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The Benchmark This Supply Story Shapes — 10-Day Trend
All prices in ₹ per gram · daily rate, updated once per day
One Country, an Outsized Share of Global Supply
Today's nickel benchmark stands at ₹1.41 per gram, as of September 17, 2026. Behind that number sits a supply chain leaning more heavily on a single country than almost any other major industrial metal this site tracks. Indonesia holds some of the largest nickel ore reserves in the world, and a deliberate policy decision — restricting exports of raw, unprocessed ore — pushed investment into domestic smelting rather than letting the resource leave the country unprocessed.
That policy choice, layered on top of genuinely large natural reserves, built Indonesia's current position as the world's largest nickel producer, a shift that has reshaped global nickel markets over a relatively short span of years.
Today's Baseline Across Weight Units
Today's Nickel rate is One Rupees per gram. At this rate, 10 grams of Nickel costs Fourteen Rupees.
| Unit | Weight | Price (INR) | Price in Words |
|---|---|---|---|
| 1 Gram | 1.0000 g | ₹1.41 | One Rupees |
| 8 Grams | 8.0000 g | ₹11.28 | Eleven Rupees |
| 10 Grams | 10.0000 g | ₹14.10 | Fourteen Rupees |
| 100 Grams | 100.0000 g | ₹140.97 | One Hundred and Forty One Rupees |
| 1 Kilogram | 1,000.0000 g | ₹1,409.67 | One Thousand Four Hundred and Ten Rupees |
| 1 Ounce (oz) | 28.3495 g | ₹39.96 | Forty Rupees |
| 1 Troy Ounce | 31.1035 g | ₹43.85 | Forty Four Rupees |
| 1 Metric Ton | 1,000,000.0000 g | ₹1,409,666.00 | Fourteen Lakh Nine Thousand Six Hundred and Sixty Six Rupees |
What Indonesia Actually Produces
A large share of Indonesian output takes the form of nickel pig iron — a lower-cost, lower-purity product that feeds directly into stainless steel manufacturing, mostly in China. It's not the same thing as the high-purity Class 1 nickel that battery-cathode manufacturers need, though Indonesia has been actively investing in capacity to produce more of those higher-grade, battery-suitable products as EV demand has grown.
Why export policy became the story
Before the export restrictions, Indonesia mostly shipped raw ore for other countries to process, capturing relatively little of the value chain domestically. Forcing that processing onshore was a deliberate industrial policy bet — one that required significant smelter investment, much of it backed by Chinese capital and technology, but one that ultimately paid off in terms of Indonesia's global market position.
Other real nickel producers exist — the Philippines, Russia, Canada and Australia all contribute meaningfully — but none currently operates at anything close to Indonesia's scale, which is exactly why nickel supply-side headlines disproportionately center on Indonesian policy and production data rather than spreading evenly across producing countries.
Recent Prices — Last 10 Days
The most recent Nickel price on record (2026-09-17) is One Rupees per gram.
| Date | Price (INR/g) | Change |
|---|---|---|
| 2026-09-17 | ₹1.41 | +0.00 |
| 2026-09-16 | ₹1.41 | +0.01 |
| 2026-09-15 | ₹1.39 | -0.03 |
| 2026-09-14 | ₹1.43 | -0.01 |
| 2026-09-13 | ₹1.44 | +0.00 |
| 2026-09-12 | ₹1.43 | +0.00 |
| 2026-09-11 | ₹1.43 | -0.02 |
| 2026-09-10 | ₹1.45 | -0.01 |
| 2026-09-09 | ₹1.46 | +0.01 |
| 2026-09-08 | ₹1.45 | — |
Why This Concentration Matters for the Price You See Here
When one country supplies such a large share of a global commodity, that country's domestic policy decisions function almost like monetary policy does for currency markets — a single announcement can move global sentiment fast. A change to Indonesian export rules, a smelter outage, or new investment announcements can shift nickel supply expectations well before any change in end-user demand shows up.
For anyone tracking the benchmark on this page, that means Indonesian policy news is worth weighting more heavily than it might be for a metal with more geographically spread-out supply. It's not the only factor — EV battery demand and stainless steel demand both matter too — but it's the one supply-side factor most likely to move the number quickly and by a meaningful amount.
Indonesia and Nickel Supply — Honest Answers
Indonesia holds some of the world's largest nickel ore reserves and made a deliberate policy choice to ban raw ore exports, forcing investment into domestic smelting and processing rather than shipping unprocessed material overseas. That policy shift, combined with the country's natural resource base, built its current dominant position.
Indonesia has restricted or banned exports of raw, unprocessed nickel ore at various points, requiring the material to be smelted domestically first. The specific rules have evolved over time, but the underlying goal has consistently been to capture more processing value inside the country rather than exporting it.
A large share of Indonesian output is nickel pig iron (NPI), a lower-cost, lower-purity form suited to stainless steel production. Indonesia has also been expanding capacity for higher-purity Class 1 nickel and intermediate products aimed at EV battery supply chains.
The Philippines, Russia, Canada and Australia are all real, meaningful producers, though none currently approaches Indonesia's scale. This concentration in one country is one reason nickel supply-side news disproportionately centers on Indonesian policy and production data.
Because Indonesia supplies such a large share of global nickel, any change in its export rules, smelter output, or investment climate can shift global supply expectations quickly — which is exactly the kind of news that tends to move the benchmark tracked on this page, sometimes before broader demand data does.
