[{"data":1,"prerenderedAt":781},["ShallowReactive",2],{"ticker-data":3,"story-article/potential-indonesian-output-cuts-would-widen-2026-nickel-deficit-but-new-mhp-projects-limit-2027-impact":550},[4,52,82,112,148,186,229,261,297,336,378,419,460,490,520],{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":8,"today":9,"last":10,"percentageChange":11,"yearToDate":12,"yearOnYear":13,"oneYearIndexTrend":14,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-14","2wk","Updated every 2 weeks","Lithium",317.07,322.34,-1.64,35.66,90.62,[15,16,18,21,24,27,30,33,36,39,42,45],{"date":5,"value":9},{"date":17,"value":10},"2026-09-30",{"date":19,"value":20},"2026-09-16",354.99,{"date":22,"value":23},"2026-09-02",385.07,{"date":25,"value":26},"2026-08-19",372.67,{"date":28,"value":29},"2026-08-05",367.54,{"date":31,"value":32},"2026-07-22",388.26,{"date":34,"value":35},"2026-07-08",399.4,{"date":37,"value":38},"2026-06-24",410.62,{"date":40,"value":41},"2026-06-10",427.77,{"date":43,"value":44},"2026-05-27",449.85,{"date":46,"value":47},"2026-05-13",451.12,"/lithium/prices",null,false,true,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":53,"today":54,"last":55,"percentageChange":56,"yearToDate":57,"yearOnYear":58,"oneYearIndexTrend":59,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Carbonate",256.83,278.71,-7.85,1.12,46.89,[60,61,62,64,66,68,70,72,74,76,78,80],{"date":5,"value":54},{"date":17,"value":55},{"date":19,"value":63},300.39,{"date":22,"value":65},306.07,{"date":25,"value":67},297.22,{"date":28,"value":69},296.63,{"date":31,"value":71},309.38,{"date":34,"value":73},317.2,{"date":37,"value":75},330.54,{"date":40,"value":77},346.5,{"date":43,"value":79},358.35,{"date":46,"value":81},350.28,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":83,"today":84,"last":85,"percentageChange":86,"yearToDate":87,"yearOnYear":88,"oneYearIndexTrend":89,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Hydroxide",292.05,311.1,-6.12,43.7,92,[90,91,92,94,96,98,100,102,104,106,108,110],{"date":5,"value":84},{"date":17,"value":85},{"date":19,"value":93},339.85,{"date":22,"value":95},352.45,{"date":25,"value":97},341.12,{"date":28,"value":99},337.87,{"date":31,"value":101},354.36,{"date":34,"value":103},364.06,{"date":37,"value":105},376.67,{"date":40,"value":107},393.29,{"date":43,"value":109},411.01,{"date":46,"value":111},408.51,{"publishedDate":5,"updateFrequency":113,"updateFrequencyText":114,"label":115,"today":116,"last":117,"percentageChange":118,"yearToDate":119,"yearOnYear":120,"oneYearIndexTrend":121,"url":147,"subscription":49,"isProtected":50,"hasAccess":51},"1wk","Updated every week","Cobalt",171.41,173.83,-1.39,-27.13,-1.06,[122,123,125,126,129,131,133,136,138,141,142,145],{"date":5,"value":116},{"date":124,"value":117},"2026-10-07",{"date":17,"value":117},{"date":127,"value":128},"2026-09-23",175.44,{"date":19,"value":130},178.66,{"date":22,"value":132},189.92,{"date":134,"value":135},"2026-08-26",192.6,{"date":25,"value":137},199.83,{"date":139,"value":140},"2026-08-12",217.25,{"date":28,"value":140},{"date":143,"value":144},"2026-07-29",221.25,{"date":31,"value":146},224.44,"/cobalt/prices",{"publishedDate":149,"updateFrequency":6,"updateFrequencyText":7,"label":150,"today":151,"last":152,"percentageChange":153,"yearToDate":154,"yearOnYear":155,"oneYearIndexTrend":156,"url":185,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-21","Nickel",107.13,114.04,-6.06,-11.27,-0.65,[157,158,159,161,164,166,168,170,173,176,179,182],{"date":149,"value":151},{"date":124,"value":152},{"date":127,"value":160},116.1,{"date":162,"value":163},"2026-09-09",119.13,{"date":134,"value":165},119.61,{"date":139,"value":167},121.04,{"date":143,"value":169},121.19,{"date":171,"value":172},"2026-07-15",122.66,{"date":174,"value":175},"2026-07-01",125.61,{"date":177,"value":178},"2026-06-17",131.5,{"date":180,"value":181},"2026-06-03",134.65,{"date":183,"value":184},"2026-05-20",135.83,"/nickel/prices",{"publishedDate":17,"updateFrequency":187,"updateFrequencyText":188,"label":189,"today":190,"last":191,"percentageChange":192,"yearToDate":193,"yearOnYear":194,"oneYearIndexTrend":195,"url":228,"subscription":49,"isProtected":50,"hasAccess":51},"1mo","Updated