There are two main driving forces: one is the supply side, the domestic and Indonesian ferronickel production progress is faster than the market expectations, especially the domestic Shandong Xinhai Science and Technology ferronickel production speed is too fast to make the market have expectations of excess ferronickel supply; the other is the downstream consumer side, after the year, the stainless steel market continues to be depressed, prices continue to fall, inventory continues to rise, even into the peak consumption season. After that, it is still in the library. The combination of easing expectations on the supply side and "low peak season" on the demand side led to a sustained decline in nickel prices. However, at the time of the escalation of Sino-US trade frictions, we find that nickel price trend has strong support. The main reasons are: on the one hand, the short-term market has been responding for a long time, on the other hand, the stock of electrolytic nickel at home and abroad continues to decline.