Julian Ambassadur Shiddiq, Director of Mining and Coal Program Development at the Indonesian Ministry of Energy and Mineral Resources (ESDM), warned that the country's nickel reserves could be depleted within 4 to 5 years. Stating that the current annual demand for nickel ore is about 1 billion tons, Shiddiq said that the current mining capacity and reserves are not enough to meet this demand.
Nickel prices in Asia edged higher by 1.1% on Monday. Nickel contracts and spot prices on the SHFE commodity exchange gained 1.1% and 0.9%, respectively. This increase was also reflected in stainless steel scrap prices, with grade 304 steel rising by 0.4%.
On the other hand, Indonesian coal offers were under slight pressure due to high coal stocks held by consumers. Exporters are worried about falling prices and are not planning a significant increase in supply until the end of the year.
These developments could pose serious environmental and economic challenges.
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