[SMM Stainless Steel Flash] Indonesian NPI Output Cuts Push LME Nickel Above USD18,800

Published: May 21, 2026 09:59

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Indonesian mills in Weda Bay Industrial Park cutting high-grade NPI production by 10–15% over coming months drove LME nickel futures to close at USD18,806/ton, with an intraday peak of USD19,165 and a price swing of USD745. Spot prices rose USD243 to USD18,609/ton. The rally came despite a stronger US dollar and Fed rate hike fears weighing on other base metals. LME inventories edged up 534 tons to 276,096 tons, while May's average price of USD18,854 already exceeds April's. Short-term volatility is expected as weak Chinese stainless steel demand and improving Philippine ore supplies cap further upside.

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