"Mark Selby, a prominent nickel industry expert, predicts nickel prices will reach $20,000 per ton by the end of February 2025, driven by supply constraints and steady demand growth. Despite current prices hovering around $15,000 per ton after sliding from a $21,000 peak in May 2024, several factors point to an imminent price recovery.
Indonesia's dominant position in the global nickel market emerges as a crucial factor. Now accounting for nearly two-thirds of world supply, Indonesia has earned the moniker "OPEC of nickel." As nickel represents one of Indonesia's largest exports, the government has strong incentives to maintain higher prices through supply management. Recent indicators suggest Indonesian supply will remain flat or potentially decrease in 2025.
Global supply faces additional constraints, with nickel mine production declining for five consecutive months. The situation is further complicated by the Philippines' seasonal production slump during its rainy season, when output typically falls by half. This reduction becomes particularly significant given the substantial Philippine ore already directed to Indonesia throughout 2024."
QPM Price at posting:
5.0¢ Sentiment: Buy Disclosure: Held
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