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Indonesian nickel pig iron output cuts push LME nickel above $18,800

20 May 2026 16:44 reported by Joy Liu

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London Metal Exchange (LME) nickel futures rebounded to close at US$18,806 per ton after reports said that factories in Indonesia's Weda Bay Industrial Park will cut high-grade nickel pig iron production by 10% to 15% over the coming months. This supply anxiety countered a stronger US dollar and Federal Reserve rate hike fears, which dragged other base metals down.

During the session, prices fluctuated by US$745, peaking at US$19,165. Spot prices similarly hiked by US$243 to end at US$18,609 per ton.

Despite LME inventories rising by 534 tons to 276,096 tons, the average price of US$18,854 in May so far is higher than April's.

Market participants expect volatile short-term trading because weak Chinese stainless steel demand during the off-season limits further price growth, aided by improving ore supplies from the Philippines.

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Metal Price Index

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LME Official Bid Price

  • Zinc
  • 3,515.00
  • 3,527.00
  • Aluminum
  • 3,664.00
  • 3,611.00
  • Copper
  • 13,409.00
  • 13,480.00
  • Nickel
  • 18,790.00
  • 18,990.00

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