every month","Natural Graphite",78.45,80.18,-2.16,-3.84,-4.03,[196,197,199,202,205,208,211,214,217,220,223,226],{"date":17,"value":190},{"date":198,"value":191},"2026-08-28",{"date":200,"value":201},"2026-07-31",80.66,{"date":203,"value":204},"2026-06-30",82.87,{"date":206,"value":207},"2026-05-29",82.99,{"date":209,"value":210},"2026-04-30",82.93,{"date":212,"value":213},"2026-03-31",82.39,{"date":215,"value":216},"2026-02-27",81.92,{"date":218,"value":219},"2026-01-30",81.69,{"date":221,"value":222},"2025-12-31",81.58,{"date":224,"value":225},"2025-11-28",81.35,{"date":227,"value":225},"2025-10-31","/natural-graphite/prices",{"publishedDate":17,"updateFrequency":187,"updateFrequencyText":188,"label":230,"today":231,"last":232,"percentageChange":233,"yearToDate":234,"yearOnYear":235,"oneYearIndexTrend":236,"url":260,"subscription":49,"isProtected":50,"hasAccess":51},"Anode Coke",86.15,81.86,5.24,15.73,19.78,[237,238,239,241,242,244,246,248,250,252,254,257],{"date":17,"value":231},{"date":200,"value":232},{"date":203,"value":240},80.54,{"date":206,"value":240},{"date":209,"value":243},84.01,{"date":212,"value":245},79.79,{"date":215,"value":247},75.72,{"date":218,"value":249},74.61,{"date":221,"value":251},74.44,{"date":227,"value":253},72.75,{"date":255,"value":256},"2025-09-30",71.92,{"date":258,"value":259},"2025-08-29",71.46,"/synthetic-graphite/prices",{"publishedDate":262,"updateFrequency":187,"updateFrequencyText":188,"label":263,"today":264,"last":265,"percentageChange":266,"yearToDate":267,"yearOnYear":268,"oneYearIndexTrend":269,"url":296,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-15","Anode",80.45,80.24,0.27,1.81,3.2,[270,271,273,275,276,278,281,284,287,289,291,293],{"date":262,"value":264},{"date":272,"value":265},"2026-09-15",{"date":274,"value":265},"2026-08-17",{"date":171,"value":265},{"date":277,"value":265},"2026-06-15",{"date":279,"value":280},"2026-05-15",79.16,{"date":282,"value":283},"2026-04-15",81.98,{"date":285,"value":286},"2026-03-16",79.03,{"date":288,"value":286},"2026-02-16",{"date":290,"value":286},"2026-01-15",{"date":292,"value":286},"2025-12-15",{"date":294,"value":295},"2025-11-17",77.79,"/anode/prices",{"publishedDate":298,"updateFrequency":187,"updateFrequencyText":188,"label":299,"today":300,"last":301,"percentageChange":302,"yearToDate":303,"yearOnYear":304,"oneYearIndexTrend":305,"url":335,"subscription":49,"isProtected":50,"hasAccess":51},"2026-08-01","Cathode",73.32,77.21,-5.04,14.41,55.07,[306,307,308,311,314,317,320,323,325,327,329,332],{"date":298,"value":300},{"date":174,"value":301},{"date":309,"value":310},"2026-06-01",80.32,{"date":312,"value":313},"2026-05-01",81.71,{"date":315,"value":316},"2026-04-01",77.27,{"date":318,"value":319},"2026-03-01",81.99,{"date":321,"value":322},"2026-02-01",80.5,{"date":290,"value":324},72.79,{"date":292,"value":326},64.08,{"date":294,"value":328},62.01,{"date":330,"value":331},"2025-10-15",53.51,{"date":333,"value":334},"2025-09-15",49.5,"/cathode/prices",{"publishedDate":337,"updateFrequency":187,"updateFrequencyText":188,"label":338,"today":339,"last":340,"percentageChange":341,"yearToDate":342,"yearOnYear":343,"oneYearIndexTrend":344,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"2025-03-31","Lithium ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[345,346,348,351,354,357,360,363,366,368,371,374],{"date":337,"value":339},{"date":347,"value":340},"2025-02-28",{"date":349,"value":350},"2025-01-31",71.45,{"date":352,"value":353},"2024-12-31",75.74,{"date":355,"value":356},"2024-11-29",76.98,{"date":358,"value":359},"2024-10-31",77.34,{"date":361,"value":362},"2024-09-30",77.43,{"date":364,"value":365},"2024-08-30",80.56,{"date":367,"value":207},"2024-07-31",{"date":369,"value":370},"2024-06-28",87.2,{"date":372,"value":373},"2024-05-31",90.7,{"date":375,"value":376},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":379,"updateFrequency":6,"updateFrequencyText":7,"label":380,"today":381,"last":382,"percentageChange":383,"yearToDate":384,"yearOnYear":385,"oneYearIndexTrend":386,"url":418,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-08","Black Mass",37.11,38.95,-4.72,-14,18.31,[387,388,390,393,396,399,402,405,408,411,414,416],{"date":379,"value":381},{"date":389,"value":382},"2026-09-24",{"date":391,"value":392},"2026-09-10",42.03,{"date":394,"value":395},"2026-08-27",43.88,{"date":397,"value":398},"2026-08-13",42.33,{"date":400,"value":401},"2026-07-30",43.42,{"date":403,"value":404},"2026-07-16",46.74,{"date":406,"value":407},"2026-07-02",46.01,{"date":409,"value":410},"2026-06-18",49.57,{"date":412,"value":413},"2026-02-12",47.34,{"date":415,"value":410},"2026-01-29",{"date":290,"value":417},43.15,"/recycling/black-mass-prices",{"publishedDate":262,"updateFrequency":187,"updateFrequencyText":188,"label":420,"today":421,"last":422,"percentageChange":423,"yearToDate":424,"yearOnYear":425,"oneYearIndexTrend":426,"url":459,"subscription":49,"isProtected":50,"hasAccess":51},"Rare Earths",172.08,171.72,0.21,20.59,30.21,[427,428,430,433,436,439,442,445,448,451,454,457],{"date":262,"value":421},{"date":429,"value":422},"2026-10-01",{"date":431,"value":432},"2026-09-03",170.83,{"date":434,"value":435},"2026-08-20",169.63,{"date":437,"value":438},"2026-08-06",172.28,{"date":440,"value":441},"2026-07-23",173.94,{"date":443,"value":444},"2026-07-09",171.69,{"date":446,"value":447},"2026-06-25",168.55,{"date":449,"value":450},"2026-06-11",165,{"date":452,"value":453},"2026-05-28",163.89,{"date":455,"value":456},"2026-05-14",172.63,{"date":209,"value":458},175.6,"/rare-earths/prices",{"publishedDate":198,"updateFrequency":187,"updateFrequencyText":188,"label":461,"today":462,"last":463,"percentageChange":464,"yearToDate":465,"yearOnYear":466,"oneYearIndexTrend":467,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",152.7,162.48,-6.02,17.38,53.11,[468,469,470,472,474,476,478,480,482,484,486,488],{"date":198,"value":462},{"date":200,"value":463},{"date":203,"value":471},171.08,{"date":206,"value":473},173.65,{"date":209,"value":475},164.53,{"date":212,"value":477},157.28,{"date":215,"value":479},151.44,{"date":218,"value":481},144.5,{"date":221,"value":483},130.09,{"date":224,"value":485},124.6,{"date":227,"value":487},122.35,{"date":255,"value":489},103.5,{"publishedDate":198,"updateFrequency":187,"updateFrequencyText":188,"label":491,"today":492,"last":493,"percentageChange":494,"yearToDate":495,"yearOnYear":496,"oneYearIndexTrend":497,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"NCM High-Nickel",144.45,149.67,-3.49,26.69,49.06,[498,499,500,502,504,506,508,510,512,514,516,518],{"date":198,"value":492},{"date":200,"value":493},{"date":203,"value":501},157.37,{"date":206,"value":503},160,{"date":209,"value":505},149.53,{"date":212,"value":507},141.97,{"date":215,"value":509},136.99,{"date":218,"value":511},129.81,{"date":221,"value":513},114.02,{"date":224,"value":515},109.17,{"date":227,"value":517},109.02,{"date":255,"value":519},99.44,{"publishedDate":198,"updateFrequency":187,"updateFrequencyText":188,"label":521,"today":522,"last":523,"percentageChange":524,"yearToDate":525,"yearOnYear":526,"oneYearIndexTrend":527,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"LFP",229.17,218.34,4.96,49.35,83.44,[528,529,530,532,534,536,538,540,542,544,546,548],{"date":198,"value":522},{"date":200,"value":523},{"date":203,"value":531},239.1,{"date":206,"value":533},258.32,{"date":209,"value":535},239.37,{"date":212,"value":537},213.01,{"date":215,"value":539},204.49,{"date":218,"value":541},218.06,{"date":221,"value":543},153.45,{"date":224,"value":545},134.02,{"date":227,"value":547},118.22,{"date":255,"value":549},111.93,{"id":551,"uuid":552,"name":553,"slug":554,"full_slug":555,"content":556,"relatedArticles":779,"relatedVideos":780},233792158341140,"b6673436-acc1-4824-b470-b2c013ccbd33","Potential