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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":693,"relatedVideos":694},112468171297044,"bb9e81c3-0c59-4b99-a290-d4edde8df7e2","Nickel market faces uncertainty amid Indonesia’s mining quota adjustments","nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments","article/nickel-market-faces-uncertainty-amid-indonesias-mining-quota-adjustments",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":669,"featured":51,"reporter":670,"_editable":674,"component":675,"seo_title":543,"categories":676,"visibility":685,"author_company":49,"featured_image":686,"seo_description":669,"author_full_name":49,"author_job_title":49,"formattedDate":691,"formattedArticleDate":692},"3f22dd08-bc0d-4e35-81bf-a246cf6ec85c","2025-01-21 00:00",[550,553],{"slug":551,"name":552},"indonesia","Indonesia",{"slug":554,"name":555},"policy","Policy",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"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":567,"content":568},"doc",[569,576,591,596,601,610,615,622,627,632,639,644,649,654,659,664],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"The short-term outlook for the nickel market hinges on Indonesia’s shifting nickel ore mining quotas in 2025. Any downgrade could have significant repercussions on market balance and price trajectories this year.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579,581,589],{"text":580,"type":575},"In mid 2024, the Indonesian government approved annual ore quotas worth 240 million tonnes, valid until 2026. However, by the end of 2024 the final quota was understood to have been cut, closer to 200 million tonnes, leaving domestic smelters ",{"text":582,"type":575,"marks":583},"reliant on imports from neighbouring Philippines to fill this supply gap",[584],{"type":585,"attrs":586},"link",{"href":587,"uuid":49,"anchor":49,"target":49,"linktype":588},"https://source.benchmarkminerals.com/article/how-will-indonesias-mining-quotas-affect-the-nickel-market","url",{"text":590,"type":575},".",{"type":570,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":575},"Benchmark understands this year’s RKAB quota has been set at 200 million tonnes, unchanged from 2024 and well below the 240 million tonnes initially approved. ",{"type":570,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":575},"“We estimate the current quota will fall short of domestic ore demand by around 78 million tonnes, equivalent to nearly 750,000 tonnes of refined nickel,” said Jorge Uzcategui, senior nickel analyst at Benchmark.",{"type":570,"attrs":602,"content":603},{"textAlign":49},[604],{"type":605,"attrs":606},"image",{"id":49,"alt":607,"src":608,"title":49,"source":49,"copyright":49,"meta_data":609},"","https://a.storyblok.com/f/287943243085208/b35e25c9df/bm-indonesia-rkab2x-1331620ef15e.png",{},{"type":570,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":575},"While earlier media reports hinted at potential quota cuts to as low as 150 million tonnes, such drastic reductions are unlikely given the scale of losses to tax revenue losses and the acute ore shortages already faced by smelters.",{"type":616,"attrs":617,"content":619},"heading",{"level":618,"textAlign":49},4,[620],{"text":621,"type":575},"Bridging the supply gap?",{"type":570,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":575},"Several levers exist which could offset some of the losses from a lower-than-expected nickel ore quota, including higher ore imports, the tapping of higher nickel grades, and utilising existing stockpiles.",{"type":570,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":575},"Last year Indonesia imported record levels of nickel ore from the Philippines to sustain domestic refined output, registering a 24-fold increase between January and October compared to the entirety of 2023.",{"type":570,"attrs":633,"content":634},{"textAlign":49},[635],{"type":605,"attrs":636},{"id":49,"alt":607,"src":637,"title":49,"source":49,"copyright":49,"meta_data":638},"https://a.storyblok.com/f/287943243085208/18e145f249/bm-indonesia-filipino-ore-imports2x.png",{},{"type":570,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":575},"“Given the scale of the current estimated shortfall, it appears likely that there will be a cut to refined nickel production unless the quota is expanded from current levels,” Uzcategui said. ",{"type":570,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":575},"“That said, mining quotas were revised throughout 2024, so adjustments for 2025 remain possible,” he added.",{"type":616,"attrs":650,"content":651},{"level":618,"textAlign":49},[652],{"text":653,"type":575},"Indonesia seeks equilibrium",{"type":570,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":575},"Indonesia has built up a near-monopoly over global refined nickel supply since the nickel ore export ban in 2020, giving it significant leverage over the direction of prices.",{"type":570,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":575},"Indonesian officials have indicated that a price range of $16,000 to $18,000 per tonne is optimal to sustain profitability of the nickel sector while preserving its economic case in lithium-ion battery production. ",{"type":570,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":575},"The government’s commitment to stricter resource management suggests a deliberate effort to balance market stability with long-term economic benefits; an approach that looks set to continue into the future, to curb excess production while maximising the sector’s future economic potential.","The short-term outlook for the nickel market hinges on Indonesia’s shifting nickel ore mining quotas in 2025. Any downgrade could have significant repercussions on market balance and price trajectories this year. In mid 2024, the Indonesian government approved annual ore quotas worth 240 million tonnes, valid until 2026. However, by the end of 2024 the […]",[671],{"slug":558,"name":559,"content":672},{"job_title":561,"image":673,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"3f22dd08-bc0d-4e35-81bf-a246cf6ec85c\", \"id\": \"\"}-->","article",[677,680,683],{"slug":678,"name":679},"critical-minerals","Critical Minerals",{"slug":681,"name":682},"geopolitics","Geopolitics",{"slug":684,"name":150},"nickel","private",{"id":49,"alt":687,"name":607,"focus":607,"title":687,"source":607,"filename":688,"copyright":607,"fieldtype":689,"meta_data":690,"is_external_url":51},"Indonesia flag.","https://a.storyblok.com/f/287943243085208/0bb3f48db1/bm-indonesiaflag.jpg","asset",{"alt":687,"title":687,"source":607,"copyright":607},"Jan 21, 2025","21st January 2025",[],[],1787157321026]