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Indonesia is squeezing supplies of nickel ore to protect smaller local miners as the market for the battery metal endures a prolonged slump, according to Eramet SA.
Nickel, which is used to make both stainless steel and electric vehicle batteries, has endured a two-year slump due to weak demand and booming Indonesian supplies. That’s forced some producers in other countries to shut entirely, and also put pressure on smelters in the Southeast Asian nation that are already dealing with high ore prices due to the shortages.
Those plants, which are key to Indonesia’s ambitions to become a major player in electric vehicles, are being forced to import the bulky ore at extremely high costs, Baudelet said.
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