New Indonesian President Joko Widodo Wants to Sit Down With Nickel Miners

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Indonesia’s new president Joko “Jokowi” Widodo said he wants to sit down with mining companies and other parties in a bid to resolve a row over mining policies that has halted $500 million of metal exports a month in Southeast Asia’s biggest economy.

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The comment by the former Jakarta governor, who has a reputation for tackling entrenched interests, appeared to be a positive sign after an increasingly bitter dispute between the mining sector and the outgoing government.

“First, I want to sit down with stakeholders, investors, regulators and with the people to know the problem and find a good solution for them. I want to know the details,” Jokowi said in an interview with Reuters, before he was declared winner of the presidential election last week.

The cash price of primary Indian nickel saw the biggest decline of the day, dropping 1.7 percent to close at INR 1,129 ($18.74) per kilogram on Wednesday, July 30. The spot price of nickel weakened by 1.4 percent on the LME, settling at $18,520 per metric ton. On the LME, the 3-month price of nickel fell 1.2 percent to $18,590 per metric ton.

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Chinese stainless steel prices closed flat for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,343) per metric ton. The price of Chinese ferro-moly saw little movement at CNY 145,000 ($23,461) per metric ton.

The price of Chinese primary nickel saw little price change yesterday at CNY 129,800 ($21,002) per metric ton. The Allegheny Ludlum 316 stainless surcharge showed little movement yesterday, hovering around $1.28 per pound. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,207) per metric ton. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,654) per metric ton. For the fifth day in a row, the price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,605) per metric ton.

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