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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":828,"relatedVideos":829},112469211739248,"af4173f6-f728-48ca-9677-771ddfef8d57","Indonesia seeks balance between Chinese nickel dominance and IRA compliance","indonesia-seeks-balance-between-chinese-nickel-dominance-and-ira-compliance","article/indonesia-seeks-balance-between-chinese-nickel-dominance-and-ira-compliance",{"_uid":547,"date":548,"tags":549,"editor":565,"content":575,"excerpt":797,"featured":51,"reporter":798,"_editable":802,"component":803,"seo_title":543,"categories":804,"visibility":821,"author_company":49,"featured_image":822,"seo_description":797,"author_full_name":49,"author_job_title":49,"formattedDate":826,"formattedArticleDate":827},"91f41a56-417e-4a06-a458-a3502a14f0f6","2024-08-02 00:00",[550,553,556,559,562],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"indonesia","Indonesia",{"slug":557,"name":558},"inflation-reduction-act","Inflation Reduction Act",{"slug":560,"name":561},"usa","USA",{"slug":563,"name":564},"policy","Policy",[566],{"slug":567,"name":568,"content":569},"matthew-bird","Matthew Bird",{"job_title":570,"image":571,"bio":573,"linkedin":574},"Senior Editor - Supply Chains & Data Visualisation",{"filename":572},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":576,"content":577},"doc",[578,585,590,603,608,613,618,623,636,641,648,653,658,663,676,685,690,703,708,721,726,738,743,750,755,768,773,778],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582],{"text":583,"type":584},"Indonesia is seeking to restructure the ownership of nickel projects, reducing Chinese stakes to ensure its nickel industry qualifies for tax credits under the US Inflation Reduction Act (IRA), according to media reports.","text",{"type":579,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":584},"“Foreign entity of concern” (FEOC) rules mandate that Chinese state-owned companies can  control no more than 25% of a given operation in a non-FEOC country, to qualify for IRA tax credits.",{"type":579,"attrs":591,"content":592},{"textAlign":49},[593,595],{"text":594,"type":584},"China holds a commanding position within Indonesia’s nickel industry. Majority-owned Chinese operations will account for over 80% of Indonesia’s battery targeted nickel production in 2024, a figure rising to over 90% once the full breadth of Chinese ownership is considered, according to the ",{"text":596,"type":584,"marks":597},"Benchmark Nickel Forecast.",[598],{"type":599,"attrs":600},"link",{"href":601,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://www.benchmarkminerals.com/forecasts/nickel/reports/","url",{"type":579,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":584},"Indonesia does not currently possess a free trade agreement (FTA) with the United States, although Jakarta has been in talks over a limited agreement covering critical minerals with the Biden administration. ",{"type":579,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":584},"The proposal, however, has faced pushback from US senators, who have criticised Indonesia’s record on labour relations, human rights, and the environment. Moreover, with the US in the midst of an election year, the chances of an agreement being reached near term are low.",{"type":579,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":584},"Nevertheless, Indonesian nickel could still qualify for tax credits without an FTA in place, but this will be challenging given the stringent nature of FEOC rules. ",{"type":579,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":584},"“It would also be contingent on nickel being exported to a FTA economy, such as South Korea and Japan, for further processing into battery precursor/cathode material, as well as the total value-add of these refined products meeting FTA criteria in each given year,” said Will Talbot, nickel analyst at Benchmark.",{"type":579,"attrs":624,"content":625},{"textAlign":49},[626,628,634],{"text":627,"type":584},"There are currently only a handful of ex-China foreign companies with ties to Indonesia’s nickel industry; Volkswagen and Ford were the first western automakers to invest with Chinese partners in Indonesia, while ",{"text":629,"type":584,"marks":630},"several of