Nickel cathode prices in India rose for two quarters and then fell in Q3 2026.
Nickel cathode (99.99%) Ex-Mumbai averaged about USD 17,647/MT in Q1 2026, up 16.83%. It reached USD 18,570/MT in Q2, up another 5.2%. In Q3 it fell 7.75% to USD 17,131/MT, and by September it was down to about USD 17,011/MT.
India imports more than 80% of its nickel, so a buyer in India is exposed to global exchange stocks, policy in Indonesia and freight costs, all at once.
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Why nickel cathode prices matter
Nickel cathode is high-purity nickel made by electrolytic refining. It is used in:
- Stainless steel, which uses roughly two-thirds of all nickel
- Superalloys for jet engines, chemical plants and marine equipment
- EV batteries, especially nickel-rich NMC chemistries that need Class 1 nickel
- Plating and specialty alloys
When prices move, the costs of stainless steel mills, alloy makers and battery supply chains move too.
Q3 2026 at a glance
🇮🇳 India (99.99%, Ex-Mumbai): USD 17,131/MT, −7.75% vs Q2
🇺🇸 United States: spot averaged about USD 15,800/MT, with the index softer
🇪🇺 Europe: lower, as weak stainless-steel demand met high exchange stocks
India: why the price fell
Three things pushed the price down:
- Large LME and SHFE inventories meant more refined nickel was available, which lowered import parity.
- Stainless-steel demand stayed weak and battery makers bought cautiously, so fewer buyers wanted spot cathode in September.
- Geopolitical risk eased, so the war-risk premium in landed costs shrank.
A few things limited the fall:
- Middle East tensions caused spikes in container freight and insurance, which raised landed costs for short periods.
- Temporary smelter disruptions at IMIP in Indonesia tightened prompt supply.
- Slower arrivals into India reduced short-term warehouse availability.
- Indonesia’s RKAB mining quota releases kept supply expectations shifting, first tighter and then looser.
Overall, there was enough supply and too few buyers, so the occasional bounce in prices didn’t last.
Why India is exposed
India has little domestic Class 1 nickel capacity, so it imports most of its cathode. As a result, Indian prices react to:
- LME and SHFE stock levels
- Mining quota decisions in Indonesia
- Freight and insurance costs on seaborne routes
- The rupee–dollar rate on landed costs
The news section of the page says the government is preparing an incentive scheme to boost domestic nickel production. That would reduce import dependence over time, but it won’t help in the near term.
United States and Europe
In the US, the spot price averaged about USD 15,800/MT in Q3, and the index softened on weak stainless-steel demand and high exchange stocks. Energy, labour and freight costs stayed high, which limited the decline. The outlook suggests mild upside as year-end restocking begins and nickel ore supply tightens.
In Europe, the index also fell. Stainless-steel mills and battery buyers bought only what they needed, and production costs stayed high because of energy and logistics expenses. Buyers expect stocks to keep any recovery limited.
What this means for buyers
- The rally is over for now. Q3 erased most of the gain from Q2.
- Exchange stocks are the main signal. As long as LME and SHFE inventories stay high, rebounds will probably stay small.
- Indonesia can change the outlook quickly. A quota decision or a smelter outage can tighten supply within weeks.
- Landed costs can jump suddenly. Spikes in freight and insurance can raise Indian offers even when demand is weak.
- The outlook is a modest recovery. Tighter ore supply and year-end restocking could add some upward pressure in Q4.
Questions procurement teams should be asking now
- With prices near USD 17,000/MT, should we lock in Q4 and Q1 volumes now?
- How quickly would an Indonesian quota cut affect Indian landed prices?
- Are our contracts protected against sudden freight and insurance spikes?
- Should we rely more on contracts and less on spot purchases?
How ChemAnalyst helps
ChemAnalyst tracks prices, market news and supply and demand for more than 1,000 commodities, including nickel cathode and other non-ferrous metals. Our analysts in Houston, Cologne and New Delhi, together with ground teams at more than 50 major trading ports, provide:
- Weekly price updates for India, the US and Europe
- Explanations of why prices moved, not just the numbers
- Price forecasts to help you time your purchases
- Plant shutdown tracking to spot supply disruptions early
Don’t guess the Q4 bottom: book a free demo
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📊 Full nickel cathode price overview: https://www.chemanalyst.com/Pricing-data/nickel-cathode-3071
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