Macquarie News

Indonesia's government is reportedly planning to restrict nickel supplies to stabilize prices, potentially positioning the country similarly to a one-nation OPEC for this essential ingredient in electric vehicle batteries. According to Macquarie, these curtailments could lead to a 35% reduction in global nickel supply. Indonesia's share of the world's refined nickel production has surged to nearly 50% since 2020, contributing to a record trade surplus in 2022. The new president aims to further capitalize on this growth, although there are concerns regarding the country's reliance on Chinese investment and the labor conditions in its nickel production sector.