Indonesia plans to significantly increase its nickel production despite falling prices, aiming to meet the growing demand for battery-grade nickel in the EV industry.
Indonesia plans to boost its nickel production despite falling prices resulting from ample supply that are forcing some miners to shut down mines. Per plans, battery-grade nickel production in Indonesia should increase fourfold by 2030, to 1 million tons, the Financial Times reported today, citing a senior government official from Jakarta. Output of the sort of nickel used in stainless steel production is seen rising by 15% from the current 1.
” Indonesia is the world’s largest nickel producer and, with Chinese financial help, a growing supplier of battery-grade nickel that the EV industry needs to scale production. However, with Indonesia’s continued ramp-up of production, EV sales growth slowing and the outlook losing some of its brightness, nickel prices have declined substantially over the past 12 months. This has forced some miners to shrink their operations, with Australian miners especially vulnerable, it appears.
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