(Bloomberg) — Indonesia’s government sees nickel prices stabilizing near current levels in the future, as new plants in the world’s biggest producer offset rising demand and keep the market well supplied.
Prices on the London Metal Exchange should hold around $15,000 to $16,000 a ton in the short to medium term, Septian Hario Seto, a deputy at the Coordinating Ministry for Maritime Affairs and Investment, said in a presentation in Bali on Thursday.
An additional 928,000 tons a year of capacity is set to come online within the next three years, most of which will produce nickel for electric vehicles. “I’m not really worried if the world needs an increase of nickel supply,” Seto said at the Fastmarkets International Critical Minerals and Metals Summit. “With this capacity expansion alone, it will be enough.”
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