Indonesia, the world’s largest nickel exporter, has a sobering message for struggling producers of the battery metal elsewhere: don’t expect any meaningful revival in prices.
Septian Hario Seto, the government official who has overseen Indonesia’s nickel processing boom, says prices are unlikely to rise much above $18,000 a ton on the London Metal Exchange. The Southeast Asian nation will ensure the market remains well supplied to keep costs lower for electric vehicle manufacturers, he said.
“This concept has to be well understood by all these nickel producers elsewhere,” Seto, a deputy at the Coordinating Ministry for Maritime Affairs and Investment, said in an interview on Wednesday. “The purpose for the government is to find an equilibrium so that nickel demand, especially for EVs, is well supplied.”
For the rest of this article: https://www.bnnbloomberg.ca/indonesia-says-its-nickel-supply-will-keep-global-prices-low-1.2040692#:~:text=(Bloomberg)%20%2D%2D%20Indonesia%2C%20the,any%20meaningful%20revival%20in%20prices.