As the world's largest nickel producer, the Indonesian government expects nickel prices to stabilize near current levels in the future as new plants will meet growing demand and effectively supply the market.
Septian Hario Seto of the Ministry of Maritime Affairs and Investment Coordination said in Bali on Thursday that nickel prices on the London Metal Exchange are expected to remain around $15,000 to $16,000 per tonne in the short to medium term. An additional 928,000 tonnes of nickel production capacity per year is planned to be commissioned in the next three years, mostly for electric vehicles.
“I’m not really worried about the need to increase the world’s nickel supply,” Seto told the Fastmarkets International Critical Minerals and Metals Summit. Indonesia has accounted for more than half of global nickel production in recent years, sending prices tumbling and other producers shutting down.
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