ab 17 March 2026 Global Research Indonesian Metals Sector Nickel: Upside risk may begin to play out Nickel price remains skewed to upside, led by Indonesia nickel dynamics We believe the near-term risk to nickel prices is skewed to the upside, led by Indonesia nickel, and may soon begin to play out as: 1) We are approaching end-March 2026, when most local miners would adjust output to the new 2026 nickel ore mining quota (RKAB) of 260-270m wmt in aggregate (2025: 379m wmt). 2) We believe the H126 quota impl ...