China Nickel Ore Inventories Keep Falling, SMM Reports

Nickel 28 Capital reported strong fiscal Q1 2027 results, driven by stable operations at the Ramu Nickel-Cobalt project in Papua New Guinea. During the quarter ended April 30, 2026, Ramu produced 8,785 mt of contained nickel and 855 mt of contained cobalt in MHP, while sales reached 8,632 mt of nickel and 838 mt of cobalt. Net production costs were US$2.81/lb of contained nickel. Nickel 28 recorded a US$4.0 million share of operating profit from Ramu and posted net profit of US$2.1 million, supported by favorable nickel and cobalt prices, strong payability, and relatively low operating costs.

||||Tip: This article is lengthy. You may directly refer to the final section: Core Questions & Answers|||| What is the annual export capacity of Canadian sulfur? Canada’s sulfur export tonnage has followed a trend of decline bottoming out explosive growth. The export volume stood at 3.35 million tons in 2022, 3.12 million tons in 2023, 3.02 million tons in 2024, and surged to a historical peak of 4.25 million tons in 2025. The annualized export tonnage is estimated at 5.22 million tons in 2026.

Indonesia's Ministry of Energy and Mineral Resources (ESDM) and Parliament's Commission XII focused today's discussions on the procedures and requirements for supplementary 2026 nickel RKAB applications, rather than announcing any increase in the national nickel mining quota. Applications for additional quotas can only be submitted from 1-31 July 2026, with approvals to be assessed on a case-by-case basis. Any additional mining quotas are expected to prioritize miners with integrated domestic smelting capacity, while the final volume of supplementary allocations remains under review. Market Impact: The meeting provided no indication of a nationwide increase in the 2026 nickel RKAB quota, leaving market speculation of a significant quota expansion unconfirmed.