[Ferro-Alloys.com] 

Indonesia says its nickel supply will keep global prices low

Indonesia, the world’s largest nickel exporter, has a sobering message for struggling producers of the battery metal elsewhere: don’t expect any meaningful revival in prices.

Septian Hario Seto, the government official who has overseen Indonesia’s nickel processing boom, says prices are unlikely to rise much above $18,000 a ton on the London Metal Exchange. The Southeast Asian nation will ensure the market remains well supplied to keep costs lower for electric vehicle manufacturers, he said.

On Thursday, nickel was up 0.4% to $17,665 a ton on the LME as of 11:40 a.m. local time, after earlier reaching a three-month high of $17,830 a ton. Nickel prices plunged by around 45% last year, and dipped briefly below $16,000 a ton earlier this month, as demand faltered and supply from Indonesia surged to more than 50% of the global total.

Source: MINING.COM

• [Editor:邢亚敏]