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2026-03-09 16:02:14
[Risk Aversion Pressures Nickel Prices, Falling Below $17,200 Per Ton in March] ⑴ In March, nickel futures prices fell below $17,200 per ton, continuing their downward trend. Escalating tensions in the Middle East triggered risk aversion in the manufacturing market, and other industrial metals also generally declined. ⑵ Soaring Brent crude oil prices and a stronger US dollar increased pressure on industrial products, prompting investors to reduce their exposure to cyclical metals. ⑶ On the supply side, Indonesian refineries, which rely on Middle Eastern sulfur (approximately 75% of their demand depends on imports), may face rising costs and potential production cuts if shipping disruptions continue, which would tighten raw material supplies and affect operations. ⑷ Furthermore, Indonesia's ore quota for 2026 is 260 million to 270 million wet tons, which limits the full utilization of the country's 2.7 million tonnes of RKEF and HPAL capacity. The processing utilization rate is expected to drop to 70%-75% this year.
