Keeping track of nickel prices after China-Indonesia Set a target to reduce production by 1 tons.
Keeping an eye on nickel prices after China-Indonesia aim to cut production by 1 tons in 2567 due to falling prices of the nickel used in producing stainless steel and for EVs.
On February 12, 2567, Reuters news agency reported that China and Indonesia aim to cut nickel production by at least 100,000 tonnes by 2567 as producers try to limit losses after falling prices for the metal used to make stainless steel and for EVs.
China and Indonesia say further cuts are needed. If producers want to raise prices and remove surplus from the market. Instead of just stopping loss
Nickel prices surged in 2565, reaching record highs above $100,000 after expectations of production declines from major producers in Russia. After the invasion of Ukraine As a result, the market had to cut its forecast for a lower price.
The metal is currently trading at around $16,000 per tonne. After production increased in Indonesia Last year it accounted for more than half of the world's mined production. This is approximately 3.4 million metric tons. Indonesia's production was 30% of the total in 2563.
Macquarie analysts said production cuts so far have eliminated more than 230,000 tonnes, or about 6% of this year's potential production.
Consultancy Benchmark Mineral Intelligence expects more than 250,000 tonnes of curtailments will be required to balance the global nickel market this year.
Analysts say much of the excess production and high inventory is in nickel pig iron (NPI), a cheaper alternative to high-grade nickel for stainless steel production. China and Indonesia account for 70% of global nickel production. which is mostly NPI
refer : reuters.com
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