Shanghai nickel rallies on renewed concerns over Indonesia export ban

Published: Aug 5, 2019 13:59

Save

The SHFE 1910 contract hit a fresh 13-month high of 119,360 yuan/mt

SHANGHAI, Aug 5 (SMM) – Shanghai nickel prices jumped in the morning of Monday August 5, bolstered by renewed concerns over Indonesia’s export ban on nickel ore.

The most active October contract on the Shanghai Futures Exchange hit a fresh 13-month high of 119,360 yuan/mt this morning, above the highest level of 119,240 yuan/mt in the previous rally in early July.

Concerns about Indonesia’s export ban was rekindled by market talks that the country’s Minister of Energy and Mineral Resources (MEMR) has approved the ban on raw ore exports and that details about the decision will be announced on Monday August 5.

This means that Indonesia, a major source of nickel ore, will likely advance its export ban from the previously scheduled 2022.

Some Chinese nickel ore traders told SMM that they did hear of the market talks, but Indonesian miners such as Antam and Sambas said that they have yet to receive any notices.

Market commentary Nickel

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Apr 30, 2026 23:41

【SMM Analysis】Weekly Review of Indonesian Nickel Market - Apr 30

Apr 30, 2026 23:41

Apr 30, 2026 22:33

[SMM Nickel Market Flash] World Bank Says Indonesia’s New Nickel Capacity May Be Curbed by Tight Ore Supply

According to the World Bank’s April 2026 Commodity Markets Outlook, global refined nickel production is expected to increase modestly in 2026 and 2027 as new processing capacity comes online in Indonesia. However, the report warned that tighter upstream ore availability is likely to constrain capacity utilization. This suggests future growth in Indonesia’s nickel supply may depend increasingly on ore availability rather than nominal processing capacity alone.

Apr 30, 2026 22:33

Apr 30, 2026 22:32

[SMM Nickel Market Flash] World Bank Sees Nickel Prices Rising 12% in 2026 on Tight Supply

According to the World Bank’s April 2026 Commodity Markets Outlook, nickel prices are projected to rise 12% year on year in 2026 and a further 3% in 2027, as global consumption growth is expected to outpace supply expansion. The report said that although new nickel processing capacity will continue to come online in Indonesia, tighter upstream ore availability is likely to constrain utilization rates and keep the market tight. It also noted that further disruptions to sulfur exports from Middle East producers could become an additional upside risk for nickel prices.

Apr 30, 2026 22:32