A deputy minister said the government wants to expand nickel production to achieve “price equilibrium” to support sustainable demand for EV batteries.
| Indonesia will press on with plans to expand nickel output despite a supply glut that is forcing rivals to shut down mines, as the world’s top producer aims to keep prices low and protect long-term demand for the metal crucial to electric car batteries, a senior government official has said.
Indonesia has previously proposed a nickel version of the OPEC group of oil-producing nations. But analysts said South-East Asia’s biggest economy was well-positioned to shape global supply and prices on its own. With the world’s largest reserves of the mineral, it commands a market share of more than 50 per cent.
He referred to Indonesia’s effort in recent years to build a domestic EV ecosystem on the back of its vast nickel reserves. Outgoing President Joko Widodo banned nickel ore exports in 2020, forcing smelters and battery makers to set up plants in the country.Any significant threat to nickel demand would damage Indonesia’s economy.
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