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 Data: National Refined Nickel Output Rose in August, Expected to Decline Slightly in September] In August 2024, the national refined nickel output increased by 1.21% month-on-month and 33.64% year-on-year. This increase is basically in line with...

The trend of nickel prices in H1 2024 overall presented an inverted "V" shape. The performance of nickel prices in H1 this year can be summarized as a rise followed by a fall...

In June, China's refined nickel production totalled 26,600 mt, up 3.7% MoM and 40.54% YoY, in line with expectations.

China's refined nickel output stood at 24,700 mt in April, down 1% MoM, but up 39.8% YoY.

LME copper prices opened at $10049.5/mt and closed at $10040/mt in last Friday evening trading, a gain of 0.9%, with the low-end of $9976.5/mt and the high-end of $10079/mt.

Nickel prices fluctuated last week.

This is a summary of China metals output in April and forecast for May.

China’s refined nickel output stood at 24,900 mt in March, up 1.22% MoM and 41.48% YoY. This slight increase was in line with expectations

In March, SMM data showed that China's copper cathode output was 999,500 mt, an increase of 49,200 mt or 5.18% from the previous month, a year-on-year increase of 5.06%, and an increase of 29,300 mt from the expected 970,200 mt. The total output from January to March was 2.9196 million mt, an increase of 207,100 mt or 7.64% year-on-year.