Nickel prices hit 15-month high on robust market sentiment

Nickel prices hit 15-month high amid geopolitical and supply concerns

Nickel prices surged to $18,045/t on the LME on 6 January, marking a 15-month high.
The metal gained 20% in just 12 trading days, climbing from $14,430/t on 17 December 2025.
Shanghai Futures Exchange nickel also hit its daily 8% limit, reflecting robust global sentiment.

Rising copper prices supported nickel’s upward momentum, as investors sought safe-haven metals.
Geopolitical tensions, including US actions in Venezuela, further fueled risk-averse buying in metals.
While end-user demand played a smaller role, higher nickel prices lifted stainless steel and downstream products.

Prices for 304 stainless steel 2.0mm cold-rolled coil rose to 13,400–13,500 yuan/t by 7 January.
Producers adjusted ex-works prices in response to rising nickel input costs.
As a result, market participants anticipate price sensitivity in downstream sectors if nickel remains elevated.

Nickel prices hit 15-month high as Indonesia policies weigh on supply

Market optimism reflects potential changes in Indonesia’s nickel mining plans.
Indonesia may cut its nickel ore work plan from 379mn t in 2025 to 250mn t in 2026.
These reductions, along with potential export benchmark tariffs, could constrain supply and raise costs.

Despite short-term spikes, most analysts expect 2026 nickel fundamentals to remain steady.
Average nickel prices were $15,349/t in 2025, down from $17,049/t in 2024 due to higher supply.
However, policy shifts in Indonesia could trigger additional upside for nickel prices this year.

SuperMetalPrice Commentary:

Nickel’s 15-month high underscores how geopolitical risk and regulatory uncertainty influence markets.
Investors should monitor Indonesian mining policy and global copper trends for further price signals.
Downstream sectors like stainless steel will likely continue adjusting to higher input costs in 2026.