Nickel Futures Extend Gains on Indonesia Quotas

2026-02-09 04:04 By Erika Ordonez 1 min. read

Nickel futures rose to around $17,900 per tonne, following Indonesia's confirmation of sharp output cuts for 2026.

The country has approved nickel ore quotas of 260–270 million tons, well below last year’s 379 million tons, aiming to curb the persistent surplus and support prices.

Quotas below 270 million tons remain under last year’s production level, with issuance expected to complete by March.

Additionally, Chinese smelters operating in Central Sulawesi have reportedly failed to submit mandatory investment activity reports.

These incomplete filings mean authorities are unable to fully monitor production.

Meanwhile, the Philippines’ DMCI Mining Corporation posted record 2.0 million WMT nickel ore output in 2025, targeting 3 million WMT in 2026, with export volumes expected to continue.

This Philippine supply provides volumes available for regional markets, including China.



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