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Indonesian nickel smelters purchase ore from PH

AngMinero News by AngMinero News
September 1, 2023
in Business, News
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Indonesian nickel smelters purchase ore from PH
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Since mining quotas are further delayed and local supplies continue to tighten, Indonesian nickel smelters are purchasing ore from the Philippines, overcoming trade flows of raw materials and surging costs in the current supply chain.

According to a report published by Reuters, the recent investigation into corrupt practices in issuing mining allowances resulted in delayed issuance of mining quotas and suspended operations issued at a critical site owned by Aneka Tambang (ANTMJK) (Antam).

Local purchasers have observed an 8% increase in prices this week, after a 10% surge in fees from the week earlier.

Indonesian trade data showed that imported nickel ore from the Philippines, which started last May, arrived at Morowali port in a huge nickel processing park under the Tsinghan Group.

For the first half of 2023, 53,864 metric tons of nickel ore were imported compared to the 22,503 tons from last year.

On the other hand, the International Nickel Study Group (INSG) revealed a reduced nickel content volume of 1,000 tons was recorded from the Philippines compared to Indonesia’s 1.6 million tons mined in Indonesia last year.

Since Indonesia exported much of its ore before a 2020 ban that halted all shipments, billions of dollars worth of investment opportunities in nickel smelting rose from Chinese firms.

A Chinese trader said that as the demand for ore from the Philippines rapidly increases, prices in China also surge, mainly driven by tighter supplies and the upcoming rainy season in the Philippines.

Mysteel data indicates that the price of 1.3% imported grade ore has increased by 20.6% in the past month, recording the highest price since March at $41 a ton.

Tags: Indonesian minersInternational Nickel Study Group (INSG)investments in nickel smeltingMining Operationsnickel smelterssupply chaintrade flows

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