Nickel prices jumped on Wednesday after the Indonesian government ordered a steep cut in production at the world’s biggest nickel mine, tightening supply from the country that has rapidly become the dominant global producer of the metal.
Production at Weda Bay, a mining complex operated by French miner Eramet and Chinese nickel group Tsingshan Holding, will be capped at 12mn tonnes of nickel ore this year, a steep reduction from the mine’s 42mn tonne quota set by Jakarta in 2025, Eramet said on Wednesday.
The London benchmark price of nickel rose 2 per cent to almost $18,000 a tonne. It has been rising this year to levels not seen since 2024 in response to expected quota cuts in Indonesia.
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