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The effective time of Indonesia's nickel export ban has been changed repeatedly, stirring up the global nickel market again


Recently, it was reported that as investors tried to interpret the contradictory remarks of Indonesian policy makers about the timing of the ore export ban, nickel prices fluctuated between ups and downs, and the ore export ban exacerbated the volatility of metals used in batteries and stainless steel.

On Monday, Indonesian authorities said they would immediately suspend ore exports and plan ahead of the deadline from the beginning of next year. On Tuesday, airangga hartarto, the Minister of economic affairs coordination, told reporters that the deadline of January 1 still existed. Arifin tasrif, the Minister of energy and mineral resources, later confirmed the timetable, saying that the government would not issue any new export proposals until the ban was issued in January.

Indonesia's policy news on ore export this year has thrown the nickel market into chaos, and this process may change many times. After President Joko Widodo said that the ban would be implemented from the beginning of 2020, the price of nickel soared to the highest level since 2014 in September, triggering competition for supply and a reduction in inventory tracked by LME.

China has almost covered all nickel ores exported by Indonesia, so Indonesia's move will have a significant impact on China. China's currentNickel oreImports have reached a five-year high, indicating that nickel ore users have been stepping up imports since Indonesia first announced its plan to issue an export ban at the end of August.

Howie Lee, an economist at overseas Chinese Banking Corp., commented before the minister's latest speech: "overall, this seems to be part of Joko Widodo's larger plan to expand the country's original ore refineries. We didn't see a huge price response in July and August, because the market has priced to a large extent.

So far, LUNI is still the best performing base metal this year, rising 57% in 2019. Whether it happens now or in early 2020, Indonesia will stop ore supply to increase its driving force to boost value and process in the largest economy in Southeast Asia. Now, electric vehicle manufacturers and battery manufacturers who want to obtain raw materials must build factories in Indonesia to obtain raw materials. The turmoil in the nickel market provided a lively background for the annual LME week gathering of the London metal industry. Denis sharypin, an official of MMC Norilsk Nickel PJSC in Russia, said that any immediate measures to ban the transportation of ore in Indonesia would lead to tight supply and be beneficial to prices.

Denis sharypin, head of market research at Norilsk Nickel in Russia, said that the Indonesian nickel ore export ban had reduced supply to the global market faster than miners and traders initially expected. "Before today, the market agreed that next year would be a turning point. At present, it seems that the market will turn into a supply shortage in 2020," he said He added that this would boost prices.

Article source:Battery China Network

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