Nickel Spikes After Report of Indonesian NPI Production Cut Nickel prices spiked following a report of further output cuts in Indonesia, the top producer of the metal. Futures surged as much as 2.6% to $19,050 a ton on the London Metal Exchange after Shanghai Metals Market reported that 10% to 15% of high-grade nickel pig iron capacity at Indonesia Weda Bay Industrial Park will be placed under rotational maintenance in the coming months. Some NPI production, used to make stainless steel use, has been curtailed since March and April due to a drop in ore supplies and high costs, SMM said, without citing anyone. The reallocation of power resources to new aluminum capacity has worsened the situation, the research firm said. (Bloomberg)