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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":681,"relatedVideos":682},112467913007276,"0590d7cd-0597-4eaa-b9d5-2b51a432e78f","Is Indonesia’s nickel boom at risk from shifting policy?","is-indonesias-nickel-boom-at-risk-from-shifting-policy","article/is-indonesias-nickel-boom-at-risk-from-shifting-policy",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":658,"featured":51,"reporter":659,"_editable":663,"component":664,"seo_title":543,"categories":665,"visibility":674,"author_company":49,"featured_image":675,"seo_description":658,"author_full_name":49,"author_job_title":49,"formattedDate":679,"formattedArticleDate":680},"86881047-c7a6-4ffb-8ad5-4660212e68db","2025-03-18 00:00",[550,553],{"slug":551,"name":552},"indonesia","Indonesia",{"slug":554,"name":555},"policy","Policy",[557],{"slug":558,"name":559,"content":560},"matthew-bird","Matthew Bird",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Senior Editor - Supply Chains & Data Visualisation",{"filename":563},"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":567,"content":568},"doc",[569,576,581,593,598,605,620,625,633,638,643,648,653],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"The Indonesian government has proposed raising levies on mining companies as newly elected President Prabowo Subianto seeks additional revenue to finance his spending plans. The move is the latest in a series of policy shifts unsettling the nickel market.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"“The proposed nickel royalty increase could affect Indonesia’s output over the coming years,” said Jorge Uzcategui, senior nickel analyst at Benchmark. “Higher costs may squeeze margins for miners, especially those operating with lower-grade ore. This could deter investment and slow production growth, though major producers may absorb the costs better than smaller operators.”",{"type":582,"attrs":583},"blok",{"id":584,"body":585},"dbbde67a-890d-4413-9abc-2b1c6222ba01",[586],{"id":587,"_uid":588,"type":589,"_editable":590,"component":591,"fixed_height":592,"use_fixed_height":50,"fixed_height_mobile":592,"fixed_height_tablet":592},"22161019","i-d8292a31-94bb-4f1d-bc62-add6897ad081","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-d8292a31-94bb-4f1d-bc62-add6897ad081\", \"id\": \"\"}-->","ContentFlourish","",{"type":570,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":575},"Based on the current HMA nickel price of $15,534/tonne for the second half of March, nickel miners would face a 14% royalty rate—the lowest tier under the new system but still a 4% increase from the existing 10% rate.",{"type":599,"attrs":600,"content":602},"heading",{"level":601,"textAlign":49},4,[603],{"text":604,"type":575},"Are Indonesian nickel smelters under pressure?",{"type":570,"attrs":606,"content":607},{"textAlign":49},[608,610,618],{"text":609,"type":575},"Nickel prices have fallen over 50% since early 2022, according to the ",{"text":611,"type":575,"marks":612},"Benchmark Nickel Price Assessment",[613],{"type":614,"attrs":615},"link",{"href":616,"uuid":49,"anchor":49,"target":49,"linktype":617},"https://www.benchmarkminerals.com/nickel/nickel-prices/table","url",{"text":619,"type":575},", driven by the rapid expansion of Indonesia’s supply base. A slowdown in demand-side growth has further exacerbated the situation, leaving the market to languish in a state of structural oversupply.",{"type":570,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":575},"This Indonesian-driven price downturn has forced a growing number of global competitors out of the market, particularly in the West. However, it is now beginning to affect Indonesia’s domestic nickel sector as well. ",{"type":582,"attrs":626},{"id":627,"body":628},"c2daf129-52c8-4035-958c-65eed7850e21",[629],{"id":630,"_uid":631,"type":589,"_editable":632,"component":591,"fixed_height":592,"use_fixed_height":50,"fixed_height_mobile":592,"fixed_height_tablet":592},"22176713","i-ec24b4d0-8cc2-4231-a555-98200b18d213","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-ec24b4d0-8cc2-4231-a555-98200b18d213\", \"id\": \"\"}-->",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"PT Gunbuster Nickel, a major producer with over 100,000 tonnes of annual nickel production capacity, has slashed output and is on the verge of shutting down entirely, Bloomberg has reported. The company is struggling financially following the collapse of its Chinese parent firm, Jiangsu Delong Nickel Industry.",{"type":570,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":575},"Last year the Indonesian government opted to delay the issuing of new mining quotas, in a bid to curb overproduction and support higher prices. This led to a squeeze in domestic nickel ore supplies, increasing operating costs for Indonesian smelters, which were forced to import ore from the neighboring Philippines.",{"type":570,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":575},"The proposed changes to the royalty system would likely add further financial pressure to struggling miners, rendering more projects economically unviable. The Indonesian Nickel Miners Association (APNI) has warned that higher royalties, combined with existing export bans and environmental regulations, could hinder the industry’s expansion efforts over the coming years.",{"type":570,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":575},"“It is expected that some miners will pass on these costs to nickel smelters through higher ore prices, which are already selling at a premium to Indonesia’s nickel ore benchmark,” Uzcategui noted.",{"type":570,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":575},"Indonesian smelters are already facing narrowing margins due to low prices. If they struggle to absorb rising costs, it could lead to further production cuts or delays in planned capacity expansions.","The Indonesian government has proposed raising levies on mining companies as newly elected President Prabowo Subianto seeks additional revenue to finance his spending plans. The move is the latest in a series of policy shifts unsettling the nickel market. “The proposed nickel royalty increase could affect Indonesia’s output over the coming years,” said Jorge Uzcategui, […]",[660],{"slug":558,"name":559,"content":661},{"job_title":561,"image":662,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"86881047-c7a6-4ffb-8ad5-4660212e68db\", \"id\": \"\"}-->","article",[666,669,672],{"slug":667,"name":668},"critical-minerals","Critical Minerals",{"slug":670,"name":671},"geopolitics","Geopolitics",{"slug":673,"name":150},"nickel","private",{"id":49,"alt":592,"name":592,"focus":592,"title":592,"source":592,"filename":676,"copyright":592,"fieldtype":677,"meta_data":678,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/6bc8e3c246/bm-adobestock-484935063.jpeg","asset",{"alt":592,"title":592,"source":592,"copyright":592},"Mar 18, 2025","18th March 2025",[],[],1781512926859]