Nickel prices were stagnant in 2025, trading around US$15,000 per metric ton (MT) for much of the year. The metal’s primary price motivation stemmed from persistent oversupply from Indonesian operations. Overall, sentiment remained weak amid soft demand growth from the construction and manufacturing sectors, and declining interest in nickel as electric vehicle (EV) battery makers began to eye cheaper chemistries. Nickel supply in 2026 The big question going into the new year is if nickel supply and demand will come into balance. The most significant contributing factor over the last several years has been an abundance of supply from Indonesia, which has become the world’s top nickel producer. The US Geological Survey estimates that full-year 2024 nickel production came in at 2.2 million MT, a staggering increase over the 800,000 MT it believes the nation produced in 2019. In February 2025, the Indonesian government changed its quota system, effectively increasing…
