Indonesia’s new mineral pricing formula and output cuts pushed London Metal Exchange (LME) nickel to US$18,700 per ton on April 23, hitting a three-month high. The revised Nickel Ore Benchmark Price (HPM) mechanism incorporates cobalt, iron, and chrome, raising smelter expenses. Therefore, average futures in April rose to US$17,800 per ton, up by 3.5% compared to March.

Taiwan’s major stainless steel upstream suppliers, Yieh United Steel Corp. (Yusco), Tang Eng, and Walsin Lihwa, are expected to raise their prices for May, potentially continuing a six-month streak for 300-series products.

The International Nickel Study Group (INSG) reports a transition in global supply dynamics. Analysts anticipate a 32,000-ton deficit in 2026, with primary nickel production at 3.715 million tons versus demand of 3.747 million tons. Reduced mining quotas and tighter regulations continue to influence current market conditions, keeping costs at high levels.