Indonesia's tight mineral supply pushes up nickel prices
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Update time : 2025-01-16 21:25:15
Affected by the sluggish demand for stainless steel products and raw materials, LME nickel continued to fall at the end of last year (2024). After the New Year holiday in 2025, the nickel price fell from the US$15,000 mark to US$14,900/ton, a new low in three years. Fortunately, the low point did not last long and returned to the US$15,000 level. The nickel price has continued to rise in recent weeks, reaching a recent high of US$15,800/ton.
According to the understanding, the international nickel price has been declining for two consecutive years, mainly due to the large-scale mining of nickel ore in Indonesia and the sharp weakening demand from global battery manufacturers and the stainless steel industry. However, it was reported that the Indonesian government is considering imposing restrictions on nickel mining since December 2024. As a result, international nickel prices have rebounded from the bottom in recent weeks.
Although China's macroeconomic policies have led to a rebound in domestic spot prices and stimulated nickel prices, Indonesia's control of nickel mining quotas and reduced supply might be the main factor for nickel prices hike.
