On September 28, Indonesia's nickel ore market remained stable, with prices for major grades unchanged:
Ni 1.2%: $26.5/wmt, unchanged;
Ni 1.3%: $28.5/wmt, unchanged;
Ni 1.4%: $51.8/wmt, unchanged;
Ni 1.5%: $58.5/wmt, unchanged;
Ni 1.6%: $63.4/wmt, unchanged.
In the market, additional 2026 RKAB quotas are gradually being approved and released, but the total additional quota for the year has yet to be officially announced. Market attention is gradually shifting toward actual mine production and nickel ore shipments.
Meanwhile, water shortages caused by El Niño continue to affect the nickel industry in Sulawesi. Since September 22, operating rates at some RKEF lines at IMIP have fallen by around 30%–40%. SMM estimates that if the impact persists for half a month, NPI production could decline by around 50,000–70,000 mt in physical tonnage, equivalent to approximately 5,500–7,700 mt of contained nickel. As of September 28, no nickel smelter in Sulawesi had declared force majeure.
