Nickel prices on the London Metal Exchange rose back to US$18,000 per ton, providing relief to the stainless steel sector after a sharp drop earlier this month. This recovery helped stabilize local market sentiment, with 304 cold-rolled coils and scrap prices remaining firm.

Future price trends depend on Indonesia’s commitment to limit 2026 nickel ore production to 250-260 million tons. Global demand is expected to grow by 6% to 7% due to electric vehicle expansion, but Indonesia’s supply discipline remains a main factor.

Higher nickel prices benefit Indonesia’s trade balance and royalty revenue, possibly pushing nickel toward US$20,000 per ton if production targets are met. Market participants now watch for post-holiday updates and official quotes from major stainless steel mills such as Indonesia's Tsingshan.