Nickel extends losses near $16,800 per tonne on weak demand
Nickel traded around $16,800 per tonne in late August, extending losses as refined-nickel inventories stayed in surplus and Chinese demand remained weak. LME inventories rose 0.8% to 268,314 tonnes.
Nickel traded around $16,800 per tonne in late August, extending losses from the previous session, as continuous refined-nickel inventory surpluses and weak Chinese demand continued to weigh on prices.
LME nickel inventories rose 0.8% in August to 268,314 tonnes, while Chinese stainless-steel futures fell below CNY 14,000, pointing to continued weakness in a key end-use sector.
Additionally, the Philippines’ new critical-minerals framework aims to accelerate mineral exploration, processing and downstream investment, potentially supporting future nickel supply.
Meanwhile, Indonesia’s 2026 nickel ore quota stands at 260—270 million tonnes, well below the 379 million tonnes approved for 2025, pointing to tighter supply, although the possibility of additional quotas for smelters facing raw-material shortages could limit gains.
Nickel is on track to fall roughly 2% in August and remains up more than 1% year to date.