Hyperdrive
Nickel Price Crash Seen Extending Indonesia’s Grip on Supply
- BHP reviews Australia assets as First Quantum halts mine
- Metal used in stainless steel and batteries extends losses
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A prolonged slump in nickel prices is stress-testing producers worldwide, raising the prospect of sweeping mine closures that will deepen Indonesia’s dominance of global supply.
The metal used in stainless steel and electric-vehicle batteries is down more than 40% from a year ago amid a growing global glut. That’s piling pressure on higher-cost operations and could pose the greatest risk to new projects outside Indonesia.