In Q1 2026, Vale Base Metals reported a solid year-on-year increase across most of its nickel operations, driven by record first-quarter production at Onça Puma (8.9 kt) and Voisey’s Bay's Long Harbour Refinery (10.5 kt), alongside resilient output from Sudbury (10.6 kt). Although production at Thompson dipped to 1.2 kt due to pipeline and weather issues, the company advanced its strategic portfolio review by signing an agreement to form a new consortium for the Thompson Nickel Belt, wherein it will retain an 18.9% stake, with the deal expected to close by late 2026. Overall nickel sales reached 44.8 kt (up 5.9 kt y/y), remaining slightly below production as the company built up inventory ahead of planned Q2 refinery maintenance.

In Q1 2026, ANTAM produced 3.88 million wmt of nickel ore and sold 3.40 million wmt exclusively to the domestic market, maintaining steady operations using previous RKAB quotas before securing full approval in March. Concurrently, impacted by these raw material quota constraints and scheduled maintenance, the company's ferronickel segment produced 3,976 tons of nickel in ferronickel (TNi) and sold 2,803 TNi, successfully sustaining production continuity and its export positioning.

According to a report by the Centre for Research on Energy and Clean Air (CREA), stainless steel remains the main end-use sector for Indonesia’s nickel despite ongoing “green nickel” marketing efforts. The report says 83% of Indonesia’s nickel output is expected to go into stainless steel in 2025, compared with only 17% for EV batteries. By 2030, stainless steel is still projected to account for 51% of nickel demand, above the 18% expected for the battery sector, underscoring stainless steel’s continued dominance in Indonesia’s nickel demand structure.

Indonesia’s Ministry of Energy and Mineral Resources (ESDM) revised the HPM nickel ore formula in Quarter 2 of 2026, significantly raising the adjustment factor and including cobalt, iron, and chromium in pricing for the first time. This shift will increase base prices across all grades, particularly for low-grade ores used in hydrometallurgy, placing heavy cost pressure on the stainless steel and new energy industries. Supply remains tight due to delayed mining quota approvals and rising refining costs. Following the policy signal, international nickel futures have surged through key resistance levels. Analysts suggest that high raw material costs may become the new norm, with potential for further price hikes if refined nickel output drops or policy impacts exceed market expectations.

【SMM News Flash】Alexander Leonov, head of Norilsk Nickel's Norilsk division and vice president of the Russian metal producer, stated that the company plans to initiate nickel smelting trials at its copper smelter this year. This initiative aims to maintain production levels during the major furnace refurbishment scheduled for 2027. This innovative measure will enable the company to sustain nickel output throughout the maintenance period. As the world's largest palladium producer and a major nickel supplier, Norilsk Nickel is expected to carry out a major overhaul of the Nadezhda Metallurgical furnace in Norilsk in 2027. Leonov noted that the shutdown will last approximately 270 days, temporarily reducing the plant's capacity by nearly half.

In Q1 2025, Indonesian state-owned miner PT Aneka Tambang (Antam) delivered strong financial results, with gold remaining the primary revenue driver at 83% of total sales, fueled by surging demand and the launch of its digital platform. However, the standout growth came from the nickel segment, where total sales (ferronickel and nickel ore) jumped 581% to Rp3.77 trillion. Nickel ore production rose 221% to 4.63 million wmt, with sales up 281%, while ferronickel output reached 4,498 tons of nickel. This robust nickel performance contributed to a tenfold rise in net profit to Rp2.32 trillion and a major turnaround in operating profit. ANTAM also saw growth in bauxite and alumina, and was praised by MIND ID for its exceptional progress.