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Antara Foto/Jojon/via REUTERS Acquire Licensing RightsLONDON, Nov 1 (Reuters) - The bears are out in force on the London Metal Exchange (LME) nickel market. The global nickel market is entering a period of massive oversupply thanks to an Indonesian production boom. INSG assessed monthly nickel supply-demand balanceBIG SURPLUSThe big short is a bet on a big surplus. The global nickel market moved into supply-demand surplus in May last year and has been there ever since, according to the International Nickel Study Group. The exact timing of that tipping-point is still unknown, which means the big short is still a big bet that the supply chain can close the nickel product gap sooner rather than later.

Persons: Antara, aren't, it's, It's, Kirsten Donovan Organizations: PT Vale Indonesia, REUTERS Acquire, London Metal Exchange, Fund, Investment, Study, EV, Shanghai Futures, GAP Indonesia, Jingmen, New Energy Science, Reuters, Thomson Locations: Sorowako, South Sulawesi, Indonesia, Indonesian, London

☆ Indonesia ex-agriculture minister named as graft suspect
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +1 min

South Sulawesi governor Syahrul Yasin Limpo is pictured before meeting with legislative members in Makassar, March 14, 2014. Syahrul Yasin Limpo, who resigned last week after KPK raids on his multiple houses and ministry, said via his lawyer that he will cooperate with the investigation. KPK named Limpo as a suspect for allegedly instructing two colleagues to force officials to pay him at most $10,000 in exchange for positions or participation in procurement projects at the ministry. Limpo is the sixth minister in Jokowi's cabinet to face corruption allegations. Earlier this year, authorities arrested the then communications minister on corruption charges.

Persons: Syahrul Yasin Limpo, Yusuf Ahmad, Joko Widodo's, KPK, Limpo, Johanis Tanak, Johanis, Jokowi, Ananda Teresia, Stanley Widianto, Michael Perry Organizations: REUTERS, Rights, Thomson Locations: Sulawesi, Makassar, INDONESIA, Rights JAKARTA

Mining operations account for some 4%-7% of global greenhouse gas emissions, according to global consulting firm McKinsey & Company. But some miners are moving to reduce use of fossil fuels in extracting and refining, partly due to pressure from downstream customers that want more sustainable supply chains. Located beside a crystal-blue lake in the lush jungle of Sorowako, South Sulawesi, Vale Indonesia — a subsidiary of Vale international — runs its smelters entirely from hydroelectricity. Other companies and countries around the world also are reducing use of fossil fuels in their mining operations. But now, having that infrastructure means big savings at a time when global energy prices are high.

Persons: Michael Goodsite, “, Joko Widodo, Widodo, “ Ford, ” Christopher Smith, Febriany Eddy, Eddy, it’s, ” Eddy, Aimee Boulanger, there’s, they’ve, ” Goodsite Organizations: McKinsey & Company, Vale, Companies, University of Adelaide, Volvo, Mercedes, Hyundai, Apple, Ford Motor Co, Vale Indonesia, Associated Press, Initiative for, Mining Assurance, —, AP Locations: SOROWAKO, Indonesia, Indonesian, Sulawesi, Sorowako, South Sulawesi, Indonesia —, Chile, Raglan, Canada, Australia, ” Indonesia, Vale Indonesia, China, United States

Singapore's Abaxx Commodities Exchange thinks a new nickel sulphate contract could be the answer. The sulphate market has been forecast by research house Roskill to grow at an annual rate of 22% over the current decade as the green mobility revolution accelerates. China's imports of nickel sulphateTRADE BOOMChina's surging imports of nickel sulphate are a reflection of the product's stunning growth as battery cathode input. China's nickel imports by product 2020-2023PRICING PROBLEMSNone of this new Indonesia-China nickel trade has a natural exchange pricing home. LME nickel trading volumes have stabilised but are still running significantly below levels seen prior to the March 2022 trading halt.

Persons: Antara, It's, Roskill, Mike Harrison Organizations: PT Vale Indonesia, REUTERS Acquire, London Metal Exchange, Abaxx Commodities, Canadian, Technologies, Shanghai Futures Exchange, EV, Imports, China's, Class, Global Commodity Holdings, Reuters, Thomson Locations: Sorowako, South Sulawesi, Indonesia, China, Finland, South Africa, South Korea

Indonesia imported 53,864 metric tons of nickel ore in the first half of 2023, up from 22,503 tons for all of 2022, Indonesian trade data showed. But imports from the Philippines only started in May, and all arrived at Morowali port in a huge nickel processing park run partly by Chinese nickel giant Tsingshan Group, the Indonesian data showed. "But the ore is cheaper by comparison with domestic ore currently and so this will offset some of the rising costs," Mitchell said. The Philippines mined 360,000 tons of nickel in ore in 2022, or 11% of global supplies, according to INSG. Philippines 1.3% grade ore landed at China's Lianyun port surged 20.6% in the past month to $41 a ton, the highest since March, Mysteel data showed.

Persons: Antara, Aneka, Tsingshan, Wood Mackenzie, Andrew Mitchell, Mitchell, Mai Nguyen, Siyi Liu, Fransiska, Enrico dela Cruz, Dominique Patton, Kim Coghill Organizations: PT Vale Indonesia, REUTERS Acquire, Nickel, Tsingshan Group, Study, Imports, Thomson Locations: Sorowako, South Sulawesi, Indonesia, Philippines, Jakarta, Morowali, China, China's, Hanoi, Beijing, Manila

☆ Indonesia's inflation to stay above 5% in first half of 2023, central bank chief says
▼ + stars: | 2023-03-05 | by ( ) www.cnbc.com time to read: +1 min

The country's inflation has held above 5%, driven by high food prices. Indonesia's inflation will remain above 5% in the first half of 2023 and below 4% in the second half, mainly due to high food prices, central bank governor Perry Warjiyo said on Sunday, warning that the fight to control inflation must continue. "The game is not over, let us together anticipate inflation mainly food inflation," Perry said at an event on Makassar, in South Sulawesi, where he urged local authorities to work with the central government to reduce inflationary pressures. "We must control inflation because it relates to people's prosperity and welfare," he said. "Let's strengthen synergy amongst stakeholders to control inflation."

☆ Another OPEC? Indonesia wants to create a cartel for battery metals
▼ + stars: | 2022-12-05 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

The nickel market is also structured very differently than the market for crude oil, with private firms rather than national companies running the show. The country now accounts for more than 38% of global refined nickel supply, according to data from market intelligence firm CRU Group. People who track the nickel market are skeptical such an arrangement is workable. But other countries that have direct access to battery metals and other important minerals also want a say. “The metals market and its importance to the energy transition is something we’re all waking up to and adapting to how it’s going to work in practice,” Bronze said.

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