Just now, the Israeli military attacked over 200 targets in Iran! Iran claims to have destroyed more than 80% of key facilities at U.S. military bases! Major news from the Strait of Hormuz →

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Source: Futures Daily

Middle East Conflict Continues!

IDF Claims Attacks on Over 200 Targets in Western and Central Iran

According to CCTV News, on the evening of March 15, local time, the Israel Defense Forces issued a statement saying that within the past 24 hours, the Israeli Air Force attacked over 200 targets in western and central Iran, including Iranian military command centers, air defense systems, and weapons production and storage bases.

Iran Claims Simultaneous Strikes on Four U.S. Air Bases and Warns After Attacking “Ford” Carrier Logistics

According to CCTV News, the Iranian Islamic Revolutionary Guard Corps (IRGC) announced on the evening of March 15 that the IRGC Navy launched precise and devastating strikes against four U.S. air bases early that morning.

The announcement stated that during the operation, IRGC Navy missile and drone units used various ballistic missiles, cruise missiles, and attack drones equipped with new warheads to attack U.S. military facilities at Zayed Air Base in the UAE, Udairi Helicopter Base in Kuwait, Ali Salim Air Base, and command centers, air traffic control towers, hangars, warehouses, and logistics facilities at Sheikh Eissa Air Base in Bahrain.

Recent satellite images show that Iranian armed forces have destroyed over 80% of strategic radar and other key facilities at U.S. bases.

According to Xinhua News Agency, a spokesperson for the IRGC announced on the 15th that Iran has destroyed four U.S. Terminal High Altitude Area Defense (THAAD) systems and has not yet used many of its missile stocks.

Tasnim News Agency quoted this report, stating that Iran has hit 18 U.S. and Israeli-related ships and oil tankers so far, and has targeted 200 key strategic objectives, costing the U.S. and Israel about $1.5 billion daily in war expenses.

The IRGC spokesperson said that Iran has launched approximately 700 missiles and 3,600 drones targeting U.S. and Israeli targets, most of which are about 10 years old, with many newer missiles developed after Israel’s “12-Day War” against Iran last June remaining unused.

Tasnim reported that the Central Headquarters of Iran’s Hatem Abiyah Armed Forces stated that facilities providing logistics and support for the U.S. Navy’s “Ford” carrier would be targeted.

The “Ford” carrier strike group is currently involved in large-scale military operations against Iran in the Red Sea.

Iranian Foreign Minister: Never Requested Ceasefire or Negotiations

According to CCTV News, on March 15, local time, Iranian Foreign Minister Amir Abdollahian stated that Iran has never requested a ceasefire or negotiations. Iran will continue to defend itself “for as long as it takes,” until U.S. President Trump recognizes that this is an “illegitimate war that cannot be won.”

Abdollahian pointed out that the war was provoked by the U.S. and Israel, and Iran is only defending itself. He emphasized that previous negotiations with the U.S. were unsuccessful, and returning to the negotiation table is of limited significance. “We see no reason to negotiate with the Americans because when they decided to attack us, we were already negotiating with them—this is the second time.”

This statement was a response to Trump’s remarks. On the 14th, Trump said in an interview that Iran was ready to negotiate a ceasefire but he was not yet prepared to reach an agreement “because the terms are not good enough.”

According to the Iranian Foreign Ministry, Abdollahian also stated that Iran only targets U.S. objectives, while the U.S. uses neighboring countries’ territories to attack Iran, which Iran cannot ignore.

Regarding navigation through the Strait of Hormuz, Abdollahian said Iran is willing to dialogue with countries willing to discuss the safe passage of ships through the Strait, and several countries have contacted Iran to ensure safe passage. Ultimately, the decision rests with Iran’s military forces.

On Iran’s nuclear program, Abdollahian noted that before the U.S. and Israel launched the war, Iran had made significant concessions in indirect nuclear negotiations with the U.S., offering to dilute uranium to 60% enrichment to demonstrate that Iran does not seek nuclear weapons. He said Iran’s nuclear materials are currently buried under nuclear facility ruins, and Iran has no plans to extract them for now. If needed in the future, extraction will be supervised by the International Atomic Energy Agency.

U.S. Reportedly Planning to Establish Strait of Hormuz “Escort Alliance”

According to CCTV News, on the 15th, the U.S. announced plans to establish a so-called Strait of Hormuz “escort alliance.” U.S. officials said some countries have agreed to provide escort for ships passing through this critical international oil shipping route.

These officials said discussions are ongoing about whether the escort operations will begin before the U.S. and Israel halt large-scale military actions against Iran.

Iran: U.S. “Ford” Carrier in Red Sea Seen as Threat

Iranian Hatem Abiyah Central Command spokesperson stated on the 15th that the presence of the U.S. “Ford” carrier in the Red Sea is viewed as a threat to Iran. Therefore, the logistics and support center for this carrier strike group will be targeted by Iranian armed forces.

Escalating Tensions, Nickel Prices Limited in Upside?

Recently, the policy and fundamental game in the nickel market have intensified. Overall, nickel prices remain high and volatile.

Gu Fenga, Chief Analyst at Guoxin Futures, told Futures Daily that currently, overseas nickel prices are mainly affected by a strengthening U.S. dollar index and declining global risk appetite, while domestic prices are more influenced by changes in the supply chain costs, such as Indonesia’s resource policy tightening providing clear support for nickel prices.

The key variable in nickel price trends comes from the resource side. Gu explained that Indonesia has set its 2026 nickel ore RKAB (Work Plan and Budget) quota at 260-270 million tons, significantly lower than 2025’s approximately 379 million tons, a decrease of nearly 30%. “Indonesia is actively controlling the resource release pace to stabilize nickel prices, which is seen as a signal of its intention to strengthen its global nickel resource pricing power,” he said.

Driven by Indonesia’s policy tightening, nickel prices have already risen significantly. Data shows that the price of 1.6% grade nickel ore has continued upward, pushing the integrated pyrometallurgical smelting cash cost to about 130,000 yuan per ton, providing cost support for nickel prices.

Meanwhile, supply-side disruptions have emerged. Gu noted that recently, Indonesia’s IMIP plant experienced a short-term shutdown of some HPAL (High-Pressure Acid Leaching) facilities due to a landslide, involving about 150,000 tons of nickel metal capacity, which has heightened concerns over intermediate product supply tightening. Additionally, geopolitical risks in the Middle East have increased sulfur transportation costs, supporting hydrometallurgical smelting costs.

Wuxi Minmetals Futures analyst Liu Xianjie said that from the mine side, this week’s nickel ore market continues a dual-driven pattern of “supply disruption + policy disruption.” In the Philippines, ongoing heavy rains have limited mining and shipping, causing nickel ore prices to rise sharply. In Indonesia, domestic ore prices remain strong, and smelters’ restocking demand, combined with market concerns over quota approval uncertainties, have driven prices higher.

“Driven by rising ore prices, upstream nickel pig iron prices have also strengthened,” Liu added. Currently, the average price of 10%-12% nickel pig iron has risen to about 1094.5 yuan per nickel point, mainly due to rising nickel ore costs. Although downstream procurement remains mainly just-in-time, market activity has picked up, and the overall price center has moved higher.

It’s worth noting that some international institutions are adjusting their outlooks on the nickel market. Macquarie Group stated that as Indonesia’s production restrictions are gradually implemented, the global nickel supply pattern may shift from oversupply to shortage. In this context, London nickel prices are expected to form a phase bottom at $17,000–$18,000 per ton.

“However, demand recovery in the downstream nickel industry remains slow,” Gu said. Currently, global nickel inventories are still high, with LME stocks exceeding 280,000 tons, and domestic social inventories continuing to accumulate. High inventories remain a significant factor limiting unilateral price increases.

The stainless steel market also faces demand pressure. Reports indicate that stainless steel consumption after the Spring Festival has underperformed expectations, with social inventories rising sharply. Downstream companies mainly purchase on demand, which exerts some downward pressure on nickel prices.

“Under the influence of multiple factors, the nickel market is showing a game of ‘strong expectations’ versus ‘weak reality,’” Gu concluded. Indonesia’s policy tightening and rising resource costs are building a relatively solid ‘policy bottom’ and ‘cost bottom’ for nickel prices, but high inventories and slow demand recovery still constrain upward movement.