[SMM Stainless Steel Flash] Global Nickel Market Adopts Watchful Stance Ahead of Indonesian Quota Decision

Published: Jul 17, 2026 17:24

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The global nickel market remains range-bound as participants await Indonesia's final RKAB quota decisions. Director General of Minerals and Coal Tri Winarno stated that 2026 production will be held at 260–270 million tonnes, with quota adjustment applications accepted until July 31 but approvals limited to domestic smelters facing shortages rather than broad increases. High LME inventories and weak seasonal demand continue to weigh on the market, with stainless steel mills reducing output and battery producers limiting purchases to immediate needs. Hawkish Fed commentary dampens risk appetite, though rising sulfur costs linked to Middle East tensions provide some price support. The ultimate market direction hinges on approved quota volumes and the pace of demand recovery.

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