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Nickel prices declined to $16,880 per tonne, approaching their lowest level since early January, as Indonesia moves toward authorizing a substantial increase in nickel mine production later this year. The Energy and Mineral Resources Ministry has privately signaled plans to raise total mining quotas (RKABs) to 360 million tons, up from the 260 million tons approved in the first half of the year. Although still awaiting final approval, this shift would effectively roll back the strict quota curbs introduced at the start of the year, which had previously driven prices sharply higher.
Indonesia now accounts for roughly 60% of global nickel output, following extensive investment from China. Domestic smelters need higher ore supplies to feed newly built processing facilities, particularly after several major producers were forced to halt production once they exhausted their existing allocations. Even so, producers may find it difficult to ramp up operations rapidly, as persistent heavy rainfall continues to pose operational challenges.
