Morning Bites (part 2)

⛏️ Indonesia has approved its 2026 nickel ore production quotas at 190–200mnt, marking a significant reduction from the total 2025 quota of 379mnt, MySteel reports, citing Indonesia's Ministry of Energy and Mineral Resources. However, local authorities signaled potential flexibility to ease these restrictions, depending on price stability and global market conditions

Although the headline figure implies a material cut to Indonesia’s nickel supply this year (15-20% below the 2025 level, per our preliminary estimate) the final quota approved for 2026 might be much higher, we believe. Previously, Indonesia had also signaled production cuts in early 2025, but they did not materialise, with the market remaining in significant surplus (~8% of demand in 2025)

Indonesia accounted for ~63% of global mined Ni supply in 2025

#nickel