Nickel futures rose to around $17,200 per tonne, reversing slightly after a one-month low earlier in February, supported by concerns over potential supply constraints in Indonesia. Chinese smelters operating in Central Sulawesi have reportedly failed to submit mandatory investment activity reports, leaving authorities unable to monitor production. As the world’s largest nickel producer, these oversight gaps have raised concerns among traders about possible export disruptions. At the same time, the Philippines’ DMCI Mining Corporation posted record 2.0 million WMT nickel ore output in 2025, with shipments remaining strong, while benchmark prices rose to $45.7/WMT. The company targets 3 million WMT in 2026, signaling continued robust flows. This reliable Philippine supply supports market sentiment that demand in China can be met.
