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China Nickel Market Review Weekly 20260629

Source: Mysteel Jun 29, 2026 09:15
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Nickel Demand Price Supply
Last week, the most critical variable in the nickel ore market came from Indonesia's policy. Early in the week, news emerged that RKAB quotas would be substantially increased, directly reversing the earlier expectation of quota tightening set at the beginning of the year. Subsequently, officials from Indonesia's Ministry of Energy and Mineral Resources (ESDM) clarified that no formal document had yet been issued to raise the national total quota, and that July 1-31 was the only window for revision applications this year. This clarification, however, did not change the market's overall expectation of quota increases.As for nickel sulfate and stainless steel, battery-grade nickel sulfate prices remained weak, and ternary precursor producers only made purchases based on essential demand. Stainless steel entered its traditional off-season, with production schedules declining month-on-month.

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