The ongoing uncertainty regarding the approval of the nickel mine RKAB quota has further fueled market concerns over tight supply, pushing prices even higher. Market expectations are that the RKAB quota will be reduced to 2.5–2.6 million tons in 2026, which may reduce the global nickel surplus. However, due to changes in the nickel product structure, the supply side may still struggle to meet demand, potentially limiting the further expansion of nickel product production. Last week, the nickel iron prices in China rose sharply, reaching a new high of 1,050–1,100 yuan per nickel, driven by the increase in transaction prices.
