Commodities
Indonesia Says Its Nickel Supply Will Keep Global Prices Low
- Battery metal to stay below $18,000 a ton, key official says
- Sharp drop in prices has hit producers across the world
A nickel mine in Sulawesi, Indonesia.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
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.