*🇮🇩 BAHANA ID 2026 NICKEL OUTLOOK - JEREMY O/W 🔋*

Hej Investors! 🙋🏻‍♂️

Quick highlights from Jeremy, metals masih fundamental stabil & position Indonesia masih kuat di value chain.

*1) Nickel intermediates stay RESILIENT*
LME cenderung weak, tapi pricing untuk intermediates (NPI) dan chemicals (MHP, sulphate) masih defensif. China inventory masih tinggi, namun high-cost producers cut output jaga floor stabil.

*2) Supply discipline = Better earnings visibility*
HPAL project masuk bertahap. Reg 28/ 2025 restrict new capacity kecuali masuk downstream → supply overshoot ke-rem dan ada downside protection untuk harga.

*3) Indonesia moving deeper into high-value chain*
Demand battery chain solid, Indonesia ↑ ke sulphate, MHP, precursor. Margin lebih stabil.

*4) Best positioning: Integrated producers*
Low cost + offtake jelas + exposure downstream = resilience higher vs non-integrated co.

Nickel sektor, time to rebound????


$NICL $INCO $NCKL