Nickel traded around $17,000 per tonne on August 26, 2026, recovering from an over one-month low as tighter Indonesian supply expectations provided support to the market. According to Trading Economics, the metal fell to $16,896.13 per tonne on that date, representing a 0.90% decline from the previous day. Indonesia's 2026 nickel ore quota remains at 260-270 million tonnes, significantly lower than the 379 million tonnes approved for 2025, pointing to considerably tighter supply conditions.
The Indonesian government has indicated that additional quotas may be granted selectively to smelters facing raw-material shortages, which raises the prospect of increased ore availability and could limit further price gains in the near term. Despite the support from supply-side constraints, elevated LME and Chinese inventories continued to weigh on the nickel market, pointing to ample refined nickel availability that restrains upside price momentum. Over the past month as of August 26, 2026, nickel's price had fallen 2.16%, though it remained 11.23% higher than a year ago when tracked via a contract for difference that follows the benchmark market for this commodity.
Looking ahead, Indonesia is preparing to launch a strategic minerals and commodities exchange in January 2027, potentially including nickel as a listed commodity. This development signals Jakarta's intention to gain greater influence over domestic commodity pricing as the country seeks to assert control over its vast mineral resources. According to Trading Economics global macro models and analyst expectations, nickel is projected to trade at $17,192.08 per metric tonne by the end of the current quarter.
Further out, the market is estimated to reach $18,456.55 per metric tonne within 12 months. Historically, nickel reached an all-time high of $54,050 in May 2007, highlighting the significant price volatility characteristic of the commodity. Source: Trading Economics (tradingeconomics.com), data last updated August 26, 2026.
Source: tradingeconomics.com