The Stainless Monthly Metals Index (MMI) moved up with a 7.32% rise from November to December. Meanwhile, the nickel price index appeared decidedly bullish throughout the month.
noted, the ban went into effect in 2020. At the time, it was part of a larger strategy to attract investments for value-adds to Indonesia’s nickel supply chain. The EU challenged the ban on the grounds it unfairly restricted access to key raw materials, specifically for stainless steel producers. As Indonesia’s President, Joko Widodo, predicted, the WTO ruled in favor of the EU.
Despite the loss, Indonesia plans to appeal. As a whole, the ban was wildly successful for the country. Indeed, it will likely serve as an incentive for Indonesia to continue limiting exports in some form. Currently, the country accounts for roughly 38% of global nickel production, giving it significant influence over the nickel price. In fact, due to the investments the ban triggered, the archipelago has since become the second-largest producer of stainless steel.
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