Global primary nickel production is projected to decline by 4.3% in 2026, reaching 3.715 million tons, according to the International Nickel Study Group (INSG).
By the end of 2025, it had grown by 8.1% to 3.88 million tons.
These estimates do not account for the possibility of any significant disruptions in operations, the INSG report notes.
Indonesia, the world’s leading nickel producer, introduced additional measures in 2026 to tighten regulation of the mining sector. The approved nickel ore production quota for this year was set at a significantly lower level than in 2025. However, it may be revised upward, depending on the government’s assessment of supply and demand.
Global consumption of primary nickel is expected to increase by 4.2% this year, reaching 3.747 million tons. Last year, it rose by 3.5% to 3.473 million tons.
As a result, the global nickel market will face a shortage in 2026. The deficit will amount to 32,000 tons, whereas in 2025 a surplus of 283,000 tons was recorded, in 2024 – 226,000 tons, and in 2023 – 175,000 tons.
Uncertainty regarding production volumes in Indonesia and the conflict in the Middle East could lead to a revision of forecasts. “The consequences (of the war in Iran – ed.) for metal markets—both in terms of production and final demand—have not yet been adequately assessed,” the INSG report notes.
The INSG is an independent intergovernmental organization founded in 1990 and based in Lisbon, Portugal. The group’s members include nickel-producing and consuming countries: Australia, Brazil, the United Kingdom, Germany, India, Italy, Cuba, Norway, Portugal, Russia, Finland, France, Sweden, Japan, and the European Union.
In January-February 2026, Ukraine increased imports of nickel and nickel products 2.3 times compared to the same period last year, to $4.518 million (in February – $2.052 million).
Exports of nickel and nickel products amounted to $51,000 (in February – $47,000), while in January-February 2025 they amounted to $33,000.
In addition, in 2025 Ukraine reduced imports of nickel and nickel products by 2.7% compared to 2024 – to $26.011 million.
Exports of nickel and nickel products amounted to $1.420 million, compared to $602 thousand in 2024.
Nickel is used in the production of stainless steel and for nickel plating. Nickel is also used in the production of batteries, in powder metallurgy, and in chemical reagents.
In January 2026, Ukraine doubled its imports of nickel and nickel products compared to the same period last year, to $2.466 million (in December, it was $2.419 million).
Exports of nickel and nickel products amounted to $4,000 (in December — $175,000), while in January 2025 they amounted to $33,000.
In addition, in 2025 Ukraine reduced imports of nickel and nickel products by 2.7% compared to 2024 — to $26.011 million.
Exports of nickel and nickel products amounted to $1.420 million, compared to $602,000 for the 12 months of 2024.
In addition, Ukraine increased imports of nickel and nickel products by 73.7% in 2024 compared to 2023, to $26.730 million.
Exports of nickel and nickel products amounted to $602,000, compared to $532,000 in 2023.
At the same time, in 2023, it reduced imports of nickel and nickel products by 74.2% compared to 2022, to $15.391 million.
Exports of nickel and nickel products amounted to $532,000, compared to $1.268 million in 2022.
Nickel is used in the production of stainless steel and for nickel plating. Nickel is also used in the production of batteries, in powder metallurgy, and in chemical reagents.
Ukraine reduced imports of nickel and nickel products by 2.7% in 2025, to $26.011 million.
Nickel exports more than doubled to $1.420 million (compared to $602,000 in 2024).
In December, imports amounted to $2.419 million, while exports amounted to $175,000. This decline in imports followed a sharp increase of 73.7% in 2024.
Nickel is used in the production of stainless steel and for nickel plating. Nickel is also used in the production of batteries, in powder metallurgy, and in chemical reagents.
The price of nickel rose to a 15-month high amid reports that Indonesia is tightening control over metal production volumes.
The price of nickel for delivery in three months rose 6.1% during trading on Tuesday to $18,045 per ton, the highest since October 7, 2024.
“Indonesia’s tightening of production controls through a slower quota approval process and planned quota reductions in 2026 is a fairly effective factor in price growth,” said ING analyst Eva Manti.
She notes, however, that the increase in nickel prices is unlikely to be sustainable, as the market is still expected to see a significant supply surplus in 2026.
The day before, Indonesian publication Bisnis.com reported that the country’s authorities had allowed mining companies to temporarily focus on previously approved metal production quotas for 2026 while new quotas are under consideration.
Nickel is used in the production of stainless steel and for nickel plating. Nickel is also used in the manufacture of batteries, in powder metallurgy, and in chemical reagents.
In January-November 2025, Ukraine reduced imports of nickel and nickel products by 0.3% compared to the same period in 2024, to $23.592 million. In November, imports of nickel and nickel products amounted to $2.546 million.
Exports of nickel and nickel products in January-November 2025 amounted to $1.245 million (in November — $113,000) compared to $585,000 in the first 11 months of 2024.
In addition, Ukraine increased imports of nickel and nickel products by 73.7% in 2024 compared to 2023, to $26.730 million.
At the same time, in 2023, it reduced imports of nickel and nickel products by 74.2% compared to 2022, to $15.391 million.
Exports of nickel and nickel products in 2024 amounted to $602,000, while in 2023 they amounted to $532,000, and in 2022 — $1.268 million.
Nickel is used in the production of stainless steel and for nickel plating. Nickel is also used in the production of batteries, in powder metallurgy, and in chemical reagents.