South Korea’s battery players also have",[631],{"type":599,"attrs":632},{"href":633,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/how-is-south-koreas-battery-industry-navigating-feoc-nickel-risks",{"text":635,"type":584}," similar commitments.",{"type":579,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":584},"Joint-venture partnerships allow companies to leverage Chinese technological expertise and operational know-how, while minimising exposure to project development risks.",{"type":642,"attrs":643,"content":645},"heading",{"level":644,"textAlign":49},4,[646],{"text":647,"type":584},"FTA nickel supply falters under weak prices ",{"type":579,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":584},"Indonesia is set to add over 300,000 tonnes of additional supply to the market this year, thrusting the market into a structural oversupply that is forecast to sustain until late in the decade. ",{"type":579,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":584},"The supply ramp up has left nickel prices languishing below operating-cost levels for large swathes of the western nickel industry, as higher labour and energy costs have rendered many operations uneconomical compared to Indonesian peers. ",{"type":579,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":584},"This has led a growing list of mines to cease operations this year, most notably in Australia and New Caledonia. Supply from US and FTA economies is set to fall by around 2% year-on-year in 2024, while the global oversupply has also dampened prospects of a price recovery in the short-to-medium term – leaving more producers at risk of leaving the market.",{"type":579,"attrs":664,"content":665},{"textAlign":49},[666,668,674],{"text":667,"type":584},"Australia has seen the greatest number of closures year-to-date. ",{"text":669,"type":584,"marks":670},"Its largest casualty was announced in July",[671],{"type":599,"attrs":672},{"href":673,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/bhp-nickel-west-closure-deals-blow-to-australias-nickel-industry",{"text":675,"type":584},", as BHP revealed it would be placing the country’s biggest nickel mining complex on care and maintenance later this year until early 2027 at the earliest.",{"type":579,"attrs":677,"content":678},{"textAlign":49},[679],{"type":680,"attrs":681},"image",{"id":49,"alt":682,"src":683,"title":49,"source":49,"copyright":49,"meta_data":684},"","https://a.storyblok.com/f/287943243085208/94a762ff75/bm-screenshot-2024-07-17-160604.png",{},{"type":579,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":584},"The loss of BHP Nickel West will see Australia’s nickel output in 2025 drop to just half of that in 2023, taking roughly 15% of available FTA nickel supply out of the market from next year. ",{"type":579,"attrs":691,"content":692},{"textAlign":49},[693,695,701],{"text":694,"type":584},"Indonesian operations have not been completely immune to the low price environment either, as several Chinese-backed projects have been shelved this year. ",{"text":696,"type":584,"marks":697},"BASF and Eramet recently cancelled plans to construct a $2.6 billion high pressure acid leach (HPAL) facility",[698],{"type":599,"attrs":699},{"href":700,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/basf-and-eramet-cancel-only-100-western-backed-nickel-project-in-indonesia",{"text":702,"type":584}," in the region, demonstrating that even IRA compliance is not enough to overcome challenging market conditions.",{"type":642,"attrs":704,"content":705},{"level":644,"textAlign":49},[706],{"text":707,"type":584},"Difficult for US to meet EV ambitions without Indonesia ",{"type":579,"attrs":709,"content":710},{"textAlign":49},[711,713,719],{"text":712,"type":584},"With much of the nickel industry in dire straits, moves to ",{"text":714,"type":584,"marks":715},"establish a ‘green premium’",[716],{"type":599,"attrs":717},{"href":718,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/struggling-nickel-miners-press-for-alternative-pricing-mechanisms",{"text":720,"type":584}," to support higher-cost, but more environmentally-sustainable nickel production in the west are far from achieving ubiquity. ",{"type":579,"attrs":722,"content":723},{"textAlign":49},[724],{"text":725,"type":584},"Cost