The outgoing Indonesian president Joko Widodo banned nickel exports back in 2020. The move kickstarted investment into downstream nickel mining and nickel processing facilities in the country — a policy that drew some US$22 billion in 2022 alone, said Jaipuriyar at the Singapore Commodity Market Insights Forum 2024 on March 6.
The world’s demand for nickel — already roiled by falling prices — could see more volatility going forward, according to experts. This comes as Indonesia, a major producer, looks set to declare a president who could use the critical mineral to advance national interests as the US and China compete over electric vehicle (EV) production.
Indonesia is a “dominant supplier” of the world’s nickel, says Mriganka Jaipuriyar, head of news, Asia at S&P Global Commodity Insights. The most populous country in Asean produced 40.2% of global nickel last year, and this figure is expected to rise to about 44% in 2027, she adds.