Indonesian output cuts would widen 2026 nickel deficit but new MHP projects limit 2027 impact","potential-indonesian-output-cuts-would-widen-2026-nickel-deficit-but-new-mhp-projects-limit-2027-impact","article/potential-indonesian-output-cuts-would-widen-2026-nickel-deficit-but-new-mhp-projects-limit-2027-impact",{"_uid":557,"date":558,"tags":559,"editor":584,"content":594,"excerpt":745,"featured":51,"reporter":746,"component":755,"seo_title":756,"categories":757,"visibility":768,"data_vis_image":769,"featured_image":772,"seo_description":776,"side_panel_banner":687,"formattedDate":777,"formattedArticleDate":778},"79a54ddc-b7d8-4806-952a-d50437f7a3b8","2026-10-23 00:00",[560,563,566,569,572,575,578,581],{"slug":561,"name":562},"hpal","HPAL",{"slug":564,"name":565},"mhp","MHP",{"slug":567,"name":568},"indonesia","Indonesia",{"slug":570,"name":571},"china","China",{"slug":573,"name":574},"nickel-prices","Nickel prices",{"slug":576,"name":577},"huayou-cobalt","Huayou Cobalt",{"slug":579,"name":580},"tsingshan","Tsingshan",{"slug":582,"name":583},"gem-co","GEM Co.",[585],{"slug":586,"name":587,"content":588},"benjamin-roche","Benjamin Roche",{"job_title":589,"image":590,"bio":592,"linkedin":593},"Editor – Energy Transition Supply Chains",{"filename":591},"https://a.storyblok.com/f/287943243085208/800x800/66d6674fb8/benjamin-roche.png","Benjamin is Benchmark's Editor for Energy Transition Supply Chains, covering both upstream products like critical minerals and downstream products including energy storage systems and electric vehicles. He has previous experience covering trade flows, tariffs and the effects of geopolitics on supply chains.","https://www.linkedin.com/in/benjaminrochecontent/",{"type":595,"attrs":596,"content":597},"doc",{"backgroundColor":49},[598,626,631,636,641,648,662,667,672,677,688,693,706,711,716,721,726,740],{"type":599,"attrs":600,"content":601},"paragraph",{"textAlign":49},[602,605,615,617,624],{"text":603,"type":604},"Chinese ","text",{"text":606,"type":604,"marks":607},"nickel producers in Indonesia",[608],{"type":609,"attrs":610},"link",{"href":611,"uuid":612,"anchor":49,"target":613,"linktype":614},"/article/indonesian-imports-of-philippine-nickel-ore-up-82-to-cover-quota-restrictions","d407338e-c007-4035-9f4a-beeaf6e1cdd9","_blank","story",{"text":616,"type":604}," 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 ",{"text":618,"type":604,"marks":619},"nickel",[620],{"type":609,"attrs":621},{"href":622,"uuid":623,"anchor":49,"target":613,"linktype":614},"/article/a-third-of-global-nickel-supply-to-be-under-indonesian-state-export-control","58888d04-48f1-4aff-bc0f-9ae292c248e2",{"text":625,"type":604}," feedstock for stainless steel, by a fifth until the end of 2026.",{"type":599,"attrs":627,"content":628},{"textAlign":49},[629],{"text":630,"type":604},"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.",{"type":599,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":604},"Benchmark’s estimate of the true size of the cuts would more than double the market deficit for 2026, though if the cuts reach the rumoured level this could increase the deficit ten-fold.",{"type":599,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":604},"“Indonesian intermediate producers are again reporting supply cuts as nickel prices remain low due to cost deflation and weaker battery demand. Predicting coordinated action is challenging, so