Nickel Rebounds From Near 10-Month Low

Nickel traded around $15,550 per tonne, rebounding from its lowest level in nearly ten months as traders closed short positions following the recent decline. At the same time, easing US Treasury yields reduced concerns over tighter financial conditions, offering modest relief to commodity prices. However, high inventories, weak stainless steel demand and increased Indonesian ore supply continued to weigh on the outlook. Indonesia’s lower October nickel ore benchmarks and plans to increase production under supplementary mining quotas reinforced expectations of ample supply. The International Nickel Study Group also projected a 19,000-tonne global surplus in 2026, reversing its previous deficit forecast, with the surplus expected to widen to 70,000 tonnes in 2027. Reduced smelter purchasing further underscored weak underlying demand.

Nickel decreased to 15252.00 USD/T, the lowest since December 2025. Over the past 4 weeks, Nickel lost 5.4%, and in the last 12 months, it increased 0.31%.

Nickel fell to around $15,300 per tonne, hitting its lowest level since December 2025, as concerns over a global surplus continued to weigh on prices. The International Nickel Study Group revised its 2026 outlook from a 32,000-tonne deficit to a 19,000-tonne surplus and expects the excess to widen to 70,000 tonnes in 2027. At the same time, Indonesian nickel ore imports from the Philippines increased 65.75% year-on-year to 13.52 million tonnes in January-August 2026, with the additional supply helping Indonesian smelters secure feedstock and cushioning the impact of production restrictions. Meanwhile, Indonesia’s nickel smelter association forecasts a 3.5%-4% decline in domestic nickel product output this year, citing raw-material shortages, higher ore prices, drought-related water constraints, and some smelters redirecting power to aluminum.