Nickel Price Today: LME Nickel Falls to 2026 Low of US$16,055/t - Epignosis Insights Weekly Nickel Price Tracker

Pune, India - 29 September 2026 - Global nickel prices fell to their lowest level of 2026 in the third week of September, according to the latest Global Nickel Price Tracker from Epignosis Insights. The weekly nickel price report shows LME nickel prices declining 2.3% as Indonesia revised its nickel ore benchmark and LME nickel inventories rose, while offering a data-driven nickel price forecast for buyers, producers and investors through mid-October.

Get Full Access of Report@ https://epignosisinsights.com/reports/global-nickel-price-tracker

LME Nickel Price This Week: Key Numbers

The Epignosis Insights nickel price tracker for Week 38 (15-21 September 2026) highlights the following:
■ Average LME nickel cash price: US$16,115 per tonne, down 2.3% week-on-week
■ Lowest nickel price of 2026: US$16,055 per tonne on 18 September
■ LME three-month nickel price: US$16,259 per tonne average, down from US$16,645
■ LME nickel stocks: 278,526 tonnes, up 4,194 tonnes in a week
■ Nickel price forecast (base case): US$15,900-16,650 per tonne over four weeks

The narrow weekly trading range of just US$115 per tonne suggests that the nickel market is consolidating after a sharp sell-off earlier in September, rather than entering a steep decline.

Nickel Price Trend 2026: From May Peak to September Low

The nickel price trend in 2026 has been defined by a policy-driven rally followed by a steady correction. Monthly average LME nickel prices rose from US$17,844 per tonne in January to US$18,805 per tonne in May, when the market reached its 2026 high of US$19,450 per tonne. The September month-to-date average of US$16,388 per tonne is the lowest monthly nickel price of the year, and current levels sit 7.3% below the 2026 average of US$17,383 per tonne.

Epignosis Insights attributes this shift to a gap between expectations and physical reality: the market priced in Indonesian supply tightness quickly, but ample inventories and slower downstream demand have since pulled nickel prices back.

Why Are Nickel Prices Falling? Three Key Drivers

1. Indonesia nickel ore price reset. Indonesia, the world's largest nickel producer, revised its nickel ore benchmark price (HPM) formula from 15 September. The benchmark for low-grade 1.2% nickel limonite ore fell by about 45% to US$24.89 per wet metric tonne. This lowers the cost floor for high-pressure acid leach (HPAL) nickel production and weakens a key pillar of support for higher nickel prices.
2. Rising LME nickel inventories. LME nickel stocks have risen by more than 12,000 tonnes since the end of July and now stand at their highest level since late May. A cash-to-three-month contango of about US$144 per tonne confirms that refined nickel supply remains comfortable.
3. Soft battery and nickel sulphate demand. Demand for nickel from the electric vehicle battery sector remains subdued as Chinese producers continue to favour lithium iron phosphate (LFP) batteries, which use no nickel.

What Is Supporting the Nickel Market?

The nickel market is not without support. Epignosis Insights identifies several factors that limited further losses:
■ Water-related production cuts to nickel pig iron at Indonesia's Morowali Industrial Park
■ Continued Indonesian ore quota discipline under the RKAB system
■ China's stainless steel futures recording their first weekly gain in six weeks
■ Improved margins for stainless steel mills ahead of China's October Golden Week restocking season
■ Industry forecasts of a small global nickel supply deficit in 2026

Nickel Price Forecast: Next Four Weeks
The Epignosis Insights nickel price outlook sets out three scenarios for LME cash nickel through mid-October 2026:
■ Base case (55% probability): Nickel prices trade between US$15,900 and US$16,650 per tonne as post-holiday Chinese restocking offsets high inventories.
■ Bull case (25% probability): Nickel prices climb toward US$17,200 per tonne if Indonesia tightens ore quotas further or LME nickel stocks start to fall.
■ Bear case (20% probability): Nickel prices slip to around US$15,400 per tonne if cheaper ore accelerates HPAL output and Chinese demand disappoints.

What This Means for Nickel Buyers and Stainless Steel Procurement

For procurement teams buying nickel, stainless steel or nickel alloys, Epignosis Insights recommends staggering purchases across the base-case price band rather than reacting to short-term rebounds. Buyers should also review stainless steel alloy surcharge clauses to ensure they reflect the lower LME nickel price.

Producers and investors should monitor three indicators closely: weekly LME nickel stock changes, Indonesian ore quota revisions and Chinese stainless steel mill operating rates.

Nickel Price FAQs
Q. What is the nickel price today?
A. LME cash nickel closed Week 38 at US$16,125 per tonne on 21 September 2026.
Q. Why did nickel prices fall this week?
A. Indonesia cut its low-grade nickel ore benchmark by 45% and LME nickel inventories increased.
Q. What is the nickel price forecast for October 2026?
A. Epignosis Insights expects a base-case range of US$15,900-16,650 per tonne.
Q. Is the nickel market in surplus or deficit in 2026?
A. Industry forecasts point to a small deficit, but high inventories continue to weigh on prices.

Download the Full Global Nickel Price Tracker
https://epignosisinsights.com/reports/global-nickel-price-tracker?form=download-free-sample

The complete Epignosis Insights Global Nickel Price Tracker for Week 38, 2026 includes eight charts, a weekly price snapshot, Indonesia ore analysis, a price driver map and a detailed four-week nickel price forecast. Visit the Epignosis Insights website to access the full report and subscribe to weekly commodity price tracker updates.

Epignosis Insights
703 Kumar Corporate Building, Pune-411028, India
sales@epignosisinsights.com
Website: www.epignosisinsights.com

Follow connect us on LinkedIn: https://www.linkedin.com/company/epignosis-insights/

About Epignosis Insights

Epignosis Insights is a Pune-based market research and brand intelligence consultancy delivering commodity price trackers, market sizing, competitive intelligence and syndicated research across industrial, automotive, FMCG and BFSI sectors.

This release was published on openPR.