Story perspectives

Nickel Prices Surge Amid Oversupply and Environmental Concerns

12/29/2025

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Summary

Story summary

Nickel prices rose 5.5% at the end of 2025 after a challenging year.
Overproduction, particularly from Indonesia, created a 179 kt surplus in 2024, per the International Nickel Study Group.
Major Western producers have shut down operations, while demand for nickel-rich batteries slows as cheaper alternatives gain market share.
Indonesia relies on coal for nickel production, raising environmental concerns, and Australia has suffered the most from oversupply.

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Story summary

Nickel prices rose 5.5% at the end of 2025 after a challenging year.
Overproduction, particularly from Indonesia, created a 179 kt surplus in 2024, per the International Nickel Study Group.
Major Western producers have shut down operations, while demand for nickel-rich batteries slows as cheaper alternatives gain market share.
Indonesia relies on coal for nickel production, raising environmental concerns, and Australia has suffered the most from oversupply.