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Federal Natural Resources Minister Jonathan Wilkinson says Canada and other Western countries could consider imposing tariffs against Indonesia and China because of the potential for market manipulation stemming from their stranglehold on the global nickel market.
Indonesia has gone from supplying 7 per cent of the global supply of nickel to 55 per cent in the past decade, with much of that new production controlled by China-based mining companies with ties to the authoritarian Beijing government.
A glut of new global supply has caused the steel-making commodity to plummet by more than 80 per cent, from a peak of US$100,000 a tonne just two years ago, to around US$17,500 a tonne.
“You’ve seen some manipulation in the rare-earths market over the past number of years, but the most pressing area where we have concerns about the way in which the market is being managed is nickel and Indonesia, where very large amounts of nickel are being brought on by Chinese-controlled entities,” Mr. Wilkinson told The Globe and Mail earlier this week.
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