[SMM Stainless Steel Flash] LME Nickel Surges on Tight Ore Supply and Weaker Dollar

Published: Apr 10, 2026 09:26

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LME nickel futures jumped by US$354/ton to US$17,302/ton, while the spot price rose by US$349/ton to US$17,103/ton. LME-monitored inventories edged down by 138 tons to 281,358 tons. The rebound is primarily fueled by Indonesia’s tight nickel ore quotas (RKAB), which were capped at 190–200 million tons, signaling constrained supply at the mining level. A weaker US dollar, following a two-week Middle East ceasefire, further bolstered prices. However, high refined nickel inventories and ample NPI supply, coupled with slower-than-expected demand recovery in China’s stainless steel and EV sectors, suggest that nickel prices will remain volatile in the short term.

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