The metal declined by as much as 2.1%, reaching $16,750 per ton in London. According to Shanghai Metals Market, the miner is expected to receive an additional ore quota of “tens of millions” of tons for the latter half of the year, although the specific producer was not mentioned.
A representative from the Energy and Mineral Resources Ministry has not yet responded to a request for comment.
Indonesia stands as the leading producer of nickel, contributing approximately 60% of the global supply of the metal, which is essential for stainless steel and batteries. Changes in its supply policy can significantly influence market dynamics. Bloomberg News indicated in June that Jakarta was likely to permit a substantial increase in nickel production later this year.
Nickel futures were trading 1.7% lower at $16,825 per ton on the London Metal Exchange at 12:27 p.m. in Singapore. Year-to-date prices have remained relatively stable.
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