Nickel Daily: Some NPI projects are forced to reduce production due to power supply tightness in Indonesia

Source: Mysteel May 25, 2026 09:10

Last week, nickel prices opened lower, then recovered in a range before pulling back later in the week. Early in the week, market expectations regarding Federal Reserve policy led to bearish macro sentiment, putting downward pressure on nickel prices. Midweek, expectations of NPI production cuts driven by power supply tightness in Indonesia, along with export policy changes, pushed nickel prices higher. The most-traded SHFE nickel contract briefly recovered to near Yuan 146,770/tonne. In the latter half of the week, sentiment faded, and nickel prices retreated modestly as macro tightness expectations returned. For the week, the most-traded SHFE nickel contract traded in a range of Yuan 140,500-146,770/tonne.On the nickel ore front, Philippine nickel ore prices accelerated their decline. CIF transaction prices for 1.3% grade fell to US $50/wmt, and 1.4% grade CIF prices stood at US $58-60/wmt. Mine FOB offers edged lower.

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