Nickel futures held around $18,300 per tonne, staying near recent peaks after hitting an over 19-month high of about $18,700 on January 14, as concerns over tight Indonesian supply persist. Traders are monitoring the expected 2026 ore quotas of 250-260 million tonnes, well below domestic smelter demand and last year’s 379 million tonnes target. Final approvals for miners’ annual production plans (RKABs) remain pending, adding to market caution. This limited ore supply could constrain refined output, supporting prices despite the recent easing. Investor interest in real assets, particularly amid rising demand from Chinese stainless steel mills and EV battery makers, continues to underpin nickel prices. Meanwhile, supply diversification is gaining attention. Canada Nickel’s Crawford Project in Ontario has been fast-tracked under the One Project, One Process framework, with first production targeted around late 2028, highlighting a potential long-term alternative to Indonesian output.
