08.04.202609:05:46UTC+00Nickel Prices Rise on Supply Control

Nickel futures hovered around $17,300 per tonne, rebounding from recent lows as Indonesia’s reduced output quota bolstered investor confidence. The country has indicated it will maintain production discipline for its 2026 quota, with RKAB approvals suggesting output of roughly 190–200 million tons. This has helped steady sentiment despite persistent oversupply concerns.

Prices have consolidated in the $17,000–$17,400 range as markets price in the tighter quotas. Upside remains limited, however, as global inventories stay elevated and the nickel market is still expected to post a surplus in 2026. Demand has been muted: stainless steel production is adequate, overall manufacturing activity is weak, and battery-sector usage has yet to trigger a meaningful pickup in consumption this month.

On the policy front, additional support emerged in April, when Western Australia introduced interest-free loans to help nickel miners restart operations and increase production capacity.