Nickel Surges Past $16,000 as Chinese Producers Weigh Indonesia Output Cuts

Nickel prices on the London Metal Exchange surpassed $16,000 per ton amid reports that Chinese producers are considering joint production curbs in Indonesia.

The price of nickel on the London Metal Exchange (LME) has climbed past the $16,000 mark amid expectations of potential production cuts in Indonesia, Yieh Corp. and BigMint reported.

According to the reports, Chinese nickel producers operating in Indonesia are considering coordinating joint output reductions. Against the backdrop of the potential cuts, stainless steel futures also recorded gains.

Further details regarding the scope of the planned curbs or their implementation timeline have not yet been released.