Nickel cathode prices in India rose for two consecutive quarters before falling in the third quarter of 2026, according to market data published by ChemAnalyst and carried by Global Risk Community. Nickel cathode (99.99%) Ex-Mumbai averaged about USD 17,647 per metric ton in Q1 2026, up 16.83%. The price climbed a further 5.2% to USD 18,570/MT in Q2.
In Q3 it fell 7.75% to USD 17,131/MT, and by September it had declined to about USD 17,011/MT. The report attributes the reversal to high stocks on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE), which ended the two-quarter rally. The source does not quantify these stock levels, and the factors it lists as pushing the price down in India are not itemised in the published text.
The report summarises the quarter as one in which supply was ample relative to buyer demand, so that occasional price rebounds did not hold. India imports more than 80% of its nickel, which the report says leaves domestic buyers exposed at the same time to global exchange stocks, policy in Indonesia and freight costs. India also has little domestic Class 1 nickel capacity, so Indian prices respond to these external factors.
In the United States, spot nickel cathode averaged about USD 15,800/MT in Q3, and the index softened on weak stainless-steel demand and high exchange stocks. Energy, labour and freight costs remained high and limited the decline. The report suggests mild upside as year-end restocking begins and nickel ore supply tightens.
In Europe, the index also fell in Q3 as weak stainless-steel demand met high exchange stocks. Stainless-steel mills and battery buyers purchased only what they needed, and production costs stayed elevated because of energy and logistics expenses. Buyers expect stocks to limit any recovery.
The report also notes that the Indian government is preparing an incentive scheme to boost domestic nickel production. This could reduce import dependence over time but is not expected to provide relief in the near term. Nickel cathode is high-purity nickel produced by electrolytic refining and used in stainless steel, alloys and battery supply chains.
When its price moves, the input costs of stainless-steel mills, alloy makers and battery producers move with it. Source: Global Risk Community, Market Research section, article titled "Nickel Cathode Price Falls 7.75% in India in Q3 2026 as High LME and SHFE Stocks End a Two-Quarter Rally" (https://globalriskcommunity.com/market_research/nickel-cathode-price-falls-7-75-in-india-in-q3-2026-as-high-lme-a), citing ChemAnalyst price data.
Source: globalriskcommunity.com