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Indonesia’s incoming president, Prabowo Subianto, has pledged to continue predecessor Joko Widodo’s nickel “downstreaming” policy but faces the task of reducing oversupply while pushing to strengthen the processing industry, his advisers say.
But it led to an oversupply of processed nickel that caused a drop of 45% in prices last year, squeezing producers in Australia and elsewhere, although they have since recovered to stand up about 12% in 2024. “If there is too much oversupply and those smelters stop their operations, that would impact the whole supply chain,” he added.
“Indonesia is flooding the nickel market with low-cost supply, and we don’t think it’s going to stop anytime soon,” said S&P Global Ratings, which predicts the country will add 300,000 metric tons of smelting capacity this year.
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