Chinese metals exchange research
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SMM (Shanghai Metals Market) · China · Indonesia's 2026 nickel-mining quota hits its ceiling, starving smelters
SMM casts 2026 as a shift from Jakarta's tight control toward an uneasy rebalancing, quantifying the gap between a 260-270 million-tonne quota and 340-350 million tonnes of smelter demand, and tracking the rising lean on Philippine ore to plug it.
“Indonesia's nickel-ore market is shifting from tight control toward rebalancing, with the approved quota well below smelter demand.”