Ocean freight was largely stable in April, but to rise slightly in May

At the 2026 SMM Indonesia Mining & Critical Metals Conference, SMM VP Shirley Wang said the DRC has historically been the dominant centre of global cobalt supply, but Indonesia's share has risen notably following policy shifts last year. Over the next decade, cobalt contained in Indonesian MHP is expected to account for a growing proportion of global supply, with the market transitioning from a DRC-centric structure to a dual-centre model anchored by both the DRC and Indonesia.

The World Stainless Association announced that, global stainless steel production rose 2.5% YoY to 15.8 million tons in Q1 2026. Asia produced 13.4 million tons from January to April, up 3.3% YoY, with China contributing 9.84 million tons (+4.3% YoY). The EU saw output decline 4.6% YoY to 1.5 million tons, while the US produced 600,000 tons (+2.3% YoY).

LME nickel futures rebounded above US$19,200/ton on une 1, closing at US$19,251/to, a one-month high, on the back of consecutive weekly gains. The rally was driven by declining pure nickel inventories and fresh mining disruptions, including Zimbabwe's restriction on nickel exports, offsetting a stronger US dollar amid rising Middle East tensions. Spot prices rose US$172 to US$19,039/ton, Nickel increase US$2,605 or 15.6% year-to-date.