$INCO $NCKL $MBMA Nickel futures were below $15,400, the lowest since touching to the four-year low of $15,000 touched on January 2nd as threats of output curbs were not enough to impact bets of an oversupplied market in upcoming years. Reports indicated that top producer Indonesia is considering policy to reduce nickel mining quotas to 150 million tons this year from 270 million tons in 2024, enough to reduce global supply by 35%. Still, the muted magnitude of the rebound indicate that markets expect the nickel market to remain in oversupply. This is due the surge of Chinese smelting projects in Indonesia after the latter prohibited the export of nickel ores in 2020. Indonesia was the host of 44 nickel smelting operations as of September, compared with four 10 years prior.

Adding to the bearish pressure, new technology used by Chinese battery producers started to use technologies that refrain from using nickel, further denting the outlook for the metal. All chinese car in Indonesia are using LFP with no nickel inside it.

Saham2 perusahaan nickel di luar negeri juga sama heavy bearish semua.
You guys better look elsewhere, no need to push your luck here.