Indonesia Past ‘Point of No Return’ in Ore Ban, Nickel Up

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Nickel rose for the first time in a week after an Indonesian government official said the ore-export ban will be maintained. Indonesia is the world’s biggest producer of the mined metal, according to Bloomberg News.

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Edi Prasodjo, a director at the Energy and Mineral Resources Ministry, told a conference in Jakarta that the country was at the “point of no return” on the policy, implemented in January to help develop domestic smelting. Nickel will probably advance next year as the rule boosts costs and the market shifts to a supply deficit, Jim Lennon, a senior consultant to Macquarie Group Ltd., said at the gathering.

 

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