(Bloomberg) — European makers of stainless steel are turning to Indonesia for nickel as the country’s booming output forces plants in other countries to shutter.
Exports to Europe of Indonesian nickel pig iron — an ingredient for stainless steel used primarily by Chinese producers — to Europe have surged to 87,485 tons this year from just 1,006 tons in 2023, according to Indonesian government data. The Netherlands, Italy and the UK have taken the shipments, the data show.
The swelling exports reflect Indonesia’s growing dominance of the nickel market, with its output now accounting for more than half of the world’s total. European mills typically use ferronickel, a higher-purity alloy than nickel pig iron, but many plants that make it have shut down due to competition from Indonesia.
For the rest of this article: https://www.bnnbloomberg.ca/investing/2024/09/13/nickel-flowing-to-europe-shows-indonesias-grip-on-global-supply/#:~:text=Exports%20to%20Europe%20of%20Indonesian,the%20shipments%2C%20the%20data%20show.