NickelPrice - Chart - Historical Data - News

Nickel traded around $16,800 per tonne, rebounding from six-month low levels near $16,300, supported by easing supply concerns. Indonesia reaffirmed it would not approve a broad expansion of nickel production quotas, with additional approvals limited to smelters facing raw material shortages. The policy reinforced expectations of relatively tight ore availability, as the government seeks to prevent oversupply and stabilize the global nickel market while allowing only targeted production increases. At the same time, renewed Middle East tensions kept oil prices elevated and sustained concerns over sulfur supply, a key input for Indonesia's nickel processing industry, providing additional support to the market. However, gains were capped by subdued physical demand, with high-grade nickel pig iron trading remaining quiet, downstream restocking muted, and nickel ore prices continuing to soften amid ample inventories and persistent supply availability.

Nickel traded around $16,500 per tonne, hovering near its lowest level since late December, as expectations of higher Indonesian supply continued to weigh on market sentiment. Investors remained focused on reports that Indonesia is considering raising its 2026 mining quota to around 360 million tonnes from roughly 260 million tonnes, reversing earlier production curbs that had lifted prices at the start of the year and reviving concerns over global oversupply. The bearish outlook was further reinforced by Nickel Industries' plans to ramp up production at its new Excelsior Nickel Cobalt HPAL plant while expanding downstream processing capacity through additional HPAL investments, supporting expectations of higher future nickel output. Meanwhile, elevated LME and SHFE nickel inventories continued to signal ample refined metal supply, limiting any sustained price recovery.

Nickel fell to $16,300 per tonne, its lowest level since late December, as Indonesia prepares to permit a substantial increase in nickel mine production later this year. The Energy and Mineral Resources Ministry has privately indicated plans to raise total mining quotas, known as RKABs, to 360 million tons from the 260 million tons issued in the first half. While subject to final approval, this relaxation reverses the strict quota tightening implemented at the start of the year, which had previously caused prices to surge. Indonesia accounts for about 60% of global nickel production following heavy Chinese investment. Local smelters require these increased supplies to feed new processing plants, especially after major producers were forced to suspend output upon exhausting their previous allocations. However, challenges remain, as producers may struggle to quickly ramp up operations amid persistent heavy rainfall. For June, nickel prices was down roughly 14%.