Nickel futures held near $15,300 per tonne in late August, keeping within their recent range as investors weighed fresh policy shifts in Indonesia, the world’s top producer. Indonesia’s sovereign wealth fund Danantara signed a deal with China’s GEM to develop a large-scale nickel processing hub as part of efforts to capture more value in the EV supply chain, underscoring the country’s downstream ambitions. At the same time, the government scrapped its requirement to use official benchmark prices for mineral and coal sales, raising the prospect of looser market-driven pricing even as taxes remain tied to the old system. While these developments highlight structural changes in the nickel trade, global markets remain under pressure from persistent oversupply and subdued demand, keeping prices capped despite efforts to support the sector.
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