Nickel traded around $16,600 per tonne, reaching its lowest level since early July, as ample near-term supply weighed on prices. Indonesia imported 11.4 million tonnes of nickel ore from the Philippines in January-July, up from 6.82 million tonnes a year earlier, indicating continued feedstock availability for Indonesian smelters despite tighter mining quotas. Additionally, MHP supply recovered somewhat as sulfur arrivals improved production at some Indonesian projects, while weak nickel sulfate prices pressured payables, suggesting tighter ore availability has yet to cause a broad shortage across the processing chain. At the same time, LME nickel inventories rose to 268,314 tonnes at end-August, keeping a sizeable stock overhang. Meanwhile, Indonesia’s 2026 mining quota is reportedly down to 260–270 million tonnes from 379 million tonnes in 2025, while producers are considering HPAL cuts of around 30%, which could further limit downside if implemented.