Canada and allies considering trade measures against China and Indonesia over manipulation of nickel market, Freeland says – by Niall McGee (Globe and Mail – April 24, 2024)

Deputy Prime Minister Chrystia Freeland says Canada and its allies are weighing taking trade action against China and Indonesia in the nickel market, as the two Asian countries tighten their collective grip in the critical mineral.

Indonesia has gone from supplying 7 per cent of the global output 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.

The glut of new global supply out of Indonesia has caused the price of the steelmaking and battery metal commodity to plummet by more than 80 per cent from a peak of US$100,000 a tonne to around US$19,100 a tonne.

Speaking to reporters in Toronto after addressing the First Nations Major Projects Coalition conference, Ms. Freeland said a flood of cheap nickel is making the operations of Western mining companies uneconomical and the conduct of the countries in control appears to be market manipulation.

For the rest of this article: