What’s next after Biden blocked the $15bn Nippon Steel/US Steel deal?
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Indonesia is reviewing its annual nickel ore mining quota, seeking to prevent further price falls, Energy and Mineral Resources Minister Bahlil Lahadalia told reporters on Friday.
He did not disclose how much ore production will be allowed for 2025, saying the quota will depend on ore demand.
“We must maintain a balance. The quota should not be so high above industry demand that nickel prices become cheap,” Bahlil said.
Indonesia last year approved annual nickel ore mining quotas of 240 million metric tons each year until 2026. Bloomberg News reported in December that authorities were considering cutting the quota to 150 million tons to support prices.
Indonesia is one of the world’s biggest producers of nickel products since a 2020 ban on exports of raw nickel.
(By Bernadette Christina Munthe, Fransiska Nangoy and Gayatri Suroyo; Editing by David Goodman)
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