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Nickel traded around $16,700 per tonne in August, retreating to its lowest level since mid-July as expectations of improved Indonesian supply weighed on prices. The decline followed reports that Indonesia may further relax supplementary RKAB nickel ore quotas, with a major miner expected to receive additional allocations that would significantly increase its 2026 RKAB quota and support downstream smelter feedstock availability in the second half of the year. Prices also came under pressure as easing concerns over potential disruptions in the Strait of Hormuz reduced sulfur costs, lowering input cost pressures for nickel processing. Meanwhile, expectations that Indonesia will continue to manage nickel ore supply through RKAB quotas, along with elevated production costs, continued to provide some support.
