Nickel Jumps 2.6% to $19,050 on Reported 10-15% Indonesian NPI Cuts
Updated
Updated · Bloomberg · May 19
Nickel Jumps 2.6% to $19,050 on Reported 10-15% Indonesian NPI Cuts
1 articles · Updated · Bloomberg · May 19
London nickel futures climbed as much as 2.6% to $19,050 a ton after a report of fresh production curbs in Indonesia, the world’s top producer.
Shanghai Metals Market said 10% to 15% of high-grade nickel pig iron capacity at Indonesia’s Weda Bay Industrial Park will enter rotational maintenance in the coming months.
The reported maintenance points to tighter near-term supply of nickel pig iron, a key feedstock for stainless steel, helping drive the price spike.
Can Indonesia's OPEC-like nickel strategy sustain high prices, or will it backfire by accelerating the search for alternatives?
As EVs adopt nickel-free batteries, is the current nickel price surge just a short-term supply panic?