Nickel rebounds toward $16,900/tonne on tighter Indonesia supply outlook
Nickel trades around $16,900 per tonne, recovering from an over one-month low as tighter Indonesian 2026 ore quota expectations support prices amid weighed by elevated LME and Chinese inventories.
Nickel traded around $16,900 per tonne, recovering from an over one-month low as tighter Indonesian supply expectations provided support.
Indonesia’s 2026 nickel ore quota remains at 260—270 million tonnes, well below the 379 million tonnes approved for 2025, pointing to tighter supply.
Meanwhile, the government has indicated that additional quotas may be granted selectively to smelters facing raw-material shortages, raising the prospect of increased ore availability and limiting gains.
At the same time, elevated LME and Chinese inventories continued to weigh on the market, pointing to ample refined nickel availability.
Indonesia is also preparing to launch a strategic minerals and commodities exchange in January 2027, potentially including nickel, as Jakarta seeks greater influence over domestic commodity pricing.