The world’s largest nickel mine reduces its production to revive falling prices
The Indonesian government intends to reduce production from the largest nickel mine in the world, as part of its efforts to reduce supply with the aim of raising global prices.
Informed sources told the agency "Bloomberg" The Indonesian government informed the company "Weda by Nickel" That its share to produce Indonesiato revive the prices of its most important export commodity, mainly by reducing the production quantities allowed to MiningHome.
Before the latest round of cuts, the supply of nickel from Indonesia rose to about 65% of global production, triggering a sharp decline in prices that lasted two years and led to the closure of competing companies in Australia and New Caledonia.
The price of nickel rose last month after Indonesia announced plans to reduce the production of its mines to about 260 million tons of ore this year, down from the 2025 target. The amount is 379 million tons, although the actual supply last year was less than that number.
This metal is used in the manufacture of stainless steel and electric car batteries, but the demand for the latter was disappointing due to the shift to chemical formulations that do not contain nickel.
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