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new smelter ban targets value‑added growth","indonesias-new-smelter-ban-targets-value-added-growth","article/indonesias-new-smelter-ban-targets-value-added-growth",{"_uid":556,"date":557,"tags":558,"editor":565,"content":575,"excerpt":647,"featured":51,"reporter":648,"_editable":652,"component":653,"seo_title":552,"categories":654,"visibility":663,"author_company":49,"featured_image":664,"seo_description":647,"author_full_name":49,"author_job_title":49,"formattedDate":668,"formattedArticleDate":669},"a66538c8-9a1f-47ef-a33b-4c907b4d1aa7","2025-11-11 00:00",[559,562],{"slug":560,"name":561},"indonesia","Indonesia",{"slug":563,"name":564},"policy","Policy",[566],{"slug":567,"name":568,"content":569},"didi-bostock","Didi Bostock",{"job_title":570,"image":571,"bio":573,"linkedin":574},"Editor - Energy Transition & Economics",{"filename":572},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":576,"content":577},"doc",[578,585,598,603,608,613,620,625,637,642],{"type":579,"attrs":580,"content":581},"paragraph",{"textAlign":49},[582],{"text":583,"type":584},"Indonesia has issued a ban on the issuance of new smelter permits for nickel matte, mixed hydroxide precipitate (MHP), and nickel pig iron (NPI), in a bid to curb overcapacity and incentivise value-added investment in the battery supply chain.","text",{"type":579,"attrs":586,"content":587},{"textAlign":49},[588,596],{"text":589,"type":584,"marks":590},"The policy marks the latest chapter in the Indonesian government’s strategic pivot in its nickel industrialisation plan",[591],{"type":592,"attrs":593},"link",{"href":594,"uuid":49,"anchor":49,"target":49,"linktype":595},"https://source.benchmarkminerals.com/article/indonesia-launches-illegal-nickel-mining-crackdown","url",{"text":597,"type":584},", moving from a period of rapid capacity expansion towards a more tightly regulated operational environment focused on value-added growth. Its impact, however, is expected to be gradual, taking several years to reshape market fundamentals.",{"type":579,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":584},"The ruling will not affect existing licensed projects, applying only to new applications; Benchmark data indicates that most Indonesian nickel projects scheduled for start-up by 2026–2027 are already under construction and have secured approvals, so these projects are likely to proceed unaffected.",{"type":579,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":584},"Projects anticipated to come online post-2028 and planning to produce NPI, ferronickel (FeNi), MHP, or nickel matte face potential delays or cancellations unless they include plans for downstream integration.",{"type":579,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":584},"Uncertainty remains over how the policy will be applied in practice. Benchmark notes that the government will need to clarify how projects at the pre-feasibility stage will be treated and whether operating smelters will be permitted to expand capacity if they continue to produce only NPI, FeNi, MHP, or nickel matte.",{"type":614,"attrs":615,"content":617},"heading",{"level":616,"textAlign":49},4,[618],{"text":619,"type":584},"Will the ban affect the global balance?",{"type":579,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":584},"Should Indonesian projects producing only intermediate or Class 2 nickel be cancelled, Benchmark data indicates that the global nickel market could rebalance earlier than current projections – from 2029 instead of 2032.",{"type":626,"attrs":627},"blok",{"id":628,"body":629},"383d4b8a-8536-458a-bf04-fd6d6fb55c4f",[630],{"id":631,"_uid":632,"type":633,"_editable":634,"component":635,"fixed_height":636,"use_fixed_height":50,"fixed_height_mobile":636,"fixed_height_tablet":636},"26157107","i-4444a4d9-8646-4547-ac24-88562829d3a6","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-4444a4d9-8646-4547-ac24-88562829d3a6\", \"id\": \"\"}-->","ContentFlourish","",{"type":579,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":584},"This shows that despite the ban, existing HPAL and NPI operations, and new projects expected through 2026–2027, will keep the market fundamentally oversupplied in the short term.",{"type":579,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":584},"Combined inventories on the LME and SHFE surged above 280,000 t Ni as of the end of October 2025 – equivalent to 8% of end-use demand this year – indicating that global stock levels remain elevated.","Indonesia has issued a ban on the issuance of new smelter permits for nickel matte, mixed hydroxide precipitate (MHP), and nickel pig iron (NPI), in a bid to curb overcapacity and incentivise value‑added investment in the battery supply chain. The policy marks the latest chapter in the Indonesian government’s strategic pivot in its nickel industrialisation […]",[649],{"slug":567,"name":568,"content":650},{"job_title":570,"image":651,"bio":573,"linkedin":574},{"filename":572},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a66538c8-9a1f-47ef-a33b-4c907b4d1aa7\", \"id\": \"\"}-->","article",[655,658,661],{"slug":656,"name":657},"critical-minerals","Critical Minerals",{"slug":659,"name":660},"geopolitics","Geopolitics",{"slug":662,"name":150},"nickel","private",{"id":49,"alt":636,"name":636,"focus":636,"title":636,"source":636,"filename":665,"copyright":636,"fieldtype":666,"meta_data":667,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/b7427d063a/bm-nickel-indonesia-2.jpg","asset",{"alt":636,"title":636,"source":636,"copyright":636},"Nov 11, 2025","11th November 2025",[],[],1790957411796]