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CommoditiesMedium•11 March 2026•

1 min read

Macquarie Warns of Global Nickel Deficit Amid Indonesian Supply Restrictions

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Key Facts

1Macquarie bank predicts the nickel market could shift into a deficit due to production quota restrictions in Indonesia.

Macquarie bank has warned that the global nickel market could shift into a deficit this year, defying previous expectations of a surplus. This potential shortage is primarily attributed to production quota restrictions implemented by the Indonesian government on mining operations. As the world's largest producer of the metal, Indonesia's regulatory constraints are significantly stalling global supply growth. Analysts suggest that production may fail to see any growth at all in 2024 due to these administrative bottlenecks. This supply-side pressure is expected to exert upward momentum on LME Nickel prices in the coming months. Investors are closely monitoring the situation as the transition from a projected surplus to a deficit could reshape the industrial metal landscape.