Indonesia eyes nickel production cuts to support price of ‘unloved’ metal

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Financial Times 1d ago

Indonesia eyes nickel production cuts to support price of ‘unloved’ metal - Financial Times

Quick Summary:

Analysts also said the Indonesian government would be trying to strike a delicate balance in acting to lift prices and keep domestic producers happy, without pushing up prices so high that it made economic sense for new nickel mines to open elsewhere in the world.

Analysts say any reduction in mining quotas this year would mean domestic ore production would be insufficient to meet the smelting capacity that is expected to come online in Indonesia.

Nickel prices have dropped about 40 per cent over the past two years to around $16,000 per tonne because of an abundance of supply from Indonesia as demand growth slows for electric vehicles globally.