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2024: Indonesia's limitless supply of cheap nickel offers no chance of rising prices
By February 2024, many of the world's largest nickel mines face an increasingly bleak future as they face the threat of existence: virtually limitless supplies of cheap metal from Indonesia.
Approximately half of all nickel enterprises are unprofitable at current prices.
The reason for the fall in global nickel prices is that China has helped Indonesia with inexpensive and efficient technologies for obtaining high-quality nickel from low-grade local ore.
2023
Nickel is biggest loser of the year among metals: 44% price cut
Nickel is the biggest loser of 2024 among metals.
Metals have been under pressure this year from global economic factors and uncertainty over China's growth prospects.
Indonesia opens world's richest nickel reserves
By 2023, Indonesia is opening the world's richest nickel reserves - there is a revolution in the production of components for batteries.
New HPAL (high pressure acid leaching) projects, as well as the influx of low-cost metal from a country whose deposits have long been disliked by major producers, could lead to an oversupply in the market.
Within two years, Indonesia will be able to provide 65% of global nickel production, up from 30% in 2020, according to Macquarie Group Ltd. With so much metal outside the LME and Shanghai Exchange, Indonesia is threatening to turn even price benchmarks on nickel.
Also, this giant chemical experiment entails environmental consequences.
2022: Indonesia leads nickel output
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