Nickel prices rose on Monday after Indonesia announced further restrictions on ore exports, its latest move to encourage domestic processing of the battery metal.

The policy change reduces the volume of ore permitted for export in the second half of 2026, tightening feedstock availability for smelters outside the country.

Stainless steel producers in China and Japan said they are reassessing sourcing strategies, with several reportedly in talks to secure long-term supply from alternative producers in the Philippines.

The curbs add to a string of supply-side pressures on the nickel market this year, even as demand from electric-vehicle battery makers continues to soften.