Nickel futures traded around $17,300 per tonne, climbing from recent levels, as Indonesia’s quota cut supported investor confidence. The country has signaled continued production discipline for its 2026 quota, with RKAB approvals indicating output in the range of roughly 190–200 million tons, reinforcing market sentiment despite ongoing oversupply. Prices have stabilized in the $17,000–$17,400 range as markets adjust to the tighter quotas. However, gains remain capped as global inventories are still elevated and the overall market is projected to run a surplus in 2026. Demand has stayed subdued, with stainless steel production ample and overall manufacturing activity weak, while battery sector adoption trends have yet to drive a sharp rise in demand this month. In addition, policy support emerged in April, with Western Australia offering interest-free loans to help nickel miners resume operations and ramp up production.

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