Nickel prices declined to $15,634 per tonne as Indonesian export values jumped significantly, according to SP Angel's market view dated Friday, 2 October 2026. Indonesia exported $8.59 billion of nickel and nickel products over the January to August period, representing an increase of $2.87 billion or 50.1% year-over-year, making it the largest rise of any export commodity for the country. August alone reached $1.35 billion in nickel exports, up 51.7% year-over-year and 93.9% month-over-month, according to data from Indonesia's Central Statistics Agency (BPS).
However, production constraints may limit further export growth. Indonesia's RKAB ore quota for this year is set at 260-270 million tonnes, compared to 320 million tonnes produced in the previous year. According to the Indonesian Nickel Industry Forum, Indonesia requires 300 million tonnes of ore to produce 2.46 million tonnes of metal, which exceeds the current year's quota allocation.
The price decline from $16,060 per tonne to $15,634 per tonne reflects broader market dynamics amid concerns over Chinese industrial demand. Copper prices also declined significantly to $14,244 per tonne, down from $14,528 per tonne, as high energy costs and slowdown in Chinese industry threaten to curb demand for base metals more broadly. Source: SP Angel Market View, 2 October 2026.
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