published figures indicate scale rather than an exact outcome,” said Christophe Moulin, nickel analyst at Benchmark.",{"type":642,"attrs":643,"content":645},"heading",{"level":644,"textAlign":49},2,[646],{"text":647,"type":604},"Who is rumoured to have cut production?",{"type":599,"attrs":649,"content":650},{"textAlign":49},[651,653,660],{"text":652,"type":604},"Four Chinese nickel producers (Tsingshan, ",{"text":654,"type":604,"marks":655},"Lygend",[656],{"type":609,"attrs":657},{"href":658,"uuid":49,"anchor":49,"target":613,"linktype":659},"https://intelligence.benchmarkminerals.com/publications/briefings/energy-transition-capitals/energy-transition-capital-september-2026","url",{"text":661,"type":604},", Huayou Cobalt and GEM) are reported to have agreed to cut MHP output by 50% and NPI by 20% at a meeting on 20 October 2026. More detailed reports have also indicated a 50% cut to nickel matte running from 23 October–31 December 2026. Three of the four companies named have since denied that the meeting took place or said they have received no notice of a cut. LME cash-settled nickel rose from $14,885/t on 15 October to $15,830/t on 21 October 2026 as reports of the cuts circulated.",{"type":642,"attrs":663,"content":664},{"level":644,"textAlign":49},[665],{"text":666,"type":604},"How much nickel production is struggling at current prices?",{"type":599,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":604},"At 21 October 2026 prices, 286kt of MHP (59% of Indonesian output) costs more to produce than the MHP price of $12,951/t, and the highest-cost plants are losing more than $4,000 per tonne of nickel produced. Most matte output costs just above the matte price of $14,123/t, close to breakeven, and every NPI plant produces below the NPI price of $13,150/t. ",{"type":599,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":604},"On that cost position, Benchmark’s assessment is that cuts are more likely to reach 20% for MHP, 10% for matte and 5% for NPI than the rumoured rates of 50%, 50%, and 20%, respectively. A 20% MHP cut would take a third of loss-making MHP output offline. Given matte is roughly at breakeven and NPI is profitable, the scale of any output cuts to these products would likely owe more to ore constraints under the RKAB quotas and potential weak stainless demand.",{"type":678,"attrs":679},"blok",{"id":680,"body":681},"72ad3d59-0afe-42be-8815-4a6c7a30a7e1",[682],{"id":683,"_uid":684,"type":685,"component":686,"fixed_height":687,"use_fixed_height":50,"fixed_height_mobile":687,"fixed_height_tablet":687},"30670718","i-bb5566b6-6537-432b-8602-ce1bff38c28b","visualisation","ContentFlourish","",{"type":642,"attrs":689,"content":690},{"level":644,"textAlign":49},[691],{"text":692,"type":604},"What would cuts mean for the nickel market balance?",{"type":599,"attrs":694,"content":695},{"textAlign":49},[696,698,704],{"text":697,"type":604},"A 14kt deficit is forecast for 2026 in ",{"text":699,"type":604,"marks":700},"Benchmark's Q3 2026 forecast",[701],{"type":609,"attrs":702},{"href":703,"uuid":49,"anchor":49,"target":613,"linktype":659},"https://benchmarkminerals.com/nickel",{"text":705,"type":604},". Cuts of the size predicted by Benchmark would remove 37kt of supply by 31 December 2026, widening the 2026 deficit to 51k. The rumoured plan applied in full, meanwhile, would remove 131kt, taking the 2026 deficit to 145kt.",{"type":599,"attrs":707,"content":708},{"textAlign":49},[709],{"text":710,"type":604},"If the planned cuts expire on 31 December 2026, the 1kt surplus Benchmark has forecast for 2027 is still expected. If extended to 31 March 2027, at Benchmark's estimated depth, the cuts would turn that surplus into a -46kt deficit, and Indonesian MHP supply would still grow in 2027, as projects starting up in 2027 add more MHP than the cuts remove.",{"type":642,"attrs":712,"content":713},{"level":644,"textAlign":49},[714],{"text":715,"type":604},"What do these rumours mean for the nickel market outlook?",{"type":599,"attrs":717,"content":718},{"textAlign":49},[719],{"text":720,"type":604},"LME nickel prices have already moved on sentiment, with the cash price up $945/t between 15 and 21 October 2026, but a sustained physical effect is expected to show first in NPI, MHP and nickel sulphate prices: the supply at risk is intermediate and Class 2 material, and LME stocks of 280,866t cover the expected 2026 supply loss more than seven times.",{"type":599,"attrs":722,"content":723},{"textAlign":49},[724],{"text":725,"type":604},"Indonesian NPI output for November 2026 will be the first true indication of how far producers will cut: output of 137kt would match a 5% cut from 144.6kt in September 2026, and 116kt would match the circulated 20%.",{"type":599,"attrs":727,"content":728},{"textAlign":49},[729,731,738],{"text":730,"type":604},"“The Indonesian government’s 2027 ",{"text":732,"type":604,"marks":733},"RKAB ore quotas",[734],{"type":609,"attrs":735},{"href":736,"uuid":737,"anchor":49,"target":613,"linktype":614},"/article/indonesia-announces-significantly-lower-nickel-rkab-quotas","4f8ae390-bfc8-4b79-8cf8-766487872aaa",{"text":739,"type":604}," are the next test for market sentiment, as they will show whether ore supply is set to match the lower intermediate output,” Moulin said.",{"type":599,"attrs":741,"content":742},{"textAlign":49},[743],{"text":744,"type":604},"Cuts are applied to Indonesian supply in the Q3 2026 balance at 2026 levels (MHP 410kt, matte 339kt, NPI 1,529kt) over the 70 days from 23 October to 31 December 2026. The range reflects estimated cut depths of 15-25% for MHP, 5-15% for matte and 2.5-7.5% for NPI. An extension of the cuts to 31 March 2027 would move the 2027 balance from a 1kt surplus to a 46kt deficit on Benchmark's estimate (range 27-65kt) and to a 166kt deficit on the circulated plan.","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.\n\nThe 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.",[747],{"slug":748,"name":749,"content":750},"christophe-moulin","Christophe Moulin",{"job_title":751,"image":752,"bio":754,"markets_covered":150},"Senior Market Analyst - Nickel",{"filename":753},"https://a.storyblok.com/f/287943243085208/512x512/32c044667f/christophe-moulin-headshot.jpg","Christophe Moulin is Benchmark Mineral Intelligence's Senior Nickel Market Analyst, specialising in nickel supply and demand dynamics. In this role, Christophe leads the analysis and publication of the company's quarterly Nickel Forecast update. Prior to joining Benchmark in March 2026, Christophe spent 3 years working at Eramet S.A. where he supported the company's nickel commercial operations by providing insights on market trends, trade flows, and pricing strategies. With an academic background in political science, international relations and competitive intelligence, Christophe has experience in energy markets and risk analysis from his previous roles at TotalEnergies and Coface.","article","Potential Indonesian output cuts would widen 2026 nickel deficit",[758,759,762,765],{"slug":618,"name":150},{"slug":760,"name":761},"raw-materials","Raw Materials",{"slug":763,"name":764},"critical-minerals","Critical Minerals",{"slug":766,"name":767},"geopolitics","Geopolitics","private",{"id":49,"alt":49,"name":687,"focus":49,"title":49,"source":49,"filename":687,"copyright":49,"fieldtype":770,"meta_data":771},"asset",{},{"id":773,"alt":687,"name":687,"focus":687,"title":687,"source":687,"filename":774,"copyright":687,"fieldtype":770,"meta_data":775,"is_external_url":50},129070300147886,"https://a.storyblok.com/f/287943243085208/6c9d862bd7/bm-nickel-smelter-indonesia.jpg",{},"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).","Oct 23, 2026","23rd October 2026",[],[],1792773864561]