LME nickel prices surged 4.5% d-o-d to an 18-month high of $18,730/t on 23 Jan’26, driven by mounting supply fears linked to Indonesia’s proposed cut in 2026 nickel ore quotas and firm demand from Chinese stainless steel and EV battery producers. Indonesia’s ESDM plans to reduce the 2026 output target to 250-260 mnt, sharply lower than 2025’s 379 mnt, tightening global supply expectations.
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