continues to take precedence over sustainability considerations, and the pool of supply that could meet the requirements of a ‘green premium’ is becoming more limited as mines are taken offline. ",{"type":579,"attrs":727,"content":728},{"textAlign":49},[729,731,736],{"text":730,"type":584},"The ",{"text":732,"type":584,"marks":733},"Benchmark Nickel Forecast",[734],{"type":599,"attrs":735},{"href":601,"uuid":49,"anchor":49,"target":49,"linktype":602},{"text":737,"type":584}," projects US and FTA nickel supply next year to be around 10% lower than 2023, despite US battery demand growing by 50% over the same time period. ",{"type":579,"attrs":739,"content":740},{"textAlign":49},[741],{"text":742,"type":584},"In theory, there could be sufficient nickel from FTA regions to meet US battery demand projections until early into the next decade. However, the battery industry will be competing with well established, less-cost sensitive industries to secure this supply in many cases.",{"type":579,"attrs":744,"content":745},{"textAlign":49},[746],{"type":680,"attrs":747},{"id":49,"alt":682,"src":748,"title":49,"source":49,"copyright":49,"meta_data":749},"https://a.storyblok.com/f/287943243085208/7f88ade1af/bm-image-70.png",{},{"type":579,"attrs":751,"content":752},{"textAlign":49},[753],{"text":754,"type":584},"Moreover, supply curtailments, coupled with a slowdown in capital commitment to develop new resources as prices falter, threatens to exacerbate supply shortfalls longer-term.",{"type":579,"attrs":756,"content":757},{"textAlign":49},[758,760,766],{"text":759,"type":584},"The Philippines is ",{"text":761,"type":584,"marks":762},"hoping to attract investment to develop alternative nickel resources",[763],{"type":599,"attrs":764},{"href":765,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://source.benchmarkminerals.com/article/can-the-philippines-emulate-indonesias-success-with-downstream-nickel-plans",{"text":767,"type":584}," to Indonesia, but this will require large capital outlays during a period of low prices and sustained over-supply.",{"type":579,"attrs":769,"content":770},{"textAlign":49},[771],{"text":772,"type":584},"It seems therefore inevitable that some Indonesian nickel will find its way into the US battery supply chain. The question is, to what extent?",{"type":642,"attrs":774,"content":775},{"level":644,"textAlign":49},[776],{"text":777,"type":584},"Join us at Giga APAC 2024",{"type":579,"attrs":779,"content":780},{"textAlign":49},[781,786,793],{"text":782,"type":584,"marks":783},"Discussions on Asia Pacific’s battery market will continue at Benchmark’s ",[784],{"type":785},"italic",{"text":787,"type":584,"marks":788},"Giga APAC 2024",[789,792],{"type":599,"attrs":790},{"href":791,"uuid":49,"anchor":49,"target":49,"linktype":602},"https://benchmarkevents.benchmarkminerals.com/gigaapac24",{"type":785},{"text":794,"type":584,"marks":795}," conference being held September 11-12 at the Ritz Carlton in Perth, Australia.",[796],{"type":785},"Indonesia is seeking to restructure the ownership of nickel projects, reducing Chinese stakes to ensure its nickel industry qualifies for tax credits under the US Inflation Reduction Act (IRA), according to media reports. “Foreign entity of concern” (FEOC) rules mandate that Chinese state-owned companies can control no more than 25% of a given operation in […]",[799],{"slug":567,"name":568,"content":800},{"job_title":570,"image":801,"bio":573,"linkedin":574},{"filename":572},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"91f41a56-417e-4a06-a458-a3502a14f0f6\", \"id\": \"\"}-->","article",[805,808,810,813,816,819],{"slug":806,"name":807},"batteries","Batteries",{"slug":809,"name":298},"cathode",{"slug":811,"name":812},"critical-minerals","Critical Minerals",{"slug":814,"name":815},"geopolitics","Geopolitics",{"slug":817,"name":818},"gigafactories","Battery & Gigafactory",{"slug":820,"name":150},"nickel","private",{"id":49,"alt":682,"name":682,"focus":682,"title":682,"source":682,"filename":823,"copyright":682,"fieldtype":824,"meta_data":825,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/7bcec5a807/bm-indonesia-nickel.jpg","asset",{"alt":682,"title":682,"source":682,"copyright":682},"Aug 02, 2024","2nd August 2024",[],[],1786639347442]