plan and Budget (RKAB) quota revision window. As several Indonesian mining companies submitted applications for increased quotas in July, market uncertainty exists regarding future supply changes.

If the new quotas are approved, it will help increase nickel ore supply; conversely, if the review process is slower than expected, it could impact the ferronickel and stainless steel supply chains.

In addition to policy factors, high inventory pressure continues to suppress market performance, with spot market transactions remaining sluggish, reflecting continued weak end-user demand.

Overall, with the Indonesian quota review results still unclear, high inventory levels, and weak demand intertwined, the nickel and stainless steel markets will likely face a wait-and-see atmosphere in the short term. Future trends will depend on Indonesia's quota policy and changes in supply and demand.