Potential Indonesian output cuts would widen 2026 nickel deficit but new MHP projects limit 2027 impact
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Chinese nickel producers in Indonesia were reported on 22 October to have agreed to halve their output of mixed hydroxide precipitate (MHP) and to cut output of nickel pig iron (NPI), the main nickel feedstock for stainless steel, by a fifth until the end of 2026. The rumours have not been confirmed by Benchmark, and Benchmark’s analysis of cost structures indicates cuts – if they do happen – may be smaller than reported.