Indonesia controls nickel ore supply to support prices
Time:Tue, 22 Oct 2024 16:23:08 +0800
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Indonesia, whose nickel ore output accounts for more than half of the world's output, is managing the production of nickel ore to balance supply and demand and support prices because prices will drop if supply is sufficient but demand is low.
The country is facing a shortage of nickel ore due to government licensing delays, so a higher premium must be paid to obtain the raw material, which has forced many smelters to import a high quantity of nickel ore from the Philippines.
The nickel price on the London Metal Exchange (LME) hasn’t rebounded from the low level in early 2024. Market participants are looking forward to seeing demand stimulated by China’s new economic stimulus measures.
