Westmetall data reported by Databoks (Katadata) show that the three-month forward price of nickel fell 3.54% on Thursday, 15 October 2026, to US$15,125 per ton. According to the source, the decline was relatively large compared with the average price movement over the past week. The source does not attribute the daily move to a specific cause.
Nickel prices had recorded their highest daily gain of the week on Wednesday, 14 October 2026, rising 0.32%. Year to date, however, prices have continued to decline, down 10.58% from the start of the year. Over the past week, the three-month forward contract recorded a decline of 3.78%, with an average daily transaction price of US$15.62 thousand per ton.
The highest traded value for nickel this year was US$19,675 per ton, recorded on Wednesday, 6 May 2026. May 2026 also posted the highest monthly average price, at US$19.01 thousand per ton. On an annual basis, the five-year average trading price of the three-month forward contract is trending downward, while monthly transaction prices over the past 12 months have tended to rise, according to Databoks.
The source identifies two main forces shaping nickel prices: strong demand for electric vehicle (EV) batteries on one side, and supply from Indonesia, the world's largest nickel producer, on the other. Downstreaming policies, ore export bans, smelter expansions and demand for stainless steel are cited as the main drivers. Daily price movements are also linked to EV battery demand, supply dynamics at Indonesian smelters, stainless steel prices, US dollar movements and the Chinese economy.
Databoks notes that nickel prices have tended to weaken over the past 30 days. Nickel is traded with reference to the London Metal Exchange (LME). According to Katadata, a corruption case concerning nickel governance has resurfaced after the CEO of PT CNI was named a suspect.
An Attorney General's Office representative said the aim is to maximise the recovery of state losses. Separately, Katadata reported that downstreaming is the government's main strategy for boosting the value of Indonesia's nickel exports. Bahlil, as quoted by Katadata, set a nickel export target of US$45 billion for 2026.
Sources: Databoks (Katadata), citing Westmetall data and Katadata Insight Center; Katadata reports on the corruption case and on Indonesia's downstreaming and export target.
Source: databoks.katadata.co.id