Indonesia’s planned nickel quota cut to 250 million-260 million tons fails to convince market
AI Market Summary
Indonesia's pledged nickel mining quota cuts have not convinced the market, with prices retreating as traders question enforcement and note rising ore imports from the Philippines and Solomon Islands. Growing visible exchange inventories and strong Chinese refined nickel imports suggest surplus conditions persist despite policy tightening. Near-term pricing remains capped by ample stockpiles until demand meaningfully accelerates.
Impact level
● Medium
Affected assets
NCCONICKEL2USD/USDT+0.92%
AI Insight · NCCONICKEL2USD/USDTAI Insight
▼ Bearish
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Indonesia produces more than 60% of the world’s nickel and said it would cut mining quotas from 379 million metric tons to 250 million-260 million tons, helping LME nickel hit $20,000 per ton in May. Prices have since slipped to $16,500 as investors question whether the curbs will be enforced. Indonesia has also increased nickel ore imports from the Philippines, with volumes up 50% to 15.3 million tons last year and another 67% year on year in the first seven months of this year.
