[SMM Nickel Market Flash] Nickel Hits Near Two-Year Intraday High on Indonesia Curbs and Sulfur Shortage

Published: Apr 27, 2026 11:56

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LME nickel climbed to its highest intraday level in nearly two years as Indonesia’s mining quota cuts and a global sulfur shortage tightened the supply outlook. Since the start of the Iran war, nickel futures have risen by about 10%, with surging sulfur prices fueling concerns over disruptions to Indonesian MHP production and copper leaching operations in Africa. LME nickel briefly reached $19,350/t, the highest level since June 2024. Current market sentiment remains firm, with traders focusing on tighter Indonesian supply expectations and the potential impact of sulfur shortages on hydromet nickel intermediate production.

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