The nickel market experienced significant volatility in early 2026, with prices climbing $2,200 per ton from previous levels to reach a peak of $18,650. This movement represents a substantial shift in market fundamentals driven primarily by supply-side developments in Indonesia, the world's largest nickel producer. Following the initial momentum from Indonesian export restrictions announced in late 2025, the market received additional confirmation when Vale, one of the few publicly traded mining companies operating in the country, disclosed it had not received its 2026 mining quota and was forced to cease operations ... (full story)