Global Nickel Market Faces First Deficit Since 2022 as Indonesia Tightens Ore Quotas and Middle East Disruptions Raise Costs

Nickel manufacturing The global primary nickel market is set to swing into deficit in 2026 — the first shortfall in four years — as Indonesian mining quota restrictions tighten ore supply and Middle East-linked disruptions inflate feedstock costs across the processing chain. The International Nickel Study Group (INSG) forecast a deficit of 32,000 tonnes for 2026 after its April meetings, a sharp reversal from three consecutive years of surplus that reshaped nickel pricing and squeezed Western producers out of contention. But the deficit is narrow, policy-dependent, and structurally fragile — r...