Nickel markets

Nickel is becoming increasingly important to the sulphur and sulphuric acid markets, with Indonesia now a key importer.

The nickel market has seen quite a turnaround in the first half of 2026, from what had been a relatively loose market with surplus supply moving towards balance and even, in parts of the market, into outright tightness. The reason has been a combination of supply disruption in Indonesia, tighter sulphur availability, higher ore costs, and a more supportive backdrop for stainless steel and battery demand than many had expected at the start of the year.