Nickel Daily: Indonesia's January (Period II) benchmark prices see a significant increase

Source: Mysteel Jan 19, 2026 09:30

Last week, nickel pricesfluctuated at a high level last week. The Director General of Minerals and Coal at Indonesia's Ministry of Energy and Mineral Resources (ESDM) stated that the nickel ore production is expected to be around 250 to 260 million tonnes. Following the news, nickel prices continued to rise, though the overall gains were limited as the market had largely anticipated this development earlier.In the nickel ore sector, Indonesia's January (Period II) benchmark price saw a significant increase. Against a backdrop of stable premiums, nickel ore prices generally rose by $3-4/wmt. However, Indonesian smelters still hold nickel ore inventories, leading to cautious market behavior following the price hike. In the Philippines, the rainy season persists, and with shipments hampered, the market maintains a firm price-supporting stance.

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