Nickel (Ni) is a silver-white, hard, and malleable metal with ferromagnetic properties. It is known for its high polishability and strong resistance to corrosion. As a pro-iron element, nickel plays a crucial role in the production of stainless steel, making it an essential component in the alloy industry.
Recently, the price of nickel has surged sharply due to Indonesia's restrictions on raw ore exports. Indonesia is one of the world’s largest exporters of nickel ore, but the export ban implemented on January 12th this year has led to a supply shortage in the nickel market. This scarcity has driven up the cost of stainless steel. Additionally, geopolitical tensions between Russia and Ukraine have further impacted nickel prices. Russia supplies about 12% of the global nickel demand, and the ongoing conflict has disrupted supply chains. Western sanctions on Russian nickel exports have also contributed to the price increase.
Moreover, China's nickel inventories have been declining steadily due to market instability, leading to a significant rise in stainless steel prices. As a result, some manufacturers and distributors have started to close their price lists, which has led to reduced demand in the stainless steel market in recent years.
According to the latest reports, Indonesia plans to build nine nickel ore processing plants this year, including two nickel-iron smelters and seven nickel-containing steel processing facilities. However, experts note that these projects require the construction of independent power plants, which makes them expensive and time-consuming. It is unlikely that these projects will significantly ease the nickel ore shortage within the next one or two years.
Indonesia's strategy appears to be aimed at boosting its domestic economy by increasing local demand, similar to how China developed its industrial base a decade ago. The goal is to strengthen the country’s economic position and promote long-term growth. (Foshan Zhiyu Stainless Steel Material Co., Ltd.